Common use of Post-Termination Insurance Coverage Clause in Contracts

Post-Termination Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank as of the Executive’s date of termination. The continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death or (iv) the expiration of the remaining term of this Agreement. Notwithstanding the foregoing, if the Executive’s employment terminates for any reason, other than for Cause, after the Executive has attained age 55, the Bank shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank to penalties.

Post-Termination Insurance Coverage. If the Executive’s termination of employment terminates involuntarily but without with the Bank is considered an Involuntary Termination Without Cause or voluntarily but with a Voluntary Termination With Good Reason, or because of disability, the Bank shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank as of the Executive’s date of termination. The This continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death death, (iv) the one-year anniversary of his termination date, or (ivv) the expiration of the remaining term of this Agreement. Notwithstanding the foregoing, if the Executive’s employment terminates for any reason, other than for Cause, after the Executive has attained age 55, the Bank shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such the benefits or the value of the remaining benefits at the time of such the determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination of employment or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank to penalties. However, notwithstanding anything in this Agreement, the provisions of this Section 4.1 shall be deemed void and unenforceable on their terms in the event Voluntary Termination With Good Reason occurs as a result of Section 3.4(7) of this Agreement.

Post-Termination Insurance Coverage. (a) If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank Employer shall continue or cause to provide to be continued at the Executive and his dependents non-taxable Employer’s expense medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank benefits for the Executive immediately prior to and any of his termination under dependents covered at the same cost-sharing arrangements that apply for active employees time of the Bank as of the Executive’s date of his termination. The continued coverage medical insurance benefits shall cease upon continue until the earlier first to occur of (iw) the Executive’s return to employment with the Bank Employer or another employer, (iix) the Executive’s attainment of age 65, (iiiy) the Executive’s death death, or (ivz) the expiration end of the term remaining term of under this AgreementAgreement when the Executive’s employment terminates. Notwithstanding the foregoing, if the Executive’s employment terminates terminate for any reason, other than for Cause, after the Executive has attained age 55, the Bank Employer shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank Employer provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The This last sentence shall survive the expiration of this Agreement. The period . (b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in Section 4.2(a) it is not possible to continue coverage for the Executive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee” within the meaning of Section 409A of the Code, if any of the continued health insurance coverage required by benefits specified in Section 4980B(f4.2(a) would be considered deferred compensation under Section 409A of the Code, and finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986is not available for that particular insurance benefit, as amended (the “Code”), Employer shall run concurrently with the coverage period provided herein. If the Bank cannot provide the benefits set forth in this paragraph because pay to the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay the Executive a cash single lump sum payment reasonably estimated to be an amount in cash equal to the value of such benefits or the present value of the remaining benefits at Employer’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the time of such determinationExecutive’s employment not terminated, assuming continued coverage for 36 months. The cash lump-sum payment shall be made in a lump sum within thirty (30) days after employment termination or, if Section 4.1(b) applies, on the later first day of the seventh (7th) month after the month in which the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank to penaltiesemployment terminates.

Post-Termination Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank Corporation shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank Corporation for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank Corporation as of the Executive’s date of termination. The continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank Corporation or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death or (iv) the expiration of the remaining term of this Agreement. Notwithstanding the foregoing, if the Executive’s employment terminates for any reason, other than for Cause, after the Executive has attained age 55, the Bank Corporation shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The This last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank Corporation cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank Corporation to penalties, then the Bank Corporation shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank Corporation to penalties.

Post-Termination Insurance Coverage. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, or because of disability, the Bank Corporation shall continue to provide to the Executive and his dependents non-taxable medical and life insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank Corporation for the Executive immediately prior to his termination under the same cost-sharing arrangements that apply for active employees of the Bank Corporation as of the Executive’s date of termination. The continued coverage shall cease upon the earlier of (i) the Executive’s return to employment with the Bank Corporation or another employer, (ii) the Executive’s attainment of age 65, (iii) the Executive’s death or (iv) the expiration of the remaining term of this Agreement. Notwithstanding the foregoing, if the Executive’s employment terminates for any reason, other than for Cause, after the Executive has attained age 55, the Bank shall provide the Executive and his dependents with medical insurance coverage that is not less favorable than the Bank Corporation provides for other executive officers, at no cost to the Executive, until the Executive first becomes eligible for Medicare. The This last sentence shall survive the expiration of this Agreement. The period of continued health coverage required by Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”), shall run concurrently with the coverage period provided herein. If the Bank Corporation cannot provide the benefits set forth in this paragraph because the Executive is no longer an employee, applicable rules and regulations prohibit the benefits in the manner contemplated, or it would subject the Bank Corporation to penalties, then the Bank Corporation shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump sum within thirty (30) days after the later of the Executive’s date of termination or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank Corporation to penalties.