Common use of Non-Compensation Benefits Clause in Contracts

Non-Compensation Benefits. If the Conditions to Severance are met and provided that Employee timely elects continued coverage under Employer’s group health plan under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Employer will reimburse Employee for applicable COBRA premiums paid by Employee until the earlier of (i) a period equal to the number of months of Base Salary represented by Employee’s Severance Amount or Change in Control Severance Amount, as applicable; or (ii) Employee’s commencement of employment with a subsequent employer (or gainful self-employment) (the “Benefits Period”). Employer shall reimburse Employee for an applicable COBRA premium on the first day of the month immediately following the month to which it relates. If Employee exhausts the maximum period of coverage under Employer’s group health plan under COBRA during the Benefits Period, Employee shall have the sole responsibility to obtain similar health insurance coverage for Employee and Employee’s dependents. If Employee obtains similar health insurance coverage for Employee and Employee’s dependents, Employer will reimburse Employee for the costs of Employee’s monthly premiums for the similar health insurance coverage for the remainder of the Benefits Period; provided however, that such reimbursements shall not exceed the monthly amount being reimbursed to Employee at the time Employee’s right to coverage under COBRA ends. Employer shall reimburse Employee for the applicable monthly premium for similar health insurance coverage upon receipt from Employee of proof of payment acceptable to Employer. Proof of payment must be given to Employer with sixty (60) days of payment of the premium, and the reimbursement payment shall be made immediately thereafter.