Common use of Additional Severance Payment Clause in Contracts

Additional Severance Payment. If the Employee’s Service Term at the time of termination is equal to or greater than twelve (12) months and the Employee is covered by the Company health care plan, then the Employee shall receive a lump sum cash payment equal to nine (9) multiplied by the cost of a single month of COBRA coverage at the rates in effect on the date of termination. If such coverage included the Employee’s dependents immediately prior to the Employee’s termination of employment with the Company, such payment shall also include the cost of COBRA coverage for the Employee’s dependents.

Additional Severance Payment. If the Employee’s Service Term at the time of termination is equal to or greater than twelve (12) months and the Employee is covered by the Company health care plan, then the Employee shall receive a lump sum cash payment equal to nine six (96) multiplied by the cost of a single month of COBRA coverage at the rates in effect on the date of termination. If such coverage included the Employee’s dependents immediately prior to the Employee’s termination of employment with the Company, such payment shall also include the cost of COBRA coverage for the Employee’s dependents.