Common use of Life Insurance and Long Term Disability Insurance Clause in Contracts

Life Insurance and Long Term Disability Insurance. To the extent permitted by the Holding Company’s group insurance policies, the Holding Company will cause to be continued Executive’s life insurance coverage and long term disability insurance coverage substantially equivalent to the coverage maintained by the Holding Company or its Subsidiaries for Executive prior to his termination at no premium cost to the Executive. Such coverage will terminate upon the expiration of eighteen (18) months following the Date of Termination. If such continuation is not permitted by the Holding Company’s group insurance policies, the Holding Company, for a period of eighteen (18) months, will reimburse Executive for the premium cost incurred to obtain comparable life insurance and long term disability insurance under private policies, up to the amount the Holding Company would have paid to provide such coverage to Executive had he remained an employee of the Holding Company.