Common use of Post-Termination Insurance Coverage Clause in Contracts

Post-Termination Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank as of the Executive’s date of termination. The continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death or (iv) the expiration of the remaining term of this Agreement. 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. The last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank to penalties.

Post-Termination Insurance Coverage. If the Executive’s termination of employment terminates involuntarily but without with the Bank is considered an Involuntary Termination Without Cause or voluntarily but with a Voluntary Termination With Good Reason, or because of disability, the Bank shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank as of the Executive’s date of termination. The This continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death death, (iv) the one-year anniversary of his termination date, or (ivv) the expiration of the remaining term of this Agreement. 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. The last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such the benefits or the value of the remaining benefits at the time of such the determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination of employment or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank to penalties. However, notwithstanding anything in this Agreement, the provisions of this Section 4.1 shall be deemed void and unenforceable on their terms in the event Voluntary Termination With Good Reason occurs as a result of Section 3.4(7) of this Agreement.

Post-Termination Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank Corporation shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank Corporation for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank Corporation as of the Executive’s date of termination. The continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank Corporation or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death or (iv) the expiration of the remaining term of this Agreement. 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 Corporation shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The This last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank Corporation cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank Corporation to penalties, then the Bank Corporation shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank Corporation to penalties.

Post-Termination Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank Corporation shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank Corporation for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank Corporation as of the Executive’s date of termination. The continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank Corporation or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death or (iv) the expiration of the remaining term of this Agreement. 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 Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The This last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank Corporation cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank Corporation to penalties, then the Bank Corporation shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank Corporation to penalties.