Health Care Benefit. If the Executive is subject to a Qualifying Termination, and if the Executive elects to continue his or her health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination of his or her employment, then the Company shall pay the Executive’s monthly premium under COBRA until the earliest of (i) the close of the twelve-month period following cessation of his or her employment or (ii) the expiration of the Executive’s continuation coverage under COBRA.
Health Care Benefit. If the Executive elects to continue his or her health insurance coverage under COBRA following the termination of Executive’s employment, then the Company shall pay, or reimburse, the Executive’s monthly premium for Executive and his or her covered dependents under COBRA until the earliest of twelve (12) months, (B) the date when the Executive receives similar coverage with a new employer or (C) the expiration of the Executive’s continuation coverage under COBRA; provided that on the first date such amounts become payable as described above, the Company shall pay to Executive a lump sum cash payment equal to the monthly premiums that would have been paid on behalf of Executive had such payments commenced on the date of the Qualifying Termination. Notwithstanding the foregoing, the Company may elect that, in lieu of paying or reimbursing the premiums, the Company shall instead provide Executive with a monthly cash payment equal to the amount the Company would have otherwise paid pursuant to this Section 2(b)(ii), less applicable tax withholdings.
Health Care Benefit. If the Executive elects to continue his or her health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination of Executive’s employment, then the Company shall pay, or reimburse, the Executive’s monthly premium for Executive and his or her covered dependents under COBRA until the earliest of (A) nine (9) months, (B) the date when the Executive receives similar coverage with a new employer or (C) the expiration of the Executive’s continuation coverage under COBRA; provided that on the first date such amounts become payable as described above, the Company shall pay to Executive a lump sum cash payment equal to the monthly premiums that would have been paid on behalf of Executive had such payments commenced on the date of the Qualifying Termination. Notwithstanding the foregoing, the Company may elect that, in lieu of paying or reimbursing the premiums, the Company shall instead provide Executive with a monthly cash payment equal to the amount the Company would have otherwise paid pursuant to this Section 2(a)(ii), less applicable tax withholdings.
Health Care Benefit. Payment by the Company of the premiums required to continue Executive’s group health care coverage for the same level of health coverage and benefits as in effect for Executive on the day immediately preceding the Termination Date for a period of twelve (12) months following the Termination Date (the “Premium Payment Period”) under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), provided that Executive elects to continue and remains eligible for these benefits under COBRA and does not become eligible for health coverage through another employer during this period. Notwithstanding the foregoing, if the Company determines, in its reasonable discretion, that the payment of the premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then, in lieu of paying such premiums, the Company, in its sole discretion, may elect to instead pay Executive on the first day of each month during the Premium Payment Period, a fully taxable cash payment (the “Special Separation Payment”) equal to the premiums for that month, grossed up to cover all applicable withholdings, so that the net benefit to Executive equals the monthly premiums, for the remainder of the Premium Payment Period. The Special Separation Payments will cease should Executive elect to cease, or become ineligible for, continued health care coverage under COBRA.
Health Care Benefit. Canadian based executives: The plan provides 100% coverage for semi-private hospital rooms and 85% coverage for most other health services including generic prescription drugs, physiotherapy, and para-medical practitioners. An annual $25 deductible applies to most services and premiums are shared between the Corporation and the employee. U.S. based executives: The plan provides 100% coverage for all medical services including doctor's appointments, hospital rooms, generic prescription drugs, physiotherapy, and para-medical practitioners. A co-payment by the employee is required for most services. Premiums are shared with the Corporation paying the full cost of an HMO plan for the employee and 50% of all costs for dependents. Employees pay the cost difference for a more comprehensive plan (i.e. POS or Indemnity) and 50% of the cost for dependents. VISION CARE Canadian based executives: Plan covers 85% of the cost for glasses/contact lenses to a maximum of $175 plus 85% of the cost of an eye exam per person every two calendar years. Corporation pays 100% of the premiums.
Health Care Benefit. Executive's coverage under Mercantile's group health insurance plans will terminate at the end of Executive's employment with Mercantile. Mercantile will reimburse Executive for the COBRA continuation coverage premiums incurred and paid by Executive to continue Executive's then current employee and dependent health, dental, and prescription drug coverage for eighteen (18) months after Executive's employment with Mercantile terminates, provided that (A) Executive elects and remains eligible for COBRA continuation coverage, and (B) Mercantile's obligation to provide coverage will end if Executive becomes eligible for comparable coverage from a new employer. Reimbursement for each monthly premium paid by Executive will be made not later than thirty (30) days after Executive requests reimbursement, but in no event later than the end of the year after the year in which the expense was incurred. In addition, in the first payroll period following the conclusion of the eighteen (18) month COBRA continuation period, Mercantile will pay Executive a lump sum cash payment of $9,000, which Executive can use to offset the cost of obtaining individual health insurance or for any other purpose. Any payments under this Section 3C will be reported as part of Executive's W-2 compensation and will be subject to Federal income tax withholding. In the event of Executive’s death while he remains employed by Mercantile or during the period he is receiving COBRA continuation coverage, Executive’s surviving spouse shall have the same right to reimbursement that Executive is entitled to receive hereunder for the same period and, if the $9,000 payment has not been made at the time of Executive’s death, Mercantile shall make such payment directly to Executive’s surviving spouse.
Health Care Benefit. If the Executive is subject to a Qualifying Termination and satisfies both the conditions set forth in Subsection 2(b)(i)(1) and Subsection 2(b)(i)(2) above to receive cash severance payments, and if the Executive elects to continue his or her health insurance coverage under COBRA following the termination of his or her employment, then the Company shall pay the Executive’s monthly premium under COBRA until the earliest of (1) the COBRA Continuation Period (During a Change in Control Period) as specified and defined in the Executive Addendum; (2) the date when the Executive receives similar coverage with a new employer or (3) the expiration of the Executive’s continuation coverage under COBRA.
Health Care Benefit. Following an Involuntary Termination, Parent shall pay to the Executive a monthly taxable cash payment in an amount equal (on an after tax basis, taking into account federal, state, local and foreign taxes) to the monthly COBRA (Consolidated Omnibus Budget Reconciliation Act) premium(s) in effect as of immediately prior to the Executive’s Involuntary Termination for the most expensive level of coverage under the group health plan(s) applicable to the Executive at the time of the Executive’s Involuntary Termination. The monthly payments will commence with the first month following the Executive’s Involuntary Termination and will terminate upon the earlier of (i) the Executive having received eighteen monthly payments and (ii) the Executive becoming re-employed and entitled to coverage under the new employer’s group health plan. The Executive agrees to notify Parent in writing immediately upon becoming re-employed and entitled to coverage under a new employer’s group health plan.
Health Care Benefit. The District shall continue to provide health insurance coverage for the survivor(s) of any teacher who at the time of death was enrolled in the District sponsored plan. One hundred percent (100%) of the cost of the insurance premium shall be paid by the survivor. This survivors' eligibility shall continue for the period of time allowed by the District's health insurance program and/or as required by applicable laws.
Health Care Benefit. If the Executive is subject to a Qualifying Termination, and if the Executive elects to continue his or her health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination of his or her employment, then the Company shall pay the Executive’s monthly premium under COBRA for coverage for Executive and Executive’s eligible dependents until the earliest of (i) the close of the twelve (12) month period following cessation of his or her employment or (ii) the expiration of the Executive’s continuation coverage under COBRA. In the case of a Qualifying Termination under Section 2(b) above, then the number of months of health care benefit under this subsection (d) shall be eighteen (18) months. In the sole discretion of the Company, the Company may in lieu of this benefit pay the Executive a lump sum in the amount of the applicable number of months of COBRA premiums at the rate in effect on Executive’s Qualifying Termination and such benefit may be conditioned on Executive timely electing COBRA benefits.
