Common use of Alternative lump-sum cash payment Clause in Contracts

Alternative lump-sum cash payment. If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 2(a) it is not possible to continue the Executive’s coverage on the terms specified in section 2(a), or (y) if 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 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 2(a) Cortland Bancorp shall pay or cause to be paid to the Executive in a single lump sum an amount in cash equal to the present value of Cortland Bancorp’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 within five business days after employment termination or, if the Executive is a specified employee within the meaning of section 409A and an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available, on the first day of the seventh month after the month in which the Executive’s employment terminates.

Alternative lump-sum cash payment. If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 2(a) of this Agreement it is not possible to continue the Executive’s coverage on the terms specified in section 2(a)coverage, or (y) if when employment termination occurs the Executive is a specified 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 2(a) of this Agreement would be considered deferred compensation under section 409ASection 409A of the Code, and 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 Section 2(a) Cortland Bancorp of this Agreement, the Bank shall pay or cause to be paid to the Executive in a single lump sum an amount in cash equal to the present value of Cortland Bancorpthe Bank’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 65thirty-six (36) months. The lump-sum payment shall be made within five (5) business days after employment termination or, if the Executive is a specified employee within the meaning of section Section 409A of the Code and an exemption from the six-month delay requirement of section for specified employees under Section 409A(a)(2)(B)(i) of the Code is not available, on the first business day of the seventh month after the month in which the Executive’s employment terminates.

Alternative lump-sum cash payment. If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section Section 2(a) of this Agreement it is not possible to continue the Executive’s coverage on the terms specified in section 2(a)coverage, or (y) if when employment termination occurs the Executive is a specified 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 2(a) of this Agreement would be considered deferred compensation under section 409ASection 409A of the Code, and 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 Section 2(a) Cortland Bancorp of this Agreement, the Bank shall pay or cause to be paid to the Executive in a single lump sum an amount in cash equal to the present value of Cortland Bancorpthe Bank’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 65twenty-four (24) months. The lump-sum payment shall be made within five (5) business days after employment termination or, if the Executive is a specified employee within the meaning of section Section 409A of the Code and an exemption from the six-month delay requirement of section for specified employees under Section 409A(a)(2)(B)(i) of the Code is not available, on the first business day of the seventh month after the month in which the Executive’s employment terminates.