Common use of Post-Termination Insurance Coverage Clause in Contracts

Post-Termination Insurance Coverage. (a) If the Executive’s employment terminates involuntarily but without Cause or with Good Reason, the Bank shall continue or cause to be continued at the Bank’s expense medical, dental and life insurance benefits for the Executive and any of his dependents covered at the time of his termination. The health and welfare insurance benefits shall continue until 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 coverage for the Executive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee” within the meaning of Section 409A of the Code, if any of the continued insurance coverage benefits specified in Section 4.2(a) would be considered deferred compensation under Section 409A of the Code, and finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, the Bank shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Bank’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 thirty-six (36) months. The lump-sum payment shall be made ten (10) days after employment termination or, if Section 4.1(b) applies, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Post-Termination Insurance Coverage. (a) If Subject to section 4.2(b), if the Executive’s employment terminates involuntarily but without Cause or Cause, voluntarily but with Good Reason, or because of disability, the Bank Employer shall continue or cause to be continued at the BankEmployer’s expense medical, dental and life insurance benefits for on behalf of the Executive and any of his dependents covered at the time of his termination. The health and welfare insurance benefits shall continue until the end of the term remaining under this Agreement when the Executive’s employment terminates.dependents and (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 the Executive’s coverage for the Executive 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 CodeInternal Revenue Code of 1986, if any of the continued insurance coverage benefits specified in Section section 4.2(a) would be considered deferred compensation under Section 409A of the Codesection 409A, 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 Bank Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the BankEmployer’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 thirty-six (36) monthsthe lesser of 36 months or the number of months until the Executive attains age 65. The lump-sum payment shall be made ten (10) 30 days after employment termination or, if Section section 4.1(b) appliesapplies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates.