Common use of COBRA Amount Clause in Contracts

COBRA Amount. If Executive elects to continue to receive group health insurance coverage under the Company’s group health plan pursuant to COBRA, the Company shall directly pay or reimburse Executive for his or her monthly COBRA premiums for the twelve (12) months following the Date of Termination (such monthly payments being the “COBRA Amount”), provided that in order to be reimbursed, Executive must provide the Company with adequate documentation of his or her payment of such monthly COBRA premiums. The COBRA Amount shall maintain the coverage Executive and his or her dependents (if applicable) had immediately prior to the Date of Termination. In the event Executive does not elect COBRA coverage, Executive subsequently becomes ineligible for continued COBRA coverage, Executive fails to provide the Company with adequate documentation of his or her payment of such COBRA premiums (if applicable), or Executive does not execute the Release or subsequently revokes the Release, the Company shall no longer be obligated to pay Executive any remaining portion of the COBRA Amount.