Document ID: 10971

Text:
(d)Upon the termination of Executives employment constituting a separation from service, as defined in Treasury Regulation 1.409A-1(h) , and resulting from an Event of Termination as defined in Section 4(a) or 4(b), if Executive elects continuation coverage pursuant to Section 4980B(f) of the Internal Revenue Code ( COBRA ), and, additionally, if, subsequent to the expiration of COBRA coverage, Executive purchases an individual policy with coverage substantially comparable to the coverage maintained by the Bank for all employees (hereinafter, individually or collectively, Continuation Coverage), provided that Executive has timely signed and delivered the Release Agreement to the Bank as specified in Section 4(c) above, and has not thereafter revoked the Release Agreement, and further provided that neither the Bank nor any of its affiliates will incur any penalty or additional tax for failing to comply with any applicable law, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by Executive for such Continuation Coverage, less any applicable tax withholdings (Continuation Coverage Reimbursement Payments) for a period not to exceed twelve (12) months following the termination of Executives employment in the case of an Event of Termination as defined in Section 4(a). In the case of an Event of Termination as defined in Section 4(b), the payment period shall not exceed thirty-six (36) months.

Named Entities:
18
22
Regulation
62
64
Act
66
66
Act
80
80
Act
122
123
Title
143
144
Title

Tokenized Text:
(
d
)
Upon
the
termination
of
Executives
employment
constituting
a
separation
from
service
,
as
defined
in
Treasury
Regulation
1
.
409A-1
(
h
)
,
and
resulting
from
an
Event
of
Termination
as
defined
in
Section
4
(
a
)
or
4
(
b
)
,
if
Executive
elects
continuation
coverage
pursuant
to
Section
4980B
(
f
)
of
the
Internal
Revenue
Code
(
COBRA
)
,
and
,
additionally
,
if
,
subsequent
to
the
expiration
of
COBRA
coverage
,
Executive
purchases
an
individual
policy
with
coverage
substantially
comparable
to
the
coverage
maintained
by
the
Bank
for
all
employees
(
hereinafter
,
individually
or
collectively
,
Continuation
Coverage
)
,
provided
that
Executive
has
timely
signed
and
delivered
the
Release
Agreement
to
the
Bank
as
specified
in
Section
4
(
c
)
above
,
and
has
not
thereafter
revoked
the
Release
Agreement
,
and
further
provided
that
neither
the
Bank
nor
any
of
its
affiliates
will
incur
any
penalty
or
additional
tax
for
failing
to
comply
with
any
applicable
law
,
the
Bank
shall
reimburse
Executive
in
an
amount
equal
to
the
monthly
premium
paid
by
Executive
for
such
Continuation
Coverage
,
less
any
applicable
tax
withholdings
(
Continuation
Coverage
Reimbursement
Payments
)
for
a
period
not
to
exceed
twelve
(
12
)
months
following
the
termination
of
Executives
employment
in
the
case
of
an
Event
of
Termination
as
defined
in
Section
4
(
a
)
.
In
the
case
of
an
Event
of
Termination
as
defined
in
Section
4
(
b
)
,
the
payment
period
shall
not
exceed
thirty-six
(
36
)
months
.