Common use of Reimbursement of COBRA Premiums Clause in Contracts

Reimbursement of COBRA Premiums. If Executive elects to continue participation in any group medical plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under COBRA, then for a period of eighteen (18) months (the “Health Benefits Continuation Period”), the Company shall pay to Executive a monthly amount equal to Dollars and Cents ($ ); provided, however, that (i) that if Executive becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise, the Company’s obligation to pay the cost of health coverage as described herein shall cease; (ii) the Health Benefits Continuation Period shall run concurrently with any period for which Executive is eligible to elect health coverage under COBRA; and (iii) the reimbursement of the monthly premium for such group health benefits, determined in accordance with Code Section 4980B and the regulations thereunder, shall be treated as taxable compensation by including such amount in Executive’s income in accordance with applicable rules and regulations. Executive agrees that, in the event that during the Health Benefits Continuation Period he becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise, he will notify the Company of such status change in writing within seven (7) days of such status change.

Reimbursement of COBRA Premiums. If Executive elects to continue participation in any group medical plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under Section 4980B of the Internal Revenue Code (COBRA), then for a period of eighteen not to exceed twelve (1812) months (the “Health Benefits Continuation Period”), the Company shall pay to the insurer of the Company’s medical plan (or to the Executive if the insurer will not accept partial payment from the Company) a monthly amount equal to Dollars and Cents ($ )the Company-paid portion of health benefit premiums as if Executive was actively employed; provided, however, that (i) that if Executive becomes eligible to receive group health benefits under a program of a subsequent employer or otherwiseotherwise (including coverage available to Executive’s spouse), or if Executive otherwise ceases to be eligible for COBRA continuation coverage, the Company’s obligation to pay the cost of health coverage as described herein shall cease; and (ii) the Health Benefits Continuation Period shall run concurrently with any period for which Executive is eligible to elect health coverage under COBRA; and (iii) the reimbursement of the monthly premium for such group health benefits, determined in accordance with Code Section 4980B and the regulations thereunder, shall be treated as taxable compensation by including such amount in Executive’s income in accordance with applicable rules and regulations. Executive agrees that, in the event that during the Health Benefits Continuation Period he becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise, he will notify the Company of such status change in writing within seven (7) days of such status change.

Reimbursement of COBRA Premiums. If Executive elects to continue participation in any group medical plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under Section 4980B of the Internal Revenue Code (COBRA), then for a period of eighteen not to exceed twelve (1812) months (the “Health Benefits Continuation Period”), the Company shall pay to the insurer of the Company’s medical plan (or to the Executive if the insurer will not accept partial payment from the Company) a monthly amount equal to Dollars and Cents ($ )the Company paid portion of health benefit premiums as if Executive was actively employed; provided, however, that (i) that if Executive becomes eligible to receive group health benefits under a program of a subsequent employer or otherwiseotherwise (including coverage available to Executive’s spouse), or if Executive otherwise ceases to be eligible for COBRA continuation coverage, the Company’s obligation to pay the cost of health coverage as described herein shall cease; and (ii) the Health Benefits Continuation Period shall run concurrently with any period for which Executive is eligible to elect health coverage under COBRA; and (iii) the reimbursement of the monthly premium for such group health benefits, determined in accordance with Code Section 4980B and the regulations thereunder, shall be treated as taxable compensation by including such amount in Executive’s income in accordance with applicable rules and regulations. Executive agrees that, in the event that during the Health Benefits Continuation Period he becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise, he will notify the Employee Initials: ______ Company of such status change in writing within seven (7) days of such status change.Initials: ______