Other Post-Termination Benefits. In the event any Termination Following a Change-in-Control under this Section 6 becomes effective, Executive and his family will no longer be eligible, on or after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights to continuing medical and dental coverage under COBRA. The Bank shall pay the cost of Executive’s (and, to the extent eligible under the terms of the applicable plans, Executive’s family members’) medical and dental coverage, as in effect on the Termination Date, and as amended from time to time thereafter, for a period of eighteen (18) months following such Termination Date (the “COBRA Period”), to the extent that Executive and his family members elect COBRA continuation coverage for such period (with the cost of any such COBRA coverage which is self-funded by the Company and/or the Bank to be includable in the taxable income of Executive). In addition, following any termination of employment under this Section 6, the Bank or its successor will pay to Executive, in a single lump sum cash distribution, an amount equal to the sum of:
Appears in 4 contracts
Samples: Employment Agreement (Esquire Financial Holdings, Inc.), Employment Agreement (Esquire Financial Holdings, Inc.), Employment Agreement (Esquire Financial Holdings, Inc.)
