Common use of Continued Health Coverage Payment Clause in Contracts

Continued Health Coverage Payment. Provided Executive is eligible to elect COBRA continuation coverage under the Company’s group health plan upon his termination, the Company shall pay to Executive a lump sum cash amount equivalent to the cost of COBRA continuation coverage premiums for the Executive and his covered dependents for twenty-four (24) months following the effective date of such termination, regardless of whether the Executive and/or his covered dependents actually elect COBRA continuation coverage.

Continued Health Coverage Payment. Provided Executive is eligible to elect COBRA continuation coverage under the Company’s group health plan upon his termination, the Company shall pay to Executive a lump sum cash amount equivalent to the cost of COBRA continuation coverage premiums for the Executive and his covered dependents for twenty-four (24) months following the effective date of such termination, regardless of whether the Executive and/or his covered dependents actually elect COBRA continuation coverage.