COBRA Subsidy. If Executive timely and properly elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall provide for the payment of the Executive’s monthly COBRA payment for Executive and any of the Executive’s dependents that were participating in in such plan immediately prior to Executive’s termination (the “COBRA Subsidy”). The Company shall provide the COBRA Subsidy until the earliest of: (i) the twenty-four (24) month anniversary of the Termination Date, or (ii) the date Executive is no longer eligible to receive COBRA continuation coverage. If the Company cannot provide the COBRA Subsidy without violating applicable law or is otherwise unable to continue to cover the Executive or the Executive’s dependents under its group health insurance plans, then the Company shall pay the Executive an equivalent monthly cash payment such that Executive receives, on an after-tax basis, the same amount reimbursement for COBRA benefits for a period of eighteen (18) months. Exhibit B to Executive Employment Agreement
COBRA Subsidy. You and your COBRA qualifying beneficiaries will be entitled to COBRA continuation coverage at the active employee rates in effect on your Termination Date for the duration of your Severance Period. Thereafter, you will be entitled to continuation coverage at your own expense at the COBRA premium rates then in effect and only to the extent you and/or your COBRA qualifying beneficiaries remain eligible for COBRA coverage at that time.
COBRA Subsidy. Company will pay Employee a lump sum payment of $12,226.56, less applicable tax withholdings, which represents Employee’s monthly post-employment premium for health and welfare benefits under COBRA for twelve (12) months, which shall be payable six (6) months following the Termination Date.
COBRA Subsidy. The Company will subsidize Executive’s health care continuation benefits, for Executive and any eligible dependents that were covered during his employment, for a twelve (12) month period. The details of the COBRA subsidy are discussed at length in the included Separation Plan SPD;
COBRA Subsidy. If you participate in Terminix’s Health and Welfare Benefit Plan and elect to continue your medical coverage under the Plan pursuant to the Consolidated Omnibus Reconciliation Act (COBRA), you will receive a one-time lump sum payment of $10,000.00, which equals the difference between your monthly COBRA premiums and your premiums as an active employee for 12 months. This payment will be made on the first practicable regularly scheduled pay date after the Company receives notice of your election to continue coverage under COBRA.
COBRA Subsidy. A payment equal to (1) the total amount of the COBRA continuation monthly premium rate that would otherwise be payable by you for such COBRA continuation for you and your eligible dependents as of your termination date, multiplied by (2) 36. The COBRA Subsidy shall be paid in a lump sum within 60 days after your termination of employment; provided that if the 60-day period begins in one calendar year and ends in a second calendar year, such amounts shall be paid in the second calendar year by the last day of such 60-day period.
COBRA Subsidy. In addition to the normal COBRA rights I have and in exchange for my signing this Agreement, the Company agrees to reimburse me COBRA coverage that I purchase until the earlier of eighteen (18) months or when I become eligible for group health insurance coverage through a new employer, provided that I timely elect continuation coverage. The reimbursement shall be in an amount equivalent to my current health plan costs.
COBRA Subsidy. The Company will pay you a lump sum amount equivalent to the amount of your COBRA premium at your current coverage level for 12 months. The Company subsidy of the COBRA premium is taxable income to you and is subject to tax withholding.
COBRA Subsidy. If the Executive timely elects continued coverage under COBRA, the Company will continue to pay the same percentage of the Executive’s COBRA health insurance premium as the percentage of health insurance premiums that it paid during the Executive’s employment (the “COBRA Subsidy”), including any amounts that the Company paid for benefits to the qualifying family members of the Executive, following the Retirement Date until the earlier of either (i) the date on which the Executive begins full-time employment with another company or business entity which offers comparable health insurance coverage to the Executive, or (ii) December 31, 2022 (such period, the “COBRA Payment Period”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA Subsidy without potentially violating the nondiscrimination requirements under Internal Revenue Code Section 105(h) or the Executive incurring additional income tax liability, the Company shall in lieu thereof pay the Executive a taxable cash amount, which payment shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage (the “Health Care Benefit Payment”), and which the Executive may, but is not obligated to, use to pay for medical expenses, including COBRA premiums. The Health Care Benefit Payment shall be paid in monthly installments. The Health Care Benefit Payment shall be equal to the amount of the COBRA Subsidy (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the date the COBRA Payment Period expires or otherwise would have expired if the Executive does not elect continued coverage under COBRA.
COBRA Subsidy. If Employee is eligible for and timely elects health care continuation coverage pursuant to the Consolidated Omnibus Budget and Reconciliation Act (“COBRA”) (which election Employee may make whether or not Employee accepts this Agreement), the Company agrees to contribute the employer’s portion of such coverage (at the same rate that it contributes from time to time to health insurance premiums for its active employees) during the Separation Period (the “COBRA Subsidy”). Employee agrees and acknowledges that he will timely contribute toward such COBRA coverage payments the same amount that he is currently contributing toward his health care coverage and that upon the end of the Separation Period and for so long as he remains eligible for such continuation coverage, he will be solely responsible for full payment for such coverage. Employee agrees to keep the Company informed of his address during the Separation Period. Employee understands that the Company’s health care plans may change at any time in the ordinary course. In the event that the Company’s payment of the COBRA premium contributions as described under this paragraph, would subject the Company to any tax or penalty under applicable laws and regulations, Employee agrees to work with the Company in good faith to restructure such benefit. The first installment of the COBRA Subsidy will be paid on the next regular payroll date that is at least sixty (60) days following the Termination Date. The first payment will be retroactive to the day following the Termination Date. In its sole discretion, the Company may, in lieu of the Company contributions described above, make payment directly to Employee of the amounts otherwise to be contributed, in which event Employee shall be responsible for making timely contributions of the full payment for continued coverage.
