Common use of COBRA Severance Clause in Contracts

COBRA Severance. As additional severance, in the event of Employee’s Qualifying Termination, the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service for the Severance Period (the “COBRA Coverage Period”), either under the Company’s regular health plan (if permitted) or by paying Employee’s COBRA premiums (the “COBRA Severance”). The Company’s obligation to pay the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee must notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall in lieu thereof provide to Employee a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee would be required to pay to continue Employee’s group health coverage in effect on the date of Employee’s termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether Employee elects COBRA continuation coverage and shall end on the earlier of (x) the date upon which Employee obtains other coverage or (y) the last day of applicable COBRA Coverage Period.

COBRA Severance. As additional severance, in the event of Employee’s Qualifying Termination, the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service for the equivalent number of months as the Base Severance Period is paid (the “COBRA Coverage Period”), either under the Company’s regular health plan (if permitted) or by paying Employee’s COBRA premiums (the “COBRA Severance”). The Company’s obligation to pay the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee must notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall in lieu thereof provide to Employee a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee would be required to pay to continue Employee’s group health coverage in effect on the date of Employee’s termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether Employee elects COBRA continuation coverage and shall end on the earlier of (x) the date upon which Employee obtains other coverage or (y) the last day of applicable COBRA Coverage Period.

COBRA Severance. As additional severance, in the event of Employee’s Qualifying Termination, the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service for the equivalent number of months as the Base Severance Period is paid (the “COBRA Coverage Period”), either under the Company’s regular health plan (if permitted) or by paying Employee’s COBRA premiums (the “COBRA Severance”). The Company’s obligation to pay the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee must notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall in lieu thereof provide to Employee a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee would be required to pay to continue Employee’s group health coverage in effect on the date of Employee’s termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether Employee elects COBRA continuation coverage and shall end on the earlier of (xi) the date upon which Employee obtains other coverage or (yii) the last day of applicable COBRA Coverage Period.

COBRA Severance. As an additional severance, in the event of Employee’s Qualifying TerminationSeverance Benefit, the Company will continue to pay the cost of Employee’s your and any eligible dependents’ health care coverage in effect at the time of Employee’s Separation from Service for the Severance Period (the “COBRA Coverage Period”), either under the Company’s regular health plan in effect at the time of your Separation from Service for a maximum of six (if permitted6) months, by either reimbursing or by paying Employee’s directly your COBRA premiums (in the Company’s discretion), if you timely elect COBRA continuation coverage (the “COBRA Severance”). The Company’s 's obligation to reimburse or pay the COBRA Severance on Employee’s your behalf will cease if Employee obtains you obtain health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee You must notify the Company within two (2) weeks if Employee obtains you obtain coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee you would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall in lieu thereof provide to Employee you a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee you would be required to pay to continue Employee’s your and any eligible dependents’ group health coverage in effect on the date of Employee’s your employment termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether Employee elects you elect COBRA continuation coverage and shall end on the earlier of (x) the date upon which Employee obtains you obtain other coverage or (y) the last day of applicable COBRA Coverage Periodthe sixth (6th) calendar month following your Separation from Service date.

COBRA Severance. As additional severance, in If you elect continuation coverage pursuant to COBRA within the event of Employee’s Qualifying Terminationtime period prescribed pursuant to COBRA for you and your eligible dependents, the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service reimburse you for the Severance Period premiums necessary to continue group health insurance benefits under COBRA for you and your eligible dependents until the earlier of (a) a period of 18 months from the date of such termination, (b) the date upon which you and your eligible dependents become covered under similar plans or (c) the date upon which you cease to be eligible for coverage under COBRA (such reimbursements, the “Change in Control COBRA Coverage Period”), either under the Company’s regular health plan (if permitted) or by paying Employee’s COBRA premiums (the “COBRA SeveranceReimbursements”). The Company’s obligation to pay the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee must notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable law. Notwithstanding the aboveHowever, if the Company determines in its sole discretion that it cannot provide pay the foregoing Change in Control COBRA Severance Reimbursements without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall will in lieu thereof provide to Employee you a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee you would be required to pay to continue Employee’s your group health coverage in effect on the date of Employee’s termination (which amount shall be based on the premium for the first month of COBRA coverage)such termination, which payments shall will be made on the last day of each month regardless of whether Employee elects you elect COBRA continuation coverage and shall will commence on the month following the date of such termination and will end on the earlier of (xa) the date upon which Employee obtains other you become eligible for group health coverage from a new employer or (yb) the last day date the Company has paid an amount equal to 18 monthly payments. For the avoidance of doubt, the taxable payments in lieu of the Change in Control COBRA Reimbursements may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable COBRA Coverage Periodwithholdings.

COBRA Severance. As additional severanceIf you elect continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, in as amended (“COBRA”) within the event of Employee’s Qualifying Terminationtime period prescribed pursuant to COBRA for you and your eligible dependents, the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service reimburse you for the Severance Period premiums necessary to continue group health insurance benefits under COBRA for you and your eligible dependents until the earlier of (a) a period of 12 months from the date of such termination, (b) the date upon which you and your eligible dependents become covered under similar plans or (c) the date upon which you cease to be eligible for coverage under COBRA (such reimbursements, the “COBRA Coverage Period”), either under the Company’s regular health plan (if permitted) or by paying Employee’s COBRA premiums (the “COBRA SeveranceReimbursements”). The Company’s obligation to pay the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee must notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable law. Notwithstanding the aboveHowever, if the Company determines in its sole discretion that it cannot provide pay the foregoing COBRA Severance Reimbursements without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall will in lieu thereof provide to Employee you a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee you would be required to pay to continue Employee’s your group health coverage in effect on the date of Employee’s termination (which amount shall be based on the premium for the first month of COBRA coverage)such termination, which payments shall will be made on the last day of each month regardless of whether Employee elects you elect COBRA continuation coverage and shall will commence on the month following the date of such termination and will end on the earlier of (xa) the date upon which Employee obtains other you become eligible for group health coverage from a new employer or (yb) the last day date the Company has paid an amount equal to 12 monthly payments. For the avoidance of doubt, the taxable payments in lieu of COBRA Reimbursements may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable COBRA Coverage Periodwithholdings.

COBRA Severance. As additional severance, in the event of Employee’s Qualifying Termination, the The Company will continue to pay the cost full cost, net of Employee’s health any applicable taxes, of your health, vision, and dental care coverage in effect at the time of Employee’s your Separation from Service for the Severance Period a maximum of twelve (the “COBRA Coverage Period”12) months (or, if such Qualifying Termination occurs within 12 months following a Change of Control, eighteen (18) months), either under by reimbursing you for or paying directly (at the Company’s regular health plan (if permitteddiscretion) or by paying Employee’s your COBRA premiums and/or such other amounts required for you to continue such coverage (the “COBRA Severance”). The Company’s 's obligation to pay the COBRA Severance on Employee’s your behalf will cease if Employee obtains you obtain health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee You must notify the Company within two (2) weeks if Employee obtains you obtain coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee you would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the U.S. Public Health Service Act), or if the Company otherwise elects, in its sole discretionCompany’s health plan shall terminate for any reason, the Company shall in lieu thereof provide to Employee you a taxable monthly payment in an amount net of any applicable taxes or fees equal to the monthly COBRA premium that Employee you would be required to pay to continue Employee’s obtain the same group health health, vision, and dental coverage as was in effect on the date of Employee’s your termination (which amount shall be based on the premium for the first month of COBRA coveragecoverage had such COBRA coverage been, or remained, in effect), which payments shall be made on the last day of each month regardless of whether Employee elects you elect COBRA continuation coverage and shall end on the earlier of (x) the date upon which Employee obtains you obtain other coverage or (y) the last day of applicable COBRA Coverage Periodthe twelfth (12th) calendar month following your Separation from Service date.

COBRA Severance. As additional severanceProvided that you timely elect continued coverage under COBRA, in the event of Employee’s Qualifying Termination, then the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service shall reimburse you for the Severance Period COBRA premiums to continue your health insurance coverage (including coverage for eligible dependents, if applicable) through the period starting on the Separation Date and ending on the earliest to occur of: (i) six (6) months after the Separation Date; (ii) the date you become eligible for group health insurance coverage through a new employer; or (iii) the date you cease to be eligible for COBRA coverage for any reason, including plan termination (the “COBRA Coverage Premium Period”), either . In the event you become covered under the Companyanother employer’s regular group health plan (if permitted) or by paying Employee’s otherwise cease to be eligible for COBRA premiums (the “COBRA Severance”). The Company’s obligation to pay during the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g.Premium Period, a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee you must immediately notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable lawsuch event. Notwithstanding the aboveforegoing, if the Company determines determines, in its sole discretion discretion, that it cannot provide pay the foregoing COBRA Severance Premiums without potentially a substantial risk of violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise electsinstead shall pay you, in its sole discretionon the first day of each calendar month for the remainder of the COBRA Premium Period, the Company shall in lieu thereof provide to Employee a fully taxable monthly cash payment in an amount equal to the monthly applicable COBRA premium premiums for that Employee would be required month, subject to pay to continue Employee’s group health coverage in effect on applicable tax withholdings, which you may, but are not obligated to, use toward the date of Employee’s termination (which amount shall be based on the premium for the first month cost of COBRA coveragepremiums. You acknowledge and agree that upon receipt of the severance benefits set forth in this Section 3, you will be extinguishing any rights you may have to severance under the Offer Letter or otherwise, and that you are not entitled to, and will not receive, any further severance benefits from the Company (except as expressly provided herein), which payments shall be made on the last day of each month regardless of whether Employee elects COBRA continuation coverage and shall end on the earlier of (x) the date upon which Employee obtains other coverage or (y) the last day of applicable COBRA Coverage Period.

COBRA Severance. As additional severance, in the event of Employee’s Qualifying Termination, the Company will continue to pay the cost of Employee’s health care coverage in effect at the time of Employee’s Separation from Service for the Severance Period twelve (12) months (the “COBRA Coverage Period”), either under the Company’s regular health plan (if permitted) or by paying Employee’s COBRA premiums (the “COBRA Severance”). The Company’s obligation to pay the COBRA Severance on Employee’s behalf will cease if Employee obtains health care coverage from another source (e.g., a new employer or spouse’s benefit plan), unless otherwise prohibited by applicable law. Employee must notify the Company within two (2) weeks if Employee obtains coverage from a new source. This payment of COBRA Severance by the Company would not expand or extend the maximum period of COBRA coverage to which Employee would otherwise be entitled under applicable law. Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing COBRA Severance without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), or if the Company otherwise elects, in its sole discretion, the Company shall in lieu thereof provide to Employee a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee would be required to pay to continue Employee’s group health coverage in effect on the date of Employee’s termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether Employee elects COBRA continuation coverage and shall end on the earlier of (x) the date upon which Employee obtains other coverage or (y) the last day of applicable COBRA Coverage Period.