Post-termination Health Insurance. Upon the termination of Executive’s employment, the Bank shall have no obligation to pay the premiums for medical insurance for Executive or his family after the date of termination. However, if Executive’s employment terminates with the Bank for any reason other than for cause, Executive shall be entitled to purchase from the Bank, at his own expense which shall not exceed applicable COBRA rates, family medical insurance under any group health plan that the Bank maintains for its employees. This right shall be (i) in addition to, and not in lieu of; any other rights that Executive has under this Agreement and (ii) shall continue until Executive first becomes eligible for participation in Medicare.
Appears in 5 contracts
Samples: Employment Agreement (Ameriana Bancorp), Employment Agreement (Ameriana Bancorp), Employment Agreement (Ameriana Bancorp)
Post-termination Health Insurance. Upon the termination of Executive’s employment, the Bank shall have no obligation to pay the premiums for medical insurance for Executive or his her family after the date of termination. However, if Executive’s employment terminates with the Bank for any reason other than for cause, Executive shall be entitled to purchase from the Bank, at his her own expense which shall not exceed applicable COBRA rates, family medical insurance under any group health plan that the Bank maintains for its employees. This right shall be (i) in addition to, and not in lieu of; any other rights that Executive has under this Agreement and (ii) shall continue until Executive first becomes eligible for participation in Medicare.
Appears in 1 contract
