Provision of Medical Benefits Clause Samples

Provision of Medical Benefits. As set forth in Section 4.4(a)(2) of the Employment Agreement, the Company shall pay the cost of continued health insurance benefits for Executive and his spouse (or, in the event of the death of one of them, the survivor of them), for a period of three (3) years after the Separation Date. Following June 7, 2019, Executive and his spouse may continue to participate in any group health plan of the Company which shall be treated as the continuation coverage that is required to be offered under applicable federal and state law (sometimes referred to as “COBRA”) for the period during which COBRA is required to be so offered, and Executive and his spouse may continue such participation, at their own expense, for the remainder of the COBRA period (if any). In the event Company cannot provide such continuation coverage under such plans, programs and/or arrangements, either directly or through COBRA, at any time on or prior to June 7, 2019, Company shall reimburse Executive for any premiums he pays to obtain equivalent coverage (or if equivalent coverage is not available, substantially equivalent or comparable coverage) through June 7, 2019, provided that (a) the premiums paid are competitive with premiums that would be charged by other providers for equivalent coverage (or if equivalent coverage is not available, substantially equivalent or comparable coverage), and (b) Executive submits proof of payment of such premiums no later than 120 days from the date he makes such payments. If the Company’s group health plan (in which Executive and his spouse are enrolled as of the Separation Date) is self-insured, then any payments extending beyond eighteen (18) months from the Separation Date will be subject to the provisions of Section 409A of the Code and Treasury Regulations and other guidance thereunder.