Common use of Health Continuation Coverage Clause in Contracts

Health Continuation Coverage. (a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Change in Control Termination) for such continued health, dental, or vision plan coverage following the date of the Change in Control Termination for up to the number of months equal to the Change in Control Severance Period (but in no event after such time as Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as Executive and Executive’s dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Severance Period, Executive will be responsible for the entire payment of such premiums required under COBRA for the duration of the COBRA period.

Appears in 4 contracts

Samples: Executive Severance Benefits Agreement (Five Prime Therapeutics Inc), Executive Severance Benefits Agreement (Five Prime Therapeutics Inc), Executive Severance Benefits Agreement (Five Prime Therapeutics Inc)

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Health Continuation Coverage. (a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay for the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Change in Control Covered Termination) for such continued health, dental, or vision plan coverage following the date of the Change in Control Covered Termination for up to the number of months equal to the Change in Control Covered Termination Severance Period (but in no event after such time as Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as Executive and Executive’s dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Covered Termination Severance Period, Executive will be responsible for the entire payment of such premiums required under COBRA for the duration of the COBRA period.

Appears in 4 contracts

Samples: Executive Severance Benefits Agreement (Five Prime Therapeutics Inc), Executive Severance Benefits Agreement (Five Prime Therapeutics Inc), Executive Severance Benefits Agreement (Five Prime Therapeutics Inc)

Health Continuation Coverage. (ai) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Covered Termination or Covered Termination Following a Change in Control TerminationControl, as applicable) for such continued health, dental, or vision plan coverage for Executive and his or her eligible dependents following the date of the Covered Termination or Covered Termination Following a Change in Control Termination Control, as applicable, for up to the number of months equal to the Change in Control Severance Period (but in no event after such time as either (1) Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as (2) Executive and Executive’s his dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by eligible under a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s his dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Severance Period, Executive will be responsible for the entire payment of such premiums and any other costs required under COBRA for the duration of the COBRA period.

Appears in 3 contracts

Samples: Severance Benefits Agreement (Portola Pharmaceuticals Inc), Severance Benefits Agreement (Portola Pharmaceuticals Inc), Severance Benefits Agreement (Portola Pharmaceuticals Inc)

Health Continuation Coverage. (a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Change in Control Covered Termination) for such continued health, dental, or vision plan coverage for Executive and his or her eligible dependents following the date of the Change in Control Covered Termination for up to the number of months equal to the Change in Control Severance Period (but in no event after such time as either (1) Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as (2) Executive and Executive’s his dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by eligible under a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s his dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Severance Period, Executive will be responsible for the entire payment of such premiums and any other costs required under COBRA for the duration of the COBRA period.

Appears in 2 contracts

Samples: Change in Control (Portola Pharmaceuticals Inc), Change in Control (Portola Pharmaceuticals Inc)

Health Continuation Coverage. (a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay reimburse Executive for the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Change in Control Termination) for such continued health, dental, or vision plan coverage following the date of the Change in Control Termination for up to the number of months equal to the Change in Control Severance Period (but in no event after such time as Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as Executive and Executive’s his dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s his dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Severance Period, Executive will be responsible for the entire payment of such premiums required under COBRA for the duration of the COBRA period. COBRA reimbursement will be timely reimbursed as such premiums are incurred and paid by Executive.

Appears in 2 contracts

Samples: 2007 Executive Severance Benefits Agreement (Five Prime Therapeutics Inc), 2007 Executive Severance Benefits Agreement (Five Prime Therapeutics Inc)

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Health Continuation Coverage. (a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay reimburse Executive for the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Change in Control Covered Termination) for such continued health, dental, or vision plan coverage following the date of the Change in Control Covered Termination for up to the number of months equal to the Change in Control Covered Termination Severance Period (but in no event after such time as Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as Executive and Executive’s his dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s his dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Covered Termination Severance Period, Executive will be responsible for the entire payment of such premiums required under COBRA for the duration of the COBRA period. COBRA reimbursement will be timely reimbursed as such premiums are incurred and paid by Executive.

Appears in 2 contracts

Samples: 2007 Executive Severance Benefits Agreement (Five Prime Therapeutics Inc), 2007 Executive Severance Benefits Agreement (Five Prime Therapeutics Inc)

Health Continuation Coverage. (a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay for the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately prior to the date of the Change in Control Covered Termination) for such continued health, dental, or vision plan coverage following the date of the Change in Control Covered Termination for up to nine (9) months during the number of months equal to the Change in Control Covered Termination Severance Period (but in no event after such time as Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as Executive and Executive’s dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by a health, dental, or vision insurance plan of a subsequent employer. If Executive and Executive’s dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Covered Termination Severance Period, Executive will be responsible for the entire payment of such premiums required under COBRA for the duration of the COBRA period.

Appears in 1 contract

Samples: Transition and Severance Benefits Agreement (Five Prime Therapeutics Inc)

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