Common use of COBRA Premium Payments Clause in Contracts

COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer will reimburse Executive for the costs Executive incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination Date. In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (i) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.

COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer will reimburse Executive for the costs Executive incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until during the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination DateSeverance Period. In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (ia) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W-2 W–2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.

COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer the Company will reimburse Executive for the costs Executive he incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until during the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination DateSeverance Period. In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer the Company of each periodic payment within sixty (60) days after the payment date, and Employer the Company shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (ia) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer the Company shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.

COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer will reimburse Executive for the costs Executive incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until during the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination DateSeverance Period. In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (ia) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W-2 W–2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.”

COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer will reimburse Executive for the costs Executive he incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination Date). In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (ia) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other Xxxxxx X. Xxxxxxxxxxx calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.

COBRA Premium Payments. Provided Executive you and/or his your dependents are eligible and timely elect to continue their healthcare coverage under the CompanyPWI’s group health plan pursuant to their your rights under COBRA, Employer PWI will reimburse Executive you for the costs Executive incurs you incur to obtain such continued coverage for himself yourself and his your eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until during the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination DateSeverance Period. In order to obtain reimbursement for such Coverage Costs, Executive you must submit appropriate evidence to Employer PWI of each periodic payment within sixty (60) 60 days after the payment date, and Employer PWI shall within thirty (30) 30 days after such submission reimburse Executive you for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (i) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s your right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executiveyou, Employer PWI shall report the reimbursement as taxable W-2 W–2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s your sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.

COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer will reimburse Executive for the costs Executive he incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination Date). In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (ia) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other ____ Xxxxxx X. Son Executive Employment Agreement calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.