COBRA Benefit. On a Qualified Termination, if an Eligible Employee makes a valid election under COBRA to continue his or her health coverage, the Company will pay the cost of such continuation coverage for the Eligible Employee and any eligible dependents that were covered under the Company’s health care plans immediately prior to the date of his or her eligible termination until the earliest of (a) the end of the applicable period set forth in the Eligible Employee’s Participation Agreement, (b) the date upon which the Eligible Employee and/or the Eligible Employee’s eligible dependents become covered under similar plans or (c) the date upon which the Eligible Employee ceases to be eligible for coverage under COBRA (the “COBRA Coverage”). However, if the Company determines in its sole discretion that it cannot pay the COBRA Premiums without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to the Eligible Employee a taxable monthly payment in an amount equal to the monthly COBRA premium that the Eligible Employee would be required to pay to continue his or her group health coverage in effect on the date of his or her Qualified Termination (which amount will be based on the premium for the first month of COBRA coverage) (each, a “COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether the Eligible Employee elects COBRA continuation coverage and will commence on the month following the Eligible Employee’s Qualified Termination and will end on the earlier of (x) the date upon which the Eligible Employee obtains other employment or (y) the date the Company has paid an amount totaling the number of payments equal to the applicable number of months in the COBRA Coverage period set forth in the Eligible Employee’s Participation Agreement. For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this Policy or the Eligible Employee’s Participation Agreement, if at any time the Company determines in its sole discretion that it cannot provide the COBRA Coverage or the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Eligible Employee will not re...
COBRA Benefit. If Executive is entitled to receive benefits pursuant to Section 2(a) or 2(b), and if Executive elects health care continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), as provided by the Company’s group health plan, then, in each of the first twelve (12) consecutive months following termination of employment that Executive has not become employed by another company which offers health insurance generally comparable with that of the Company at the time of Executive’s termination, the Company shall pay in monthly payments at the beginning of each such month, an amount equal to the monthly amount paid by the Company immediately before termination of employment for Executive’s health coverage.
COBRA Benefit. Upon termination as a Managerial Employee, if the Executive is entitled to the COBRA Benefit, Company shall pay the Executive’s monthly premium for the continuation of the Executive’s health insurance coverage under the COBRA immediately following the Executive’s termination, until the earlier of either: (a) six (6) months after the Employment Termination Date; or (b) such time as the Executive becomes eligible for alternative health insurance benefits, including health insurance benefits provided by another employer or the state or federal government of the United States.
COBRA Benefit. Subject to your timely and proper election of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), your then-effective group health benefits for you and your COBRA-eligible dependents shall be continued at the Company’s cost for all premiums under COBRA (the monthly cost of such premiums, the “COBRA Premium”) for twelve (12) months (the “Non-Cash COBRA”), provided that, if the Company determines that it cannot provide the Non-Cash COBRA without potentially violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide you, in lieu thereof, taxable, continued installment payments equal to the COBRA Premium for 12 months (measured from the Separation Date), which payments will be made regardless of whether you elect COBRA continuation coverage (the “Cash COBRA”). Notwithstanding the foregoing, the number of months of Cash COBRA to be paid, in any case, shall be reduced by the number of months of Non-Cash COBRA previously paid by the Company.
COBRA Benefit. The COBRA Benefit, provided that the COBRA Multiple shall be twelve (12) months.
COBRA Benefit. Subject to Executive’s eligibility for and timely and proper election of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and any comparable state law providing for continuation of group health benefits, Executive’s then-effective group health benefits for Executive and Executive’s COBRA-eligible dependents shall be continued at the Company’s cost for all premiums under COBRA (the monthly cost of such premiums, the “COBRA Premium”) for the balance of the Service Period (the “Non-Cash COBRA”), provided that, if the Company determines that it cannot provide the Non-Cash COBRA without violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide Executive, in lieu thereof, a taxable lump sum payment for the balance of the Service Period (the “Cash COBRA”), which payment will equal 200% of the applicable COBRA premium for the Executive and any dependents. The number of months of Cash COBRA to be paid, in any case, shall be reduced by the number of months of Non-Cash COBRA previously paid by the Company.
COBRA Benefit. If the Employee is entitled to receive benefits pursuant to Section 7.2 or 7.3, and if the Employee elects “COBRA” as provided by the Company’s group health plan, then the Company shall pay in one lump sum payment at the time of any other payments pursuant to Section 7.2 or 7.3, an amount equal to the monthly amount paid by the Company immediately before termination of employment for the Employee’s health coverage multiplied by (i) one (1), if benefits are paid pursuant to Section 7.2, or (ii) twelve (12) if benefits are paid pursuant to Section 7.3.
COBRA Benefit. EMPLOYEE acknowledges that it is EMPLOYEE’s responsibility to make a timely election to continue his own personal participation in EMPLOYER’s group health insurance plan pursuant to the terms of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). EMPLOYEE understands and agrees that he shall be fully responsible for making the necessary premium payments in order to continue such coverage. EMPLOYER shall reimburse EMPLOYEE for EMPLOYEE’s individual COBRA premium payments for EMPLOYEE only until April 1, 2016, contingent upon EMPLOYEE’s submittal of proof of payment to EMPLOYER within three (3) days of receipt and EMPLOYEE’s compliance with the terms of this AGREEMENT. This reimbursement shall be included in the next regularly schedule severance payment through payroll following EMPLOYER’s receipt of payment by the EMPLOYEE. Nothing herein shall limit the right of EMPLOYER to change the provider and/or the terms of its health insurance plans at any time hereafter. Notwithstanding anything to the contrary in this Agreement, if EMPLOYER determines in its sole discretion that it cannot provide the COBRA Benefit without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) or incurring an excise or penalty tax, the PARTIES agree to reform this section.
COBRA Benefit. If the Executive participates in the Company’s group health insurance plans (major medical, dental and vision) on the date of the Executive’s Qualifying Termination and timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (together with any state law of similar effect, “COBRA”), the Company will pay the COBRA premiums to continue such coverage (including for the Executive and the Executive’s eligible dependents who have elected and remain enrolled in such COBRA coverage) for the COBRA Payment Period. For purposes of the foregoing, “COBRA Payment Period” shall mean the period beginning on the first day following the day that the Executive’s active employee health coverage ends as the result of Executive’s Separation, and ending on the earliest to occur of (i) twelve (12) months (the “COBRA Multiple”), (ii) the expiration of the Executive’s eligibility for continuation coverage under COBRA, and (iii) the first month for which the Executive is eligible for health insurance coverage in connection with new employment or self-employment. Alternatively, the Company may elect to pay Executive a taxable cash payment in lieu of the continued coverage, equal to the amount that the Company would have otherwise paid for the COBRA premiums (based on the premium for the first month of coverage), which payment will be made regardless of whether Executive or Executive’s eligible dependents elect COBRA continuation coverage and will be paid in monthly installments for the COBRA Payment Period, except that payments shall commence (with any make-up payments) in the Company’s first regular payroll following the Release Deadline. Continued health coverage or payment of a taxable cash amount pursuant to the foregoing is referred to as the “COBRA Benefit”.
COBRA Benefit. For twelve (12) months following the Termination Date, Executive shall be entitled to continue to participate at the same level of coverage and Executive contribution in any health and dental insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the Termination Date. Such participation will terminate thirty (30) days after Executive has obtained other employment under which Executive is covered by equal benefits. Executive agrees to notify Xxxxxx promptly upon obtaining such other employment. At the end of twelve (12) months, Executive, at her option, may elect to obtain COBRA coverage in accordance with the terms and conditions of applicable law and the Company's standard policy.
