Common use of Medical Coverage Clause in Contracts

Medical Coverage. In addition, the Company shall provide the Executive with medical, dental and vision insurance benefits (which may also cover, if applicable, the Executive’s spouse and eligible dependents) for three hundred sixty-five (365) days from the date of the Executive’s termination of employment or until such time as the Executive is eligible for group health coverage under another employer’s plan, whichever occurs first. In order to trigger the Company’s obligation to provide health care continuation benefits, the Executive must elect continuation coverage pursuant to the Consolidation Omnibus Budget Act of 1985, as amended (“COBRA”), upon such eligibility. The Company’s obligation shall be satisfied solely through the payment of the Executive’s COBRA premiums during the 365-day period, but only to the extent that such premiums exceed the amount that would otherwise have been payable by the Executive for coverage of the Executive and the Executive’s eligible dependents that were covered by the Company’s medical, dental, and vision insurance programs at the time of the Executive’s termination of employment had the Executive continued to be employed by the Company.

Appears in 4 contracts

Samples: Employment Agreement (Advance Auto Parts Inc), Agreement (Advance Auto Parts Inc), Agreement (Advance Auto Parts Inc)

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Medical Coverage. In addition, the Company shall provide the Executive with medical, dental and vision insurance benefits (which may also cover, if applicable, the Executive’s spouse and eligible dependents) for three hundred sixty-five (365) days from the date of the Executive’s termination of employment or until such time as the Executive is eligible for obtains other group health coverage under another employer’s plancoverage, whichever occurs first. In order to trigger the Company’s obligation to provide health care continuation benefits, the Executive must elect continuation coverage pursuant to the Consolidation Omnibus Budget Act of 1985, as amended (“COBRA”), upon such eligibility. The Company’s obligation shall be satisfied solely through the payment of the Executive’s COBRA premiums during the 365-day period, but only to the extent that such premiums exceed the amount that would otherwise have been payable by the Executive for coverage of the Executive and the Executive’s eligible dependents that were covered by the Company’s medical, dental, and vision insurance programs at the time of the Executive’s termination of employment had the Executive continued to be employed by the Company.

Appears in 2 contracts

Samples: Employment Agreement (Advance Auto Parts Inc), Agreement (Advance Auto Parts Inc)

Medical Coverage. In addition, the Company shall provide the Executive with medical, dental and vision insurance benefits (which may also cover, if applicable, the Executive’s spouse and eligible dependents) for three hundred sixty-five (365) days from the date of the Executive’s termination of employment or until such time as the Executive is eligible for group health coverage under another employer’s plan, whichever occurs first. In order to trigger the Company’s obligation to provide health care continuation benefits, the Executive must elect continuation coverage pursuant to the Consolidation Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), upon such eligibility. The Company’s obligation shall be satisfied solely through the payment of the Executive’s COBRA premiums during the 365-day period, but only to the extent that such premiums exceed the amount that would otherwise have been payable by the Executive for coverage of the Executive and the Executive’s eligible dependents that were covered by the Company’s medical, dental, and vision insurance programs at the time of the Executive’s termination of employment had the Executive continued to be employed by the Company.

Appears in 2 contracts

Samples: Employment Agreement (Advance Auto Parts Inc), Employment Agreement (Advance Auto Parts Inc)

Medical Coverage. In addition, the Company shall provide the Executive with medical, dental and vision insurance benefits (which may also cover, if applicable, the Executive’s 's spouse and eligible dependents) for three hundred sixty-five (365) days from the date of the Executive’s 's termination of employment or until such time as the Executive is eligible for group health coverage under another employer’s 's plan, whichever occurs first. In order to trigger the Company’s 's obligation to provide health care continuation benefits, the Executive must elect continuation coverage pursuant to the Consolidation Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), upon such eligibility. The Company’s 's obligation shall be satisfied solely through the payment of the Executive’s 's COBRA premiums during the 365-day period, but only to the extent that such premiums exceed the amount that would otherwise have been payable by the Executive for coverage of the Executive and the Executive’s 's eligible dependents that were covered by the Company’s 's medical, dental, and vision insurance programs at the time of the Executive’s 's termination of employment had the Executive continued to be employed by the Company.

Appears in 1 contract

Samples: Employment Agreement (Advance Auto Parts Inc)

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Medical Coverage. In addition, the Company shall provide the Executive with medical, dental and vision insurance benefits (which may also cover, if applicable, the Executive’s 's spouse and eligible dependents) for three hundred sixty-five (365) days from the date of the Executive’s 's termination of employment or until such time as the Executive is eligible for group health coverage under another employer’s 's plan, whichever occurs first. In order to trigger the Company’s 's obligation to provide health care continuation benefits, the Executive must elect continuation coverage pursuant to the Consolidation Omnibus Budget Act of 1985, as amended (“COBRA”), upon such eligibility. The Company’s 's obligation shall be satisfied solely through the payment of the Executive’s 's COBRA premiums during the 365-day period, but only to the extent that such premiums exceed the amount that would otherwise have been payable by the Executive for coverage of the Executive and the Executive’s 's eligible dependents that were covered by the Company’s 's medical, dental, and vision insurance programs at the time of the Executive’s 's termination of employment had the Executive continued to be employed by the Company.

Appears in 1 contract

Samples: Agreement (Advance Auto Parts Inc)

Medical Coverage. In addition, the Company shall provide the Executive with medical, dental and vision insurance benefits (which may also cover, if applicable, applicable the Executive’s spouse and eligible dependents) for three hundred sixty-five eighteen (36518) days months from the date of the Executive’s termination of employment or until such time as the Executive is eligible for group health coverage under another employer’s plan, whichever occurs first. In order to trigger the Company’s obligation to provide health care continuation benefits, the Executive must elect continuation coverage pursuant to the Consolidation Omnibus Budget Act of 1985, as amended (“COBRA”), ) upon such eligibility. The Company’s obligation shall be satisfied solely through the payment of the Executive’s COBRA premiums during the 36518-day month period, but only to the extent that such premiums exceed the amount that would otherwise have been payable by the Executive for coverage of the Executive and the Executive’s eligible dependents that were covered by the Company’s medical, dental, and vision insurance programs at the time of the Executive’s termination of employment had the Executive continued to be employed by the Company. Such payment shall be treated as taxable income to the Executive.

Appears in 1 contract

Samples: Employment Agreement (Advance Auto Parts Inc)

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