Common use of Continuation of Welfare Benefits Clause in Contracts

Continuation of Welfare Benefits. Continuation under the terms provided to similarly situated active employees, at no cost to you, of life, medical and dental insurance coverage in which you (or your dependents) was participating as of the Date of Termination (subject to such modifications as shall be established for all employees of the Company) until the earliest of: a. the eighteen month anniversary of your Date of Termination; b. the date you first breach the Release Agreement or any restrictive covenant hereunder or in any employment or other agreement with the Company which survives termination of your employment; or c. the date you become eligible for comparable benefits under a similar welfare benefit plan of a successor employer. If under the terms of the Company’s plan or insurance contract, the Company is unable to provide you with continued coverage for the intended period, the Company’s sole obligation shall be to pay you a monthly amount equal to the Company’s cost of providing such coverage to you as an active employee. To the extent that your continuation coverage rights under COBRA continue for more than eighteen months following your Date of Termination you will be eligible to continue coverage under COBRA for any remaining period. Notwithstanding the forgoing, at your election or the Company’s election, the Company will pay you a lump sum amount equal to the cost of such COBRA coverage for the eighteen month period, and such amount will be grossed up for income tax purposes and shall be paid in connection with the timing of severance payments as described below.