Common use of Payment of COBRA Premiums Clause in Contracts

Payment of COBRA Premiums. During the Executive’s Severance Period, the Company shall reimburse the Executive for the premiums required to be paid under the Company’s group health plans to provide the Executive and all dependents of the Executive with the continuation coverage available under Code §4980B and ERISA §§601-608. Such reimbursements shall be provided to the Executive promptly following the date of submission of such expenses to the Company. Notwithstanding the foregoing, no provisions of this subsection (b) shall be interpreted, or are intended to, change the terms and provisions of any group health plan of the Company. Reimbursements under this subsection (b) shall only be made to the extent that the Executive and/or his eligible dependents have obtained continuation coverage under the terms and provisions of the group health plans of the Company, and the ability of the Executive and/or his eligible dependents to obtain such coverage shall be governed exclusively by the terms and provisions of the group health plans themselves.

Payment of COBRA Premiums. During the Executive’s Severance Period, the Company shall reimburse the Executive for the premiums required to be paid under the Company’s group health plans to provide the Executive and all dependents of the Executive with the continuation coverage available under Code §4980B and ERISA §§601-608. Such reimbursements shall be provided to the Executive promptly following the date of submission of such expenses to the Company. Notwithstanding the foregoing, no provisions of this subsection (b) shall be interpreted, or are intended to, change the terms and provisions of any group health plan of the Company. Reimbursements under this subsection (b) shall only be made to the extent that the Executive and/or his her eligible dependents have obtained continuation coverage under the terms and provisions of the group health plans of the Company, and the ability of the Executive and/or his her eligible dependents to obtain such coverage shall be governed exclusively by the terms and provisions of the group health plans themselves.