Common use of Payment of Cost of COBRA Health Benefits Clause in Contracts

Payment of Cost of COBRA Health Benefits. If the Executive becomes entitled to payment of a lump sum severance benefit under the provisions of either Section 1.1 or Section 1.2 of this Agreement, Key shall provide Medical Plan coverage (i) for the benefit of Executive and his wife and (ii) for the benefit of each of Executive’s children through the earlier of the date on which the child attains age 23 or has ceased for more than 120 consecutive days to be a full time student in accordance with the requirements of Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). On the 12th month following the Executive’s Termination Date, and thereafter on the 18th month following the Executive’s Termination Date, Key shall pay to Executive a lump sum cash payment that shall equal the premium costs that the Executive paid on an after-tax basis over the then preceding 12 or 6 month period for coverage under the KeyCorp Medical Plan for himself and his covered dependants. As of the nineteenth month following the Executive’s Termination Date, the Executive shall not be entitled to further reimbursement for premium costs for coverage under the KeyCorp Medical Plan. Executive may also elect vision and dental coverage for himself and his dependents under the provisions of the COBRA, provided that Executive and his dependents assume the cost for such vision and dental coverage.

Payment of Cost of COBRA Health Benefits. If the Executive becomes entitled to payment of a lump sum severance benefit under the provisions of either Section 1.1 or Section 1.2 of this Agreement, Agreement Key shall provide Medical Plan coverage (i) for the benefit of Executive and his wife and (ii) for the benefit of each of Executive’s children through the earlier of the date on which the child attains age 23 or has ceased for more than 120 consecutive days to be a full time student in accordance with the requirements of Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). On the 12th month following the Executive’s Termination Date, and thereafter on the 18th month following the Executive’s Termination Date, Key shall pay to Executive a lump sum cash payment that shall equal the premium costs that the Executive paid on an after-tax basis over the then preceding 12 or 6 month period for coverage under the KeyCorp Medical Plan for himself and his covered dependants. As of the nineteenth month following the Executive’s Termination Date, the Executive shall not be entitled to further reimbursement for premium costs for coverage under the KeyCorp Medical Plan. Executive may also elect vision and dental coverage for himself and his dependents under the provisions of the COBRA, provided that Executive and his dependents assume the cost for such vision and dental coverage.