Common use of COBRA; Pay in Lieu of Continued Employee Benefits Clause in Contracts

COBRA; Pay in Lieu of Continued Employee Benefits. If Executive timely elects continued coverage under COBRA, then the Company shall pay a lump sum cash payment for continuation of COBRA, on the same terms as set forth in Section 3(b) above, for the same period that the Executive is paid severance benefits pursuant to Section 4(a) following the Executive’s Separation. Executive shall be entitled to an additional gross-up payment to account for the fact that such COBRA premium amounts are paid on an after-tax basis.

COBRA; Pay in Lieu of Continued Employee Benefits. If The Company or its successor shall provide the Executive timely elects continued coverage under COBRA, then the Company shall pay a lump sum cash payment for with continuation of COBRACOBRA benefits or a cash benefit, in both cases on the same terms as set forth in Section 3(b2(b) above, for the same period that the Executive is paid severance benefits pursuant to Section 4(a3(a) following the Executive’s Separation. Separation or, if earlier, until Executive shall is eligible to be entitled to an additional gross-up payment to account for the fact that such COBRA premium amounts are paid on an after-tax basiscovered under another substantially equivalent medical insurance plan by a subsequent employer.