Continued Benefits Coverage. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of twelve (12) months from the date of termination, (B) the date on which Executive is no longer eligible for COBRA coverage or (C) the date on which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy; provided, however, Executive must submit proof of payment within thirty (30) days of paying the applicable premium. Notwithstanding the first sentence of this Section 3(a)(iii), if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given month, in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the termination of employment date (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence in the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to twelve (12) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.
Continued Benefits Coverage. The Company shall maintain for the Executive’s benefit all employee life, health, accident, and medical plan coverage(s) that Executive was receiving immediately prior to his or her Termination Date, provided that his or her continued participation is allowed under the terms of such plans. The Company shall maintain such coverage(s) following the Executive’s Termination Date for [18][24] months, or, if the Executive is entitled to a Change in Control Benefit, [two (2)][three (3)] years. With respect to any continued health coverage (medical, dental and vision), the Executive shall be required to pay the applicable active employee rate of coverage for similar coverage, and such coverage shall run concurrent with coverage required to be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). If the Company continues to provide the continued health coverage described in this Section 3(c) after the applicable period of COBRA coverage would have otherwise expired, the Executive may be taxed on the value of such coverage. No other welfare or fringe benefits shall be provided except as specifically provided in this Section 3(c).
Continued Benefits Coverage. Upon a Qualifying Termination of Employment under either Paragraph 3(a) or Paragraph 3(b) and provided that Executive (and/or his or her dependents) timely elects COBRA coverage, the Company shall pay to Executive (or to Executive’s family in the event of Executive’s death) on a monthly basis an amount equal to the monthly amount of the COBRA continuation coverage premium for such month, at the same level and cost to Executive (or Executive’s dependents in the event of his or her death) as immediately preceding the Termination Date, under the Company group medical plan in which Executive participated immediately preceding the Termination Date, less the amount of Executive’s portion of such monthly premium as in effect immediately preceding the Termination Date, until the earlier of (i) 12 months after the Termination Date or (ii) the date on which Executive and Executive’s dependents have become eligible for substantially similar healthcare coverage or become entitled to Medicare coverage . Any payments under this Paragraph 3(d) shall constitute taxable income to Executive.
Continued Benefits Coverage. Upon termination of employment due to death or Disability and provided that Executive (and/or his or her dependents) timely elects COBRA coverage, the Company shall pay to Executive (or to Executive’s family in the event of his or her death) on a monthly basis an amount equal to the monthly amount of the COBRA continuation coverage premium for such month, at the same level and cost to Executive (or Executive’s dependents in the event of his or her death) as immediately preceding the Termination Date, under the Company group medical plan in which Executive participated immediately preceding the Termination Date, less the amount of Executive’s portion of such monthly premium as in effect immediately preceding the Termination Date, until the earlier of (i) 12 months after the Termination Date or (ii) the date on which Executive and his or her dependents have become eligible for substantially similar healthcare coverage or become entitled to Medicare coverage. Any payments under this Paragraph 4(b) shall constitute taxable income to Executive.
Continued Benefits Coverage. The Company (or, if applicable, FBHS) shall maintain for the Executive’s benefit all employee life, health, and accident plan coverage(s) that Executive was receiving immediately prior to his or her Termination Date, provided that his or her continued participation is allowed under the terms of such plans. The Company (or, if applicable, FBHS) shall maintain such coverage(s) following the Executive’s Termination Date for 18 months, or, if the Executive is entitled to a Change in Control Benefit, two (2) years. With respect to any continued health coverage (medical, dental and vision), the Executive shall be required to pay the applicable active employee rate of coverage for similar coverage, and such coverage shall run concurrent with coverage required to be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). If the Company (or, if applicable, FBHS) continues to provide the continued health coverage described in this Section 3(c) after the applicable period of COBRA coverage would have otherwise expired, the Executive may be taxed on the value of such coverage. No other welfare or fringe benefits shall be provided except as specifically provided in this Section 3(c).
Continued Benefits Coverage. (i) For a period of twelve (12) months following Executive’s Date of Resignation (the “Health Benefits Period”), Executive shall continue to receive the medical and dental coverage in effect on Executive’s Date of Resignation (or generally comparable coverage) for Executive and, where applicable, Executive’s spouse and dependents, at the premium rate under the Company’s medical and dental plans applicable on Executive’s Date of Resignation, as if Executive had continued in employment during such period. In order to receive such continued coverage, Executive shall be required to pay to the Company, within ten (10) days following the Date of Resignation, an amount equal to the total cost of the premium under the Company’s medical and dental plans to continue the Company’s medical and dental coverage for Executive, and where applicable, Executive’s spouse and dependents during the Health Benefits Period (the “Health Premium Payment”). Within thirty (30) days following receipt of the Health Premium Payment, the Company shall reimburse to Executive the Health Premium Payment (the “Health Reimbursement”). The Health Reimbursement is intended to qualify for the exception from deferred compensation as a medical benefit provided in accordance with the requirements of Treas. Reg. §1.409A-1(b)(9)(v)(B), and shall be reimbursed to Executive in a manner that complies with the requirements of Treas. Reg. §1.409A-3(i)(1)(iv). The parties specifically acknowledge that the Health Premium Payment and Health Reimbursement shall be paid or provided, as applicable, on an after-tax basis.
Continued Benefits Coverage. Employee will receive continuous benefits coverage, through August 31, 2003. Employee will continue to pay her current employee premium for this benefits coverage. Employee will be offered the opportunity to elect coverage through COBRA effective September 1, 2003. The employee will submit her employee premium on a monthly basis to ensure continued coverage. If the employee premium changes effective May 1, 2003, the employee's premium will change accordingly.
Continued Benefits Coverage a. Subject to the terms of the applicable plan documents and the remaining provisions of this Paragraph 2, during the Severance Period, Red Xxxxx shall pay on behalf of Xxxxxxxx a portion of the cost of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for any Red Xxxxx-sponsored health, dental and/or vision benefit plans in which Xxxxxxxx and/or his dependents were participating as of the Termination Date. Red Xxxxx will pay to the applicable benefit plan an amount equal to the difference between (a) the monthly premiums due for COBRA continuation coverage and (b) the amount of Xxxxxxxx’x contribution to the premiums for the covered benefits during the last month of his employment with Red Xxxxx. The intended result of this provision is that the amount that Xxxxxxxx pays for continuation coverage under COBRA during the Severance Period will be the same as the amount he paid for those benefits during the last month of his employment with Red Xxxxx. The “Severance Period” is the eighteen months following the Termination Date.
Continued Benefits Coverage. If the Executive's employment is terminated in the manner described in either Section 6.3 or 6.4, the Company shall also continue the Executive's medical, group term life, and disability insurance coverages for the remainder of the Term at the same premium to the Executive, and at the same coverage levels as though Executive had continued in the Company's employ. The benefits set forth herein shall be provided to the Executive in compliance with the terms of the Consolidated Omnibus Budget Reconciliation Act ("COBRA"). These insurance benefits will be discontinued prior to the end of the Term hereof in the event the Executive receives substantially similar benefits from a subsequent employer. The Executive shall have a duty to keep the Company informed as to the terms and conditions of any subsequent employment and the corresponding benefits from employment and shall provide (or cause to be provided) to the Company, in writing, correct, complete and timely information concerning the same.
Continued Benefits Coverage. The Company shall maintain for the Executive’s benefit all employee life insurance, health, accident, and medical plan coverage(s) that Executive was receiving immediately prior to his or her Termination Date, provided that his or her continued participation is allowed under the terms of such plans. The Company shall maintain such coverage(s) following the Executive’s Termination Date for [18 months] [Chief Executive Officer – 24 months], or, if the Executive is entitled to a Change in Control Benefit, [two (2)] [Chief Executive Officer – three (3)] years. With respect to any continued health coverage (medical, dental and vision), the Executive shall be required to pay the applicable active employee rate of coverage for similar coverage, and such coverage shall run concurrent with coverage required to be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). If the Company continues to provide the continued health coverage described in this Section 3(c) after the applicable period of COBRA coverage would have otherwise expired, the Executive may be taxed on the value of such coverage. No other welfare or fringe benefits shall be provided except as specifically provided in this Section 3(c).
