If Executive timely elects continued health insurance coverage pursuant to by the Consolidated Omnibus Budget Reconciliation Act, Section 4980B of the Internal Revenue Code and any state law of similar effect (“ COBRA ”), the Company will pay the COBRA premiums for Executive and his eligible dependents for up to the first twelve (12) months of such coverage, or until such earlier date as (i) he or his dependents are no longer eligible for such coverage or (ii) he or his dependents become eligible for health insurance coverage from another source. Executive must promptly inform the Company, in writing, if he or his dependents become eligible for health insurance coverage from another source during this period of coverage.