Additional Payment in Lieu of Health Benefit Sample Clauses

Additional Payment in Lieu of Health Benefit. The Company will pay you a lump sum amount equal to the product of (A) twelve (12) and (B) the monthly amount the Company was paying on behalf of you and your eligible dependents pursuant to the Company’s health insurance plans in which you or your dependents were participants as of the day of your Separation. Subject to the Company’s having first received an effective Release pursuant to Section 5(a) above, such payment will be made within sixty (60) days after your Separation; however, if such sixty (60)-day period spans two calendar years, then the payment will be made in the second calendar year.
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Additional Payment in Lieu of Health Benefit. If Executive is subject to a Termination Without Cause, the Company will pay Executive an additional lump-sum amount equal to the product of (x) the monthly amount the Company was paying on behalf of Executive and Executive’s eligible dependents with respect to the Company’s health insurance plans in which Executive and Executive’s eligible dependents were participants as of the day of Executive’s Separation multiplied by (y) six. Such payment will be made in accordance with the Company’s standard payroll procedures and subject to the Company’s having first received effective releases pursuant to Section 5(a) above, will be paid within 60 days after Executive’s Separation. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payment will in any event be made in the second calendar year.
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Additional Payment in Lieu of Health Benefit. The Company will pay you a lump-sum cash amount equal to the product of (A) twenty-four and (B) the monthly amount the Company was paying on behalf of you and your eligible dependents pursuant to the Company’s health insurance plans in which you or your dependents were participants as of the day of your Separation (the “Additional Payment”). Subject to the Company’s having first received an effective Release pursuant to Section 5(a) above, such Additional Payment will be made within 60 days after your Separation; however, if such 60-day period spans two calendar years, then the Additional Payment will be made in the second calendar year. Following release of regulations or other guidance related to enforcement of Section 2716 of the Public Health Service Act, you and the Company agree to review in good faith the benefits described in this Subsection 5(b)(iii) to determine if the Additional Payment can be made in a more tax-efficient manner (or if equivalent, but more tax-efficient, payments or benefits can be substituted for the Additional Payment); provided, however, that no modification will be made that would (i) materially increase the cost to the Company or (ii) result in adverse tax consequences to either party.
Sample 1
Additional Payment in Lieu of Health Benefit. The Company will cover your cost of medical benefits continuation coverage (the “COBRA Benefits”) for you and your eligible dependents with respect to the Company’s health insurance plans in which you and your dependents were participating as of your Separation for a period ending on the earlier of (A) eighteen (18) months following your Separation or (B) the date on which you become eligible for medical benefits coverage provided by another employer. This amount will be made on a tax-free basis, if permitted under applicable law in the Company’s sole determination, or on a taxable basis to you if not so permitted.
Sample 1

Related to Additional Payment in Lieu of Health Benefit

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Continuation of Health Benefits An eligible employee who is on an approved FML Leave shall be entitled to continue participation in health plan coverage (medical, dental, and optical) as follows:

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • SUPPLEMENTAL PAYMENT LIMITATION Notwithstanding the foregoing:

  • Supplemental Benefits The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Article 17.03.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Supplemental Payments Applicant shall make annual Supplemental Payments in an amount equal to, but not to exceed, the limit of the annual Supplemental Payment as set out Section 6.2 below, starting with the first complete or partial year of the Qualifying Time Period and accruing on January 1 of each year thereafter, and continuing through the third year following the end of the Tax Limitation Period.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

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