Additional Payments After Termination. In the event that Executive's employment is terminated pursuant to paragraphs 7(b), (c) or (d) above, then Employers shall pay Executive an additional amount equal to Executive's cost of COBRA health continuation coverage for Executive and his eligible dependants for the period during which Executive and his eligible dependants are entitled to receive COBRA continuation coverage from Employers under the applicable laws, rules and regulations governing COBRA.
Additional Payments After Termination. In the event that Executive’s employment is terminated under Agreement paragraphs 7(b) or (c), then Employers shall reimburse Executive an amount equal to the COBRA premium charged Executive for COBRA health continuation coverage for Executive and his eligible dependents for so long as Executive and his eligible dependents are entitled to receive COBRA continuation coverage from Employers under the applicable laws, rules and regulations governing COBRA. For purposes of this Agreement paragraph 7(g) and Executive’s right to elect continued coverage under Employers’ group health plan under COBRA, in the case of a termination of Executive’s employment with Employers under Agreement paragraphs 7(b) or (c), Executive’s “qualifying event” (within the meaning of Code Section 4980B(0)(3)) shall be deemed to occur as of the date that Employers’ obligation to provide continued health coverage as if he were an active employee under Agreement paragraphs 7(b) or (c) ends. To receive reimbursement under this Agreement paragraph 7(g), Executive must timely enroll in COBRA coverage.
Additional Payments After Termination. In the event that Executive’s employment is terminated pursuant to paragraphs 7(b), (c) or (d) above, and if Executive elects to continue participation in any group medical, dental, vision and/or prescription drug plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under Section 4980B of the Code (COBRA), then, during the period for which Executive and his eligible dependents are entitled to receive COBRA continuation coverage from the Bank under the applicable laws, rules and regulations governing COBRA (the “COBRA Reimbursement Period”), the Bank shall pay to Executive monthly payments of an amount equal to the excess of (X) the COBRA cost of such coverage over (Y) the amount that Executive would have had to pay for such coverage if he had remained employed during the COBRA Reimbursement Period and paid the active employee rate for such coverage, less withholding for taxes and other similar items; provided, however, that (i) that if Executive becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise (including coverage available to Executive’s spouse), the Bank’s obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law; (ii) the COBRA Reimbursement Period shall only run for the period during which Executive is eligible to elect health coverage under COBRA and timely elects such coverage; and (iii) nothing herein shall prevent the Bank from amending, changing, or canceling any group medical, dental, vision and/or prescription drug plans during the COBRA Reimbursement Period.
Additional Payments After Termination. In the event that ------------------------------------- Employee's employment is terminated pursuant to paragraph 7(b), 7(c), or 7(e) above, then Employers and/or the Holding Company shall pay Employee an additional amount equal to Employee's cost of COBRA health continuation coverage for Employee and his eligible dependants for the period during which Employee and his eligible dependants are entitled to receive COBRA continuation coverage from Employers and/or the Holding Company under the applicable laws, rules and regulations governing COBRA.
Additional Payments After Termination. In the event that Executive’s employment is terminated under Agreement paragraphs 7(b) or (c), then the Employers shall pay Executive an additional amount equal to Executive’s cost of COBRA health continuation coverage for Executive and his eligible dependants for so long as Executive and his eligible dependants are entitled to receive COBRA continuation coverage from the Employers under the applicable laws, rules and regulations governing COBRA. For purposes of this Agreement paragraph 7(g) and the Executive’s right to elect continued coverage under the Employers’ group health plan under COBRA, in the case of a termination of the Executive’s employment with the Employers under Agreement paragraphs 7(b) or (c), the Executive’s “qualifying event” (within the meaning of Code Section 4980B(0(3)) shall be deemed to occur as of the date that the Employers’ obligation to provide continued health coverage under Agreement paragraphs 7(b) or (c) ends.
Additional Payments After Termination. In the event that ------------------------------------- Employee's employment is terminated pursuant to paragraphs 7(b), (c), (d), or (e) above, then Employers shall pay Employee an additional amount equal to Employee's cost of COBRA health continuation coverage for Employee and his eligible dependants for the period during which
