Common use of Post-Employment Health Coverage Clause in Contracts

Post-Employment Health Coverage. During the portion, if any, of the 12- month period following the Date of Termination that Executive elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any, under the Company’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), and/or sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, the Company shall promptly reimburse Executive on a monthly basis for the difference between the amount Executive pays to effect and continue such coverage and the employee contribution amount that similarly situated active senior executive employees of the Company pay for the same or similar coverage under such group health plans; provided, however, that in the event that Executive becomes eligible for group health coverage from a subsequent employer, the reimbursements provided by the Company under this Section 5.3(a) shall immediately cease. Notwithstanding the foregoing, if Executive’s employment hereunder shall terminate by action of the Company for any reason other than death, Disability or for Cause following the first anniversary of the Effective Date, then all compensation and all benefits to Executive hereunder (including Sections 5.3(a) and (b)) shall terminate contemporaneously with such termination of employment, except that Executive shall only be entitled to receive the Accrued Rights.

Post-Employment Health Coverage. During the portion, if any, of the 12- month period following the Date of Termination that Executive elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any, under the Company’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), and/or sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, the Company shall promptly reimburse Executive on a monthly basis for the difference between the amount Executive pays to effect and continue such coverage and the employee contribution amount that similarly situated active senior executive employees of the Company pay for the same or similar coverage under such group health plans; provided, however, that in the event that Executive becomes eligible for group health coverage from a subsequent employer, the reimbursements provided by the Company under this Section 5.3(a5.3(b) shall immediately cease. Notwithstanding the foregoing, if Executive’s employment hereunder shall terminate by action of the Company for any reason other than death, Disability or for Cause following the first anniversary of the Effective Date, then all compensation and all benefits to Executive hereunder (including Sections 5.3(a) and (b)) shall terminate contemporaneously with such termination of employment, except that Executive shall only be entitled to receive the Accrued Rights.