COBRA definition
Examples of COBRA in a sentence
If the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Companies shall reimburse the Executive for a portion of the monthly COBRA premium paid by the Executive for the Executive and the Executive’s dependents equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company.
The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the twelve (12)-month anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer or other source.
The Company shall have no obligation to continue any other benefits provided for hereunder past the date of termination, except as provided by COBRA or similar state insurance laws.
In addition, if Employee signs and does not revoke the Release within sixty (60) days following such termination, the Company (i) shall continue to pay Employee’s Base Salary for six (6) months following the termination and (ii) shall, if COBRA health care continuation coverage is available and Employee timely elects such coverage, continue health benefits at the Company’s expense for Employee (and family, if applicable) for three months following the termination.