Common use of Cash Payments and Benefits Clause in Contracts

Cash Payments and Benefits. (i) Subject to the satisfaction of the conditions specified below in Paragraph 8, in the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank shall, commencing on the applicable payment date specified in Paragraph 8 and continuing throughout the Pay-out Period, make equal monthly payments to the Executive (which shall not be deemed Base Salary payments) in an amount such that the present value of (ii) In the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank shall provide the Executive during the Pay-out Period with medical, dental and life insurance coverage maintained by Arrow that is generally equivalent to the coverage held by the Executive (including dependent coverage, as applicable) immediately prior to such Termination of Employment, subject to general changes in such group plan offerings by Arrow or the Bank from time to time during the Pay-out Period and further subject to payment by the Executive of any amounts which would be required to be paid by the Executive if the Executive was then employed by Arrow or the Bank under the cost-sharing arrangements then in effect from time to time, which cost-sharing amounts may be deducted from the cash payments required to be made by Arrow or the Bank under Paragraph 6(b)(i) above. The cost of any such medical and dental coverage which is self-funded by Arrow or Bank will be included in the taxable income of Executive to the extent it is paid directly or indirectly by Arrow or Bank. Notwithstanding the foregoing, Arrow’s and the Bank’s obligations under this Paragraph 6(b)(ii) shall terminate to the extent that the Executive becomes eligible for medical, dental and life insurance coverage from a new employer; provided, however, that the Executive shall be under no obligation to seek other employment or gainful pursuit during the Pay-out Period as a result of this Agreement.

Cash Payments and Benefits. (i) Subject to the satisfaction of the conditions specified below in Paragraph 8, in the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank Banks shall, commencing on the applicable payment date specified in Paragraph 8 and continuing throughout the Pay-out Period, make equal monthly payments to the Executive (which shall not be deemed Base Salary payments) in an amount such that the present value of (ii) In the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank Banks shall provide the Executive during the Pay-out Period with medical, dental and life insurance coverage maintained by Arrow that is generally equivalent to the coverage held by the Executive (including dependent coverage, as applicable) immediately prior to such Termination of Employment, subject to general changes in such group plan offerings by Arrow or the Bank Banks from time to time during the Pay-out Period and further subject to payment by the Executive of any amounts which would be required to be paid by the Executive if the Executive was then employed by Arrow or the Bank Banks under the cost-sharing arrangements then in effect from time to time, which cost-sharing amounts may be deducted from the cash payments required to be made by Arrow or the Bank Banks under Paragraph 6(b)(i) above. The cost of any such medical and dental coverage which is self-funded by Arrow or Bank the Banks will be included in the taxable income of Executive to the extent it is paid directly or indirectly by Arrow or Bankthe Banks. Notwithstanding the foregoing, Arrow’s and the Bank’s Banks obligations under this Paragraph 6(b)(ii) shall terminate to the extent that the Executive becomes eligible for medical, dental and life insurance coverage from a new employer; provided, however, that the Executive shall be under no obligation to seek other employment or gainful pursuit during the Pay-out Period as a result of this Agreement.

Cash Payments and Benefits. (i) Subject to the satisfaction of the conditions specified below in Paragraph 8, in the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank shall, commencing on the applicable payment date specified in Paragraph 8 and continuing throughout the Pay-out Period, make equal monthly payments to the Executive (which shall not be deemed Base Salary payments) in an amount such that the present value of (ii) In the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank shall provide the Executive during the Pay-out Period with medical, dental and life insurance coverage maintained by Arrow that is generally equivalent to the coverage held by the Executive (including dependent coverage, as applicable) immediately prior to such Termination of Employment, subject to general changes in such group plan offerings by Arrow or the Bank from time to time during the Pay-out Period and further subject to payment by the Executive of any amounts which would be required to be paid by the Executive if the Executive was then employed by Arrow or the Bank under the cost-sharing arrangements then in effect from time to time, which cost-sharing amounts may be deducted from the cash payments required to be made by Arrow or the Bank under Paragraph 6(b)(i) above. The cost of any such medical and dental coverage which is self-funded by Arrow or the Bank will be included in the taxable income of Executive to the extent it is paid directly or indirectly by Arrow or the Bank. Notwithstanding the foregoing, Arrow’s and the Bank’s obligations under this Paragraph 6(b)(ii) shall terminate to the extent that the Executive becomes eligible for medical, dental and life insurance coverage from a new employer; provided, however, that the Executive shall be under no obligation to seek other employment or gainful pursuit during the Pay-out Period as a result of this Agreement.

Cash Payments and Benefits. (i) Subject to the satisfaction of the conditions specified below in Paragraph 8, in the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank shall, commencing on the applicable payment date specified in Paragraph 8 and continuing throughout the Pay-out Period, make equal monthly payments to the Executive (which shall not be deemed Base Salary payments) in an amount such that the present value ofof all such payments, determined as of the date of such Termination of Employment, equals three (3) times the sum of the Executive’s Base Salary and Target Bonus for the year in which advance (ii) In the event of a Termination of Employment of Executive as a Retired Early Employee, Arrow or the Bank shall provide the Executive during the Pay-out Period with medical, dental and life insurance coverage maintained by Arrow that is generally equivalent to the coverage held by the Executive (including dependent coverage, as applicable) immediately prior to such Termination of Employment, subject to general changes in such group plan offerings by Arrow or the Bank from time to time during the Pay-out Period and further subject to payment by the Executive of any amounts which would be required to be paid by the Executive if the Executive was then employed by Arrow or the Bank under the cost-sharing arrangements then in effect from time to time, which cost-sharing amounts may be deducted from the cash payments required to be made by Arrow or the Bank under Paragraph 6(b)(i) above. The cost of any such medical and dental coverage which is self-funded by Arrow or the Bank will be included in the taxable income of Executive to the extent it is paid directly or indirectly by Arrow or the Bank. Notwithstanding the foregoing, Arrow’s and the Bank’s obligations under this Paragraph 6(b)(ii) shall terminate to the extent that the Executive becomes eligible for medical, dental and life insurance coverage from a new employer; provided, however, that the Executive shall be under no obligation to seek other employment or gainful pursuit during the Pay-out Period as a result of this Agreement.