Medical Severance definition

Medical Severance means an amount equal to two times the product of (1) the number of months from the date when the Employee’s maximum COBRA coverage period will end until the month following the month in which he attains age sixty-five, and (2) the monthly premium for “premium” CoverColorado coverage with the lowest available deductible, as of the date of the Change of Control, that would apply to the Employee if he was sixty-four years and eleven months old as of the date of the Change of Control.
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Related to Medical Severance

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

  • 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.

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

  • 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.

  • CIC Severance Plan means the Company’s Change in Control Severance Plan, as may be amended from time to time, or any successor plan, program or arrangement thereto.