Common use of Group Health Coverage Clause in Contracts

Group Health Coverage. The Company will make available and pay for group medical, dental and vision insurance coverage (together, “Group Health Coverage”) for the Executive and the Executive’s spouse during the Employment Term and for the duration of the Executive’s lifetime (or, following the Employment Term, the Company will provide reasonably equivalent Group Health Coverage for the remainder of the Executive’s lifetime and, for the Executive’s spouse, for the remainder of the Executive’s lifetime and for sixty months after the Executive’s death or presumed death). Such Group Health Coverage following the Employment Term will be deemed to be provided pursuant to the Executive’s and the Executive’s spouse’s timely election for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) to the fullest extent such COBRA coverage is available to the Executive and the Executive’s spouse, will commence upon the otherwise applicable coverage termination date upon the Executive’s termination of employment and will continue, with such coverage provided monthly, until the Executive’s death or presumed death (and, for the Executive’s spouse for sixty months after the Executive’s death or presumed death). For each month following the Employment Term, the Company will pay, or fully reimburse the Executive (or the Executive’s spouse, following the Executive’s death or presumed death) for the full cost or premiums for the Group Health Coverage. The Parties acknowledge that, under current tax law, the Company’s payment or reimbursement for the full cost of the Group Health Coverage premiums will be taxable to the Executive (or to the Executive’s spouse, following the Executive’s death or presumed death); and the Group Health Coverage provided after the Employment Term will be subject to the Code Section 409A restrictions set forth in Section 5(b).

Group Health Coverage. The Company will make available and pay for group medical, dental and vision insurance coverage (together, “Group Health Coverage”) for the Executive and the Executive’s spouse during the Employment Term and for the duration of the Executive’s lifetime (or, following the Employment Term, the Company will provide reasonably equivalent Group Health Coverage for the remainder of the Executive’s lifetime and, for the Executive’s spouse, for the remainder of the Executive’s lifetime and for sixty months after the Executive’s death or presumed death). Such Group Health Coverage following the Employment Term will be deemed to be provided pursuant to the Executive’s and the Executive’s spouse’s timely election for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) to the fullest extent such COBRA coverage is available to the Executive and the Executive’s spouse, will commence upon the otherwise applicable coverage termination date upon the Executive’s termination of employment and will continue, with such coverage provided monthly, until the Executive’s death or presumed death (and, for the Executive’s spouse for sixty months after the Executive’s death or presumed death). For each month following the Employment Term, the Company will pay, or fully reimburse the Executive (or the Executive’s spouse, following the Executive’s death or presumed death) for the full cost or of premiums for the Group Health Coverage. Payment or reimbursement will be made within thirty days following each monthly premium due date, and in no event will payment or reimbursement be made later than March 15th of the year immediately following the year to which the payment or reimbursement relates. The Parties acknowledge that, under current tax law, the Company’s payment or reimbursement for the full cost of the Group Health Coverage premiums provided after the Employment Term, will be taxable to the Executive (or to the Executive’s spouse, following the Executive’s death or presumed death); and the Group Health Coverage provided after the Employment Term will be subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the published guidance thereunder (“Section 409A”) and the Code Section 409A restrictions set forth in Section 5(b).