Common use of Continuation of Employee Benefits Clause in Contracts

Continuation of Employee Benefits. For a period of 36 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of the Executive, all employee benefit plans and programs to which the Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the general terms and provisions of such plans, and programs, except that if the Executive’s participation in any health, medical, life insurance, or disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies or programs which provide to the Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination; provided, however, if as of the date of termination of employment the Bank already is providing to the Executive health and medical (including, but not limited to health, dental and vision) insurance coverage for a five (5) consecutive year period pursuant to Section 4(f) of this Agreement, the Bank shall continue to provide such coverage until the later of the expiration of such five (5) consecutive year period or thirty-six (36) months from the date of termination of employment. Executive’s death during the period in which the health and medical (including, but not limited to health, dental and vision) insurance coverage benefit is to be provided pursuant to this Section shall not affect the Executive’s spouse’s right to the continuation of such benefit through the expiration of such period. Notwithstanding the foregoing, Executive (and/or Executive’s spouse, as applicable) shall be required to enroll with Medicare if at any time during such five (5) year or thirty-six (36) month period he or she shall attain age 65, in which case the costs for Part B, Part C and Part D shall be paid by the Executive (or spouse) and reimbursed by the Bank.

Continuation of Employee Benefits. For a period of 36 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of the Executive, all employee benefit plans and programs to which the Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the general terms and provisions of such plans, and programs, except that if the Executive’s participation in any health, medical, life insurance, or disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies or programs which provide to the Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination; provided, however, if as of the date of termination of employment the Bank already is providing to the Executive health and medical (including, but not limited to health, dental and vision) insurance coverage for a five ten (510) consecutive year period pursuant to Section 4(f) of this Agreement, the Bank shall continue to provide such coverage until the later of the expiration of such five ten (510) consecutive year period or thirty-six (36) months from the date of termination of employment. Executive’s death during the period in which the health and medical (including, but not limited to health, dental and vision) insurance coverage benefit is to be provided pursuant to this Section shall not affect the Executive’s spouse’s right to the continuation of such benefit through the expiration of such period. Notwithstanding the foregoing, Executive (and/or Executive’s spouse, as applicable) shall be required to enroll with Medicare if at any time during such five ten (510) year or thirty-six (36) month period he or she shall attain age 65, in which case the costs for Part B, Part C and Part D shall be paid by the Executive (or spouse) and reimbursed by the Bank.