Common use of Group Health Benefits Clause in Contracts

Group Health Benefits. Regardless of whether the Executive or his eligible qualified beneficiaries actually elect COBRA continuation coverage under the Bank's group health plan, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the Termination Date) for eighteen (18) months of continued group health plan coverage (as in place as of the Termination Date) for the Executive, his spouse and eligible dependents. Such payment shall be made as soon as administratively practicable following the Executive's termination of employment, but in no event later than two and one-half (2-1/2) months after the date his employment ends. In addition, if the Executive or his eligible qualified beneficiaries have elected COBRA continuation coverage under the Bank's group health plan and any one of them becomes eligible for COBRA continuation coverage beyond the initial 18-month period due to a second qualifying event, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the date of such second qualifying event) for the additional period of continuation coverage (up to a maximum of an additional 18 months of continuation coverage). This additional lump sum payment for the second qualifying event coverage shall be made as soon as administratively practicable following the Executive's providing written notice to the Bank of the second qualifying event, but no later than two and one-half (2-1/2) months after the date of such second qualifying event. The severance pay provided for herein shall be in lieu of any and all other payments, bonuses or other compensation to which the Executive may have been entitled under any severance plan, policy or payroll practice of WGNB or the Bank.

Group Health Benefits. Regardless of whether the Executive or his eligible qualified beneficiaries actually elect COBRA continuation coverage under the Bank's group health plan, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the Termination Date) for eighteen (18) months of continued group health plan coverage (as in place as of the Termination Date) for the Executive, his spouse and eligible dependents. Such payment shall be made as soon as administratively practicable following the Executive's termination of employment, but in no event later than two and one-half (2-2 1/2) months after the date his employment ends. In addition, if the Executive or his eligible qualified beneficiaries have elected COBRA continuation coverage under the Bank's group health plan and any one of them becomes eligible for COBRA continuation coverage beyond the initial 18-month period due to a second qualifying event, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the date of such second qualifying event) for the additional period of continuation coverage (up to a maximum of an additional 18 months of continuation coverage). This additional lump sum payment for the second qualifying event coverage shall be made as soon as administratively practicable following the Executive's providing written notice to the Bank of the second qualifying event, but no later than two and one-half (2-2 1/2) months after the date of such second qualifying event. The severance pay provided for herein shall be in lieu of any and all other payments, bonuses or other compensation to which the Executive may have been entitled under any severance plan, policy or payroll practice of WGNB or the Bank.

Group Health Benefits. Regardless of whether the Executive or his eligible qualified beneficiaries actually elect COBRA continuation coverage under the Bank's ’s group health plan, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the Termination Date) for eighteen (18) months of continued group health plan coverage (as in place as of the Termination Date) for the Executive, and to the extent that the Executive is providing coverage for such individuals as of the Termination Date, his spouse and eligible dependents. Such payment shall be made as soon as administratively practicable following the Executive's termination later of employment, but in no event later than two (1) the Termination Date and one-half (2-1/2) months after the effective date his employment endsof the waiver of claims that is required pursuant to this Section 5.1(c)(ii)(C) below. In addition, if the Executive or his eligible qualified beneficiaries have elected COBRA continuation coverage under the Bank's ’s group health plan and any one of them becomes eligible for COBRA continuation coverage beyond the initial 18-month period due to a second qualifying event, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the date of such second qualifying event) for the additional period of continuation coverage (up to a maximum of an additional 18 months of continuation coverage). This additional lump sum payment for the second qualifying event coverage shall only be payable in the event that the Executive has timely executed and has not revoked a waiver of claims pursuant to 5.1(c)(ii)(C) below, and the payment will be made as soon as administratively practicable following the Executive's ’s providing written notice to the Bank of the second qualifying event, but no later than two and one-half (2-1/2) months after the date of such second qualifying event. The severance pay provided for herein shall be in lieu of any and all other payments, bonuses or other compensation to which the Executive may have been entitled under any severance plan, policy or payroll practice of WGNB or the Bank.

Group Health Benefits. Regardless of whether the Executive or his eligible qualified beneficiaries actually elect COBRA continuation coverage under the Bank's ’s group health plan, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the Termination Date) for eighteen (18) months of continued group health plan coverage (as in place as of the Termination Date) for the Executive, his spouse and eligible dependents. Such payment shall be made as soon as administratively practicable following the Executive's ’s termination of employment, but in no event later than two and one-half (2-1/22½) months after the date his employment ends. In addition, if the Executive or his eligible qualified beneficiaries have elected COBRA continuation coverage under the Bank's ’s group health plan and any one of them becomes eligible for COBRA continuation coverage beyond the initial 18-month period due to a second qualifying event, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the date of such second qualifying event) for the additional period of continuation coverage (up to a maximum of an additional 18 months of continuation coverage). This additional lump sum payment for the second qualifying event coverage shall be made as soon as administratively practicable following the Executive's ’s providing written notice to the Bank of the second qualifying event, but no later than two and one-half (2-1/22½) months after the date of such second qualifying event. The severance pay provided for herein shall be in lieu of any and all other payments, bonuses or other compensation to which the Executive may have been entitled under any severance plan, policy or payroll practice of WGNB or the Bank.

Group Health Benefits. Regardless of whether the Executive or his eligible qualified beneficiaries actually elect COBRA continuation coverage under the Bank's group health plan, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the Termination Date) for eighteen (18) months of continued group health plan coverage (as in place as of the Termination Date) for the Executive, his spouse and eligible dependents. Such payment shall be made as soon as administratively practicable following the Executive's termination of employment, but in no event later than two and one-half (2-1/2) months after the date his employment ends. In addition, if the Executive or his eligible qualified beneficiaries have elected COBRA continuation coverage under the Bank's group health plan and any one of them becomes eligible for COBRA continuation coverage beyond the initial 18-month period due to a second qualifying event, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the date of such second qualifying event) for the additional period of continuation coverage (up to a maximum of an additional 18 months of continuation coverage). This additional lump sum payment for the second qualifying event coverage shall be made as soon as administratively practicable following the Executive's providing written notice to the Bank of the second qualifying event, but no later than two and one-half (2-1/2) months after the date of such second qualifying event. The severance pay provided for herein shall be in lieu of any and all other payments, bonuses or other compensation to which the Executive may have been entitled under any severance plan, policy or payroll practice of WGNB or the Bank.

Group Health Benefits. Regardless of whether the Executive or his eligible qualified beneficiaries actually elect COBRA continuation coverage under the Bank's ’s group health plan, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the Termination Date) for eighteen (18) months of continued group health plan coverage (as in place as of the Termination Date) for the Executive, his spouse and eligible dependents. Such payment shall be made as soon as administratively practicable following the Executive's ’s termination of employment, but in no event later than two and one-half (2-1/22½) months after the date his employment ends. In addition, if the Executive or his eligible qualified beneficiaries have elected COBRA continuation coverage under the Bank's ’s group health plan and any one of them becomes eligible for COBRA continuation coverage beyond the initial 18-month period due to a second qualifying event, the Executive shall be entitled to a lump-sum payment equal to the full COBRA premium amount (determined as of the date of such second qualifying event) for the additional period of continuation coverage (up to a maximum of an additional 18 months of continuation coverage). This additional lump sum payment for the second qualifying event coverage shall be made as soon as administratively practicable following the Executive's ’s providing written notice to the Bank of the second qualifying event, but no later than two and one-half (2-1/22½) months after the date of such second qualifying event. The severance pay provided for herein shall be in lieu of any and all other payments, bonuses or other compensation to which the Executive may have been entitled under any severance plan, policy or payroll practice of WGNB or the Bank.