Common use of Group Insurance Coverage Clause in Contracts

Group Insurance Coverage. If the Employee becomes entitled to a Severance Payment under this Agreement, then the Corporation shall continue to provide continued group health coverage, as otherwise required under applicable stated continuation law and the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended and all applicable regulations (“COBRA”). Provided that the Employee makes the necessary COBRA elections and payments, the Corporation shall reimburse Employee for the total applicable premium costs paid by Employee for such health COBRA continuation coverage for Employee (and if applicable Employee’s dependents) until the earlier of (i) twelve months after the termination of Employee’s employment, or (ii) the maximum COBRA period. The Corporation’s obligation to reimburse premiums under this Section shall cease when the Employee obtains new employment offering healthcare benefits.