Health Severance definition

Health Severance means, if Executive was enrolled in the Company’s health plan immediately prior to the termination date and timely elects coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), monthly payments to Executive equal to the portion of the premium paid by the Company for coverage under such plan for active senior executives of the Company immediately prior to the termination date, until the earlier of (A) the date Executive’s COBRA coverage ends (e.g., if Executive becomes eligible for coverage under another employer’s insurance plan) and (B) the date that is twelve (12) months after the termination date. The Company may, in its discretion, report such monthly payments as taxable income to Executive in order to satisfy the requirements of Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”), or the nondiscrimination rules of the Patient Protection and Affordable Care Act of 2010, as amended (“PPACA”), applicable to insured group health plans. In the event that the Company’s payment of Health Severance hereunder would violate the nondiscrimination rules of the PPACA or result in the imposition of penalties under PPACA, the parties agree to reform this provision, to the extent practicable, to comply with PPACA while maintaining the intended economic benefit to Executive.
Sample 1

Examples of Health Severance in a sentence

  • The Company will notify the Participant of any such right to continue group medical coverage at the time of termination of the Health Severance Benefits.

  • During the Health Severance Benefits Period, the Company will pay all premiums for group medical, dental and vision coverage elected by such Participant for the Participant and his or her eligible dependents under any individual policy providing group medical, dental and vision benefits substantially similar to those provided to Participant immediately prior to his or her termination of Service.

  • In the event of a Participant’s reemployment by the Company during the Cash Severance Benefits Period, Health Severance Benefits Period, Option Exercise Extension Period or vesting period covered by the Option Acceleration Benefit or RSU Acceleration Benefit, the Plan Administrator, in its sole and absolute discretion, may require such Participant to forego, repay to the Company or relinquish the right to retain all or a portion of such severance benefits as a condition of reemployment.

  • Upon the conclusion of the applicable Health Severance Benefits Period and upon the Participant’s election to continue benefits under COBRA, the Participant will be responsible for the entire payment of premiums required under COBRA for the entire COBRA period.

  • If Executive resigns his employment for Good Reason pursuant to this Section 6(e), the Company shall pay or provide Executive the following: (i) the Accrued Obligations; (ii) the Severance Payment; (iii) the Supplemental Severance Payment; (iv) the Accrued Bonus to the extent applicable; and (v) the Health Severance.

  • Any vesting acceleration benefits, severance payment or Health Severance will be contingent on your signing and not revoking the form of release attached as Exhibit A within sixty (60) days after your termination.

  • The parties agree that notwithstanding anything in the CVS Health Severance Plan to the contrary, any cash payments made to Employee under paragraph 3 of this Agreement shall: (a) not be subject to mitigation; and (b) in the event of Employee’s death, be paid to Employee’s estate in the form of a lump sum as soon as practicable, but in no event later than 60 days following death.

  • During the Health Severance Benefits Period, the Company will pay all premiums for group medical, dental and vision coverage elected by such Participant for the Participant and his or her eligible dependents under any individual policy providing group medical, dental and vision benefits substantially similar to those provided to Participant immediately prior to his or her termination of service.

  • Executive will be entitled to receive the Severance Payment, the Supplemental Severance Payment, the Accrued Bonus, the Health Severance, the COC Severance Payment, the COC Supplemental Severance Payment, and the Accelerated Vesting, as applicable, only if he executes, delivers and does not revoke the Release within 60 days after his termination date and he complies with his Continuing Obligations.

  • Executive will be entitled to receive the Severance Payment, the Supplemental Severance Payment, the Accrued Bonus, the Health Severance, the COC Severance Payment, the COC Supplemental Severance Payment, and the Accelerated Vesting, as applicable, only if Executive signs, delivers and does not revoke the Release within 60 days after his termination date and he complies with his Continuing Obligations.

Related to Health Severance

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Plan means any severance plan maintained by the Company that is applicable to the Participant.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Salaried Employee means an employee who is not covered by the Fair Labor Standards Act who regularly receives each pay period a predetermined amount constituting all or part of compensation. This base salary cannot be reduced because of variations in the quality or quantity of work performed.

  • Severance Amount means:

  • Change in Control Benefits means the following benefits:

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Severance means the complete separation and dismemberment of the part from the body.

  • Compensation and Benefits Programs means all compensation and benefit plans, policies, and programs of the Debtors, and all amendments and modifications thereto, applicable to the Debtors’ employees, former employees, retirees, and non-employee directors and the employees, former employees and retirees of their subsidiaries, including all savings plans, retirement plans, health care plans, disability plans, and incentive plans, deferred compensation plans, and life, accidental death, and dismemberment insurance plans.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Medical Benefits means the monthly fair market value of benefits provided to the Employee and the Employee’s dependents under the major medical, dental and vision benefit plans sponsored and maintained by the Company, at the level of coverage in effect for such persons immediately prior to the Employee’s termination of employment date. The “monthly fair market value” of such benefits shall be equal to the monthly cost as if such persons elected COBRA continuation coverage at such time at their own expense.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Severance Term means the twenty-four (24) month period following Executive’s termination by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason.

  • Qualified employee means an individual who: