Common use of COBRA Coverage Clause in Contracts

COBRA Coverage. In the event Executive elects COBRA coverage, the Company will pay directly or reimburse the Executive, within thirty (30) days following the date such monthly premium payment is due, an amount equal to the monthly COBRA premium payments made on behalf of Executive and his/her spouse, and his/her eligible dependents (to the extent such persons were covered immediately prior to termination by the medical, dental and/or hospitalization coverage through insurance maintained by the Company), to keep medical, dental and/or hospitalization coverage in effect for the period set forth in Schedule A (the “COBRA Period”). The benefits under such plans will be provided through insurance maintained by the Company. Executive will have no duty to seek other employment or to engage in self-employment in mitigation of the premium reimbursement provided for hereunder. Notwithstanding the foregoing, if Executive obtains full-time employment during this COBRA Period that entitles him and his spouse and eligible dependents to comprehensive medical coverage, Executive must notify the Company and no further payments or reimbursements will be paid by the Company pursuant to this Section 7(a)(ii). In addition, if Executive does not pay the applicable monthly COBRA premium for a particular month at any time during the COBRA Period and coverage is lost as a result, no further payments or reimbursements will be paid by the Company pursuant to this Section 7(a)(ii). Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable lump-sum payment in an amount equal to the monthly (or then remaining) COBRA premium that Executive would be required to pay to continue his group health coverage in effect on the Effective Date of Termination through the COBRA Period (which amount will be based on the premium for the first month of COBRA coverage).

COBRA Coverage. In The Company will provide or fund COBRA Coverage for a period of twenty-four (24) months from the event date of the Executive’s termination of employment, or the date upon which the Executive elects (and the Executive’s eligible dependents, as applicable) becomes covered under another employer’s coverage or Medicare. The Executive’s receipt of COBRA coverageCoverage is subject to the Executive electing COBRA continuation coverage within the time period prescribed pursuant to COBRA for the Executive and the Executive’s eligible dependents, if any. If the Company determines in its reasonable discretion that it cannot provide COBRA Coverage without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of COBRA Coverage, the Company will pay directly or reimburse provide to the Executive, within thirty (30) days following Executive a taxable monthly payment payable on the date such monthly premium payment is due, last day of a given month in an amount equal to the monthly COBRA premium payments made on behalf of the Executive and his/her spouse, and his/her eligible dependents (would be required to pay to continue the extent such persons were covered immediately prior to termination by the medical, dental and/or hospitalization coverage through insurance maintained by the Company), to keep medical, dental and/or hospitalization Executive’s group health coverage in effect on the date of the Executive’s Qualifying Termination (which amount will be based on the premium rates applicable for the period set forth in Schedule A first month of COBRA Coverage for the Executive and any of eligible dependents of the Executive) (the each, a “COBRA PeriodReplacement Payment”). The benefits under such plans , which COBRA Replacement Payments will be provided through insurance maintained by made regardless of whether the CompanyExecutive elects COBRA continuation coverage and will end on the earlier of (x) the date on which the Executive obtains other employment, or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments for a period of twenty-four (24) months. Executive For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose, including, but not limited, to continuation coverage under COBRA, and will have no duty be subject to seek other employment or to engage in self-employment in mitigation of the premium reimbursement provided for hereunderany applicable withholdings. Notwithstanding anything to the foregoing, if Executive obtains full-time employment during contrary under this COBRA Period that entitles him and his spouse and eligible dependents to comprehensive medical coverage, Executive must notify the Company and no further payments or reimbursements will be paid by the Company pursuant to this Section 7(a)(ii). In addition, if Executive does not pay the applicable monthly COBRA premium for a particular month at any time during the COBRA Period and coverage is lost as a result, no further payments or reimbursements will be paid by the Company pursuant to this Section 7(a)(ii). Notwithstanding the aboveAgreement, if the Company determines in its sole reasonable discretion that at any time it cannot provide the foregoing COBRA benefits Replacement Payments without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company Executive will in lieu thereof provide to Executive a taxable lump-sum payment in an amount equal to the monthly (or then remaining) COBRA premium that Executive would be required to pay to continue his group health coverage in effect on the Effective Date of Termination through not receive the COBRA Period (which amount will be based on the premium for the first month of Replacement Payments or any further COBRA coverage)Coverage.