Common use of Post-Termination Insurance Coverage Clause in Contracts

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if the Executive’s employment terminates involuntarily but without Cause, voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense life and medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular benefit, instead of continued insurance coverage under section 4.2(a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b)) and to section 4.4, if the Executive’s employment terminates involuntarily but without Cause, voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense life and medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular benefit, instead of continued insurance coverage under section 4.2(a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if If the Executive’s employment terminates involuntarily but without Cause, Cause or voluntarily but with Good Reason, or because of disability, the Employer Bank shall continue or cause to be continued at the EmployerBank’s expense medical and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer Bank or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. Notwithstanding the foregoing, if the Executive’s employment terminate for any reason, other than for Cause, after the Executive has attained age 55, the Bank shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. This last sentence shall survive the expiration of this Agreement. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 4.2(a) it is not possible to continue coverage for the Executive’s coverageExecutive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986Code, if any of the continued insurance coverage benefits specified in section Section 4.2(a) would be considered deferred compensation under section 409ASection 409A of the Code, and finally finally, if an exemption from the six-month delay requirement of section Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer Bank shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the EmployerBank’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65months. The lump-sum payment shall be made 30 thirty (30) days after employment termination or, if section Section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409Aapplies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if the Executive’s employment terminates involuntarily but without Cause, voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense life and medical insurance benefits in effect during and in accordance with the same schedule scheduling prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by under this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when at the time of the Executive’s employment terminatestermination. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the continued insurance coverage benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular insurance benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month payment delay is required under by Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if If the Executive’s employment terminates involuntarily but without Cause, Cause or voluntarily but with Good Reason, or because of disability, the Employer Corporation shall continue or cause to be continued at the EmployerCorporation’s expense medical and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer Corporation or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. Notwithstanding the foregoing, if the Executive’s employment terminates for any reason, other than for Cause, after the Executive has attained age 55, the Corporation shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. This last sentence shall survive the expiration of this Agreement. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 4.2(a) it is not possible to continue coverage for the Executive’s coverageExecutive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986Code, if any of the continued insurance coverage benefits specified in section Section 4.2(a) would be considered deferred compensation under section 409ASection 409A of the Code, and finally finally, if an exemption from the six-month delay requirement of section Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer Corporation shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the EmployerCorporation’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65months. The lump-sum payment shall be made 30 thirty (30) days after employment termination or, if section Section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409Aapplies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if the Executive’s employment terminates involuntarily but without Cause, voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense life and medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-long- term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular benefit, instead of continued insurance coverage under section 4.2(a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if the Executive’s employment terminates involuntarily but without Cause, voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense and for the Executive’s benefit life and medical insurance benefits coverage in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when at the time of the Executive’s employment terminatestermination. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the continued insurance coverage benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular insurance benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month payment delay is required under by Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if If the Executive’s employment terminates involuntarily but without Cause, Cause or voluntarily but with Good Reason, or because of disability, the Employer Bank shall continue or cause to be continued at the EmployerBank’s expense medical and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer Bank or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. Notwithstanding the foregoing, if the Executive’s employment terminates for any reason, other than for Cause, after the Executive has attained age 55, the Bank shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. This last sentence shall survive the expiration of this Agreement. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 4.2(a) it is not possible to continue coverage for the Executive’s coverageExecutive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986Code, if any of the continued insurance coverage benefits specified in section Section 4.2(a) would be considered deferred compensation under section 409ASection 409A of the Code, and finally finally, if an exemption from the six-month delay requirement of section Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer Bank shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the EmployerBank’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65months. The lump-sum payment shall be made 30 thirty (30) days after employment termination or, if section Section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409Aapplies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if the Executive’s employment terminates involuntarily but without Cause, voluntarily but with Good Reason, or because of disability, the Employer shall continue or cause to be continued at the Employer’s expense life and medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is not possible to continue the Executive’s coverage, or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular benefit, instead of continued insurance coverage under section 4.2(awhen (a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if If the Executive’s employment terminates involuntarily but without Cause, Cause or voluntarily but with Good Reason, or because of disability, the Employer Corporation shall continue or cause to be continued at the EmployerCorporation’s expense medical and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer Corporation or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. Notwithstanding the foregoing, if the Executive’s employment terminate for any reason, other than for Cause, after the Executive has attained age 55, the Corporation shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. This last sentence shall survive the expiration of this Agreement. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 4.2(a) it is not possible to continue coverage for the Executive’s coverageExecutive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986Code, if any of the continued insurance coverage benefits specified in section Section 4.2(a) would be considered deferred compensation under section 409ASection 409A of the Code, and finally finally, if an exemption from the six-month delay requirement of section Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer Corporation shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the EmployerCorporation’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65months. The lump-sum payment shall be made 30 thirty (30) days after employment termination or, if section Section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409Aapplies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if If the Executive’s employment terminates involuntarily but without Cause, Cause or voluntarily but with Good Reason, or because of disability, the Employer Corporation shall continue or cause to be continued at the EmployerCorporation’s expense medical and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The medical insurance benefits in effect during and in accordance with the same schedule prevailing in the two years preceding the date of the Executive’s termination, and the Employer shall continue to reimburse the Executive under section 2.2(c) for the cost to continue long-term care and disability insurance coverage, if any, previously obtained by the Executive and for which the Executive shall have been receiving reimbursement under section 2.2(c). The benefits provided by this section 4.2 shall continue until the first to occur of (w) the Executive’s return to employment with the Employer Corporation or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates. Notwithstanding the foregoing, if the Executive’s employment terminate for any reason, other than for Cause, after the Executive has attained age 55, the Corporation shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. This last sentence shall survive the expiration of this Agreement. (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 4.2(a) it is not possible to continue coverage for the Executive’s coverageExecutive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986Code, if any of the continued insurance coverage benefits specified in section Section 4.2(a) would be considered deferred compensation under section 409ASection 409A of the Code, and finally finally, if an exemption from the six-month delay requirement of section Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, instead of continued insurance coverage under section 4.2(a) the Employer Corporation shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the EmployerCorporation’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for the lesser of 36 months or the number of months until the Executive attains age 65months. The lump-sum payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s employment terminates.thirty