Common use of Health Insurance Coverage Clause in Contracts

Health Insurance Coverage. Upon the occurrence of a Triggering Event or, if later, upon the termination of Executive's employment with the Company following a Triggering Event, to the extent permitted by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") and by the Company's group health insurance policy, Executive and his covered dependents will be eligible to continue their health insurance benefits at their own expense. If Executive elects COBRA continuation coverage, the Company shall pay Executive's and covered dependents' COBRA continuation premiums for six (6) months following the date Executive's coverage as an active employee under the Company's group health policy ceases, provided that the Company's obligation to make such payments shall terminate immediately if Executive becomes eligible for other health insurance benefits at the expense of a new employer. Executive agrees to notify the Company, in writing, immediately upon acceptance of any employment which provides health insurance benefits. This