Common use of COBRA Severance Benefit Clause in Contracts

COBRA Severance Benefit. The Company will pay, on the Employee’s behalf, on a monthly basis, the total amount of premiums required to continue the Employee’s coverage under the Company’s health, dental and vision insurance plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) from the date of the Employee’s Qualifying Termination until the earliest of (i) the end of the twelve (12)-month period following such Qualifying Termination, (ii) the expiration of the Employee’s eligibility for such coverage pursuant to COBRA and (iii) the date the Employee becomes eligible to enroll for coverage under a health, dental, or vision insurance plan of a subsequent employer (such period from the date of such Qualifying Termination through the earliest of (i) through (iii), the “COBRA Payment Period”), provided that the Employee is eligible to continue such coverage pursuant to COBRA and makes an election to continue such coverage pursuant to COBRA within the time period prescribed under COBRA (the “COBRA Severance Benefit”). Such COBRA premium payments will be inclusive of premiums for the Employee’s eligible dependents for such health, dental, or vision plan coverage as in effect immediately prior to such Qualifying Termination, provided that such dependents continue to be eligible for such coverage during the COBRA Payment Period. The Employee will be required to notify the Company immediately if the Employee becomes eligible to enroll for coverage under a health, dental, or vision insurance plan of a subsequent employer. For purposes of this Section 3(b), any applicable insurance premiums that are paid by the Company will not include any amounts payable by the Employee under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility of the Employee. Notwithstanding the foregoing, if the Company determines, at any time and in its sole discretion, that its payment of COBRA premiums pursuant to the COBRA Severance Benefit would result in a violation of applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of providing the COBRA Severance Benefit, the Company will pay the Employee, for each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for such month, subject to applicable tax withholdings and deductions (the “Special Severance Benefit”). Payments of the Special Severance Benefit (if any) will be made without regard to the Employee’s payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of the COBRA Payment Period. Payments of the Special Severance Benefit (if any) will be made to the Employee on a monthly basis as follows: (i) if the Company does not provide the COBRA Severance Benefit for any month during the sixty (60)-day period following the Employee’s Qualifying Termination, the first payment of the Special Severance Benefit will be made to the Employee within such sixty (60)-day period and will be equal to the aggregate amount of the COBRA premiums for such months; and (ii) following such sixty (60)-day period, if the Company does not provide the COBRA Severance Benefit for any remaining month during the COBRA Payment Period, a payment of the Special Severance Benefit will be made to the Employee on the last business day of such month and will be equal to the COBRA premiums for such month.

COBRA Severance Benefit. The Company will pay, on the Employee’s behalf, on a monthly basis, the total amount of premiums required to continue the Employee’s If you timely elect continued coverage under COBRA under the Company’s healthgroup health plans, dental and vision insurance plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985then, as amended an additional severance benefit, the Company will reimburse your full COBRA premiums to continue your coverage (“COBRA”including coverage for eligible dependents, if applicable) from the date of the Employee’s Qualifying Termination in effect for yourself (and your eligible dependents, if applicable) until the earliest of of: (iA) the end of the twelve (12)-month period 12) months following such Qualifying Termination, the Separation Date; (iiB) the expiration of the Employee’s your eligibility for such the continuation coverage pursuant to COBRA and under COBRA; or (iiiC) the date the Employee becomes when you become eligible to enroll for and covered by substantially equivalent health insurance coverage under a health, dental, in connection with new employment or vision insurance plan of a subsequent employer self-employment (such period from the ​ termination date of such Qualifying Termination through the earliest of (iA) through (iiiC), the “COBRA Payment Period”)” and such severance benefit, provided that the Employee is eligible to continue such coverage pursuant to COBRA and makes an election to continue such coverage pursuant to COBRA within the time period prescribed under COBRA (the “COBRA Severance Benefit”). Such COBRA premium payments will be inclusive of premiums for the Employee’s eligible dependents for such health, dental, or vision plan coverage as in effect immediately prior to such Qualifying Termination, provided that such dependents continue to be eligible for such coverage during the COBRA Payment Period. The Employee will be required to notify the Company immediately if the Employee becomes eligible to enroll for coverage under a health, dental, or vision insurance plan of a subsequent employer. For purposes of this Section 3(b), any applicable insurance premiums that are paid by the Company will not include any amounts payable by the Employee under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility of the Employee. Notwithstanding the foregoing, if at any time, (i) the Company determines, at any time and in its sole discretion, that its the payment of the COBRA premiums pursuant to the COBRA Severance Benefit would result in a violation of applicable law (including, without limitation, the nondiscrimination rules of Section 2716 105(h)(2) of the Public Internal Revenue Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Service Care and Education Reconciliation Act), or (ii) the Company’s health insurance plan in effect on the Separation Date terminates (either (i) or (ii), a “COBRA Severance Benefit Terminating Event”), then provided you otherwise were eligible for the COBRA Severance Benefit on the date of the COBRA Severance Benefit Terminating Event, in lieu of providing the COBRA Severance Benefitpremium reimbursement, the Company will instead pay the Employee, for each month of you a fully taxable lump sum cash payment equal to the remainder of the COBRA Payment Period, a fully taxable cash payment equal to premiums due under this Section 3(b) for the COBRA premiums for such month, subject to applicable tax withholdings and deductions Payment Period (the “Special Severance BenefitCash Payment”). Payments of , which payment shall be payable within 30 days following the Special Severance Benefit (if any) will be made without regard to the Employee’s payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of the COBRA Payment Period. Payments of the Special Severance Benefit (if any) will be made to the Employee on a monthly basis as follows: (i) if the Company does not provide the applicable COBRA Severance Benefit Terminating Event. You may, but are not obligated to, use such Special Cash Payment for medical expenses, including COBRA Premiums (as applicable). If, prior to any month during the sixty (60)-day period following the Employee’s Qualifying Termination, the first payment of the Special Severance Benefit will be made to the Employee within such sixty (60)-day period and will be equal to the aggregate amount of the COBRA premiums for such months; and (ii) following such sixty (60)-day period, if the Company does not provide the COBRA Severance Benefit Terminating Event, you become eligible for any remaining month coverage under another employer’s group health plan through self-employment or otherwise cease to be eligible for COBRA coverage under the Company’s group health plan during the COBRA Payment Period, a payment of you must immediately notify the Special Severance Benefit will be made to the Employee on the last business day Company of such month event, and all payments and obligations under this Section will be equal to the COBRA premiums for such monthcease.