Common use of Health Stipend Clause in Contracts

Health Stipend. TCF shall pay Executive a lump sum cash stipend equal to Ten Thousand Dollars ($10,000.00), conditioned on Executive’s execution of the Release described herein that becomes irrevocable within sixty (60) days following Executive’s Employment Termination Date, with the stipend payable on the first payroll date after sixty (60) days have lapsed following Executive’s Separation from Service, provided that if the 60-day period spans two (2) calendar years, the payment shall be made on the first pay date in the second calendar year and provided further that TCF, in its sole discretion, may make the payment earlier if such commencement does not violate Code Section 409A. Although the payment under this paragraph is intended to fund payment for health coverage, the payment is not required to be used for health coverage and Executive may use the payment for any purpose.

Health Stipend. TCF shall pay Executive a lump sum cash stipend equal to Ten Thousand Dollars ($10,000.00), conditioned on Executive’s execution of the Release described herein that becomes irrevocable within sixty (60) days following Executive’s Employment Termination Date, with the stipend payable on the first payroll date after sixty (60) days have lapsed following Executive’s Separation from Service, provided that if the 60-day period spans two (2) calendar years, the payment shall be made on the first pay date in the second calendar year and provided further that TCF, in its sole discretion, may make the payment earlier if such commencement does not violate Code Section 409A. Although the payment under this paragraph is intended to fund payment for health coverage, the payment is not required to be used for health coverage and Executive may use the payment for any purpose.; and

Health Stipend. TCF shall pay Executive a lump sum cash stipend equal to Ten Thousand Dollars ($10,000.00), conditioned on Executive’s execution of the Release described herein that becomes irrevocable within sixty (60) days following Executive’s Employment Termination Date, with the stipend payable on the first payroll date after sixty (60) days have lapsed following Executive’s Separation from Service, provided that if the 60-day period spans two (2) calendar years, the payment shall be made on the first pay date in the second calendar year and provided further that TCF, in its sole discretion, may make the payment earlier if such commencement does not violate Code Section 409A. Although the payment under this paragraph is intended to fund payment for health coverage, the payment is not required to be used for health coverage and Executive may use the payment for any purpose.Section