Reimbursement for COBRA. Upon the provision by Executive of evidence of such expenses and the payment thereof, the Company reimbursed Executive for up to one (1) month of Executive’s COBRA expenses under the medical plan in which Executive participated immediately prior to and as of the date of the Original Agreement.
Reimbursement for COBRA. During the Term, the Company shall reimburse Consultant for the cost incurred by Consultant for COBRA coverage within a reasonable period of time following submission by Consultant to the Company of proof of payment reasonably satisfactory to the Company. Such reimbursement will be grossed-up to cover U.S. Federal, State, and local income tax required to be paid on such reimbursement.
Reimbursement for COBRA. If Employee timely and properly elects continuing coverage under the Bank’s group health insurance policy under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Bank will reimburse Employee for the additional costs he incurs for coverage for a period of eighteen (18) months, and, following the end of that eighteen (18)-month period until the end of the twenty-four (24)-month period following the Termination Date, the Bank will reimburse Employee for the additional reasonable costs of obtaining comparable health insurance coverage through an insurance policy or policies he purchases on his own, provided, however, such reimbursements shall cease if Employee obtains comparable coverage in connection with subsequent employment. Employee shall provide the Bank notice of such subsequent employment and comparable coverage within thirty (30) days of obtaining the same. Employee shall bear full responsibility for applying for COBRA coverage and obtaining coverage under any other insurance policy subject to reimbursements under this Paragraph 2B and nothing herein shall constitute a guarantee of COBRA continuation coverage or benefits or a guarantee of eligibility for health insurance coverage. All reimbursements shall be paid as soon as practicable following Employee's submission of proof of timely premium payments to the Bank; provided, however, that all such reimbursements shall be made on or before the last day of the taxable year following the taxable year in which the expenses were incurred. Under no circumstances will Employee be entitled to a cash payment or other benefit in lieu of reimbursement for the actual costs of premiums for health insurance coverage hereunder. The amount of expenses eligible for reimbursement during any calendar year shall not be affected by the amount of expenses eligible for reimbursement in any other calendar year, and Employee’s right to reimbursement shall not be subject to liquidation or exchange for any other benefit.
