Cash Options Clause Samples
The Cash Options clause defines the terms under which one party may choose to settle an obligation or exercise a right by making a cash payment instead of delivering goods, services, or other forms of consideration. Typically, this clause outlines the circumstances in which the cash option can be exercised, the method for calculating the cash amount, and any relevant deadlines or procedures. Its core practical function is to provide flexibility in fulfilling contractual obligations, allowing parties to opt for a straightforward cash settlement, which can simplify transactions and reduce logistical complexities.
Cash Options. The balance of the single subscriber health insurance premium amount remaining after deducting the cost of PAK B will be available for cash payment or for MESSA/MEAFSA nontaxable options for PAK B participants. This said balance shall not exceed $1,300 per year. The Board has adopted a qualified plan document which complies with Section 125 of the Internal Revenue Code. All costs relating to the implementation and administration of benefits under this program shall be borne by the Board. To elect a tax-deferred annuity, the employees shall enter into a salary reduction agreement.
Cash Options. Employees not electing health insurance coverage under the provisions of this Agreement shall receive a cash benefit based on the formula below. The employee must provide the District proof of having minimum essential medical health insurance elsewhere before the District can pay any monies towards the cash option benefit. Employees hired after the beginning of the school year shall receive a prorated cash benefit amount equal to one twelfth of the annual amount for each month employed in the benefit year. 0 – 24 employees $2,000.00 25 – 29 employees $2,500.00 30 – 34 employees $3,000.00 35 – 39 employees $3,500.00 40+ employees $4,000.00 C. Dental Insurance: The Board shall provide dental insurance with $1,000.00 annual maximum for service types A, B, and C and $1,500.00 lifetime maximum for service type D – orthodontic, or an equivalent plan and it may be a self-insured dental plan. If the employee has no other dental coverage, Plan A coverage will be provided. Plan A: • Type A Expenses – Diagnostic and Preventive Services 80% • Type B Expenses – Basic Services 80% • Type C Expenses – Major Services 80% • Type D Expenses – Orthodontics 70% If the employee is eligible for other group dental care, he/she shall so inform the Personnel Office in writing and Plan B coverage will be provided. Benefits will be coordinated with the other insurance to cover up to 100% of the dental charge. Charges will be covered up the amounts shown below based on the type of expense. Plan B: • Type A Expenses – Diagnostic and Preventive Services 50% • Type B Expenses – Basic Services 50% • Type C Expenses – Major Services 50% • Type D Expenses – Orthodontics 70% The dental plan shall include internal and external Coordination of Benefits (COB), with the premium for those employees based on 50%-50% co-pay.
Cash Options. Employees not electing health insurance coverage under the provisions of this Agreement shall receive a benefit equal to 10% of the MESSA Choices II Full Family annual premium up to a maximum of two thousand one hundred dollars ($2,100) per year.
Cash Options. Notwithstanding any other provision of this Agreement to the contrary, with regard to any Partnership Units properly tendered by an Offeree, if such Offeree advises either the Partnership or the Company that such Offeree intends within 30 days thereafter to exercise any of its registration rights under the Registration Rights Agreement, then at the sole and absolute discretion of the Partnership, part or all of such Partnership Units may be redeemed by the Partnership (or one or more of its affiliates) in exchange for cash (in amounts as set forth below), otherwise pursuant to the terms of this Agreement. The amount of cash paid for such Partnership Units will be equal to the Fair Market Value of the Common Stock which the Offeree would have received had such Partnership Units been tendered in exchange for shares of Common Stock.