Initial Severance Sample Clauses

Initial Severance. In consideration of your timely execution of this Agreement and compliance with your continuing obligations to the Company hereunder and under any agreement, plan or policy, the Company will provide you with the following severance benefits: (a) The Company will make severance payments to you in an amount equal to three (3) months of your current base salary, less applicable deductions and withholdings (the “Cash Severance Payment”). The Cash Severance Payment shall be made in the form of continuation of your base salary over a three (3) month period (the “Severance Period”), paid on the Company’s ordinary payroll dates, beginning with the first such date which occurs at least eight (8) business days following the date it is timely executed by both parties. (b) If you timely elect continued coverage under COBRA in the Company’s group health plans, then, as an additional severance benefit, the Company will pay the full COBRA premium to continue your coverage (including coverage for eligible dependents, if applicable) in effect for yourself (and your eligible dependents, if applicable) until the earliest of: (A) nine (9) months following the Separation Date; (B) the expiration of your eligibility for the continuation coverage under COBRA; or (C) the date when you become eligible for substantially equivalent ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ March 24, 2024 health insurance coverage in connection with new employment or self-employment (such period from the Separation Date through the earliest of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then provided you remain eligible for reimbursement in accordance with this Section 3(b), in lieu of providing the COBRA premiums, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings for the remainder of the COBRA Payment Period. You may, but are not obligated to, use the Company’s COBRA reimbursement payment toward medical expenses. If you become eligible for cover...