COBRA Benefits definition

COBRA Benefits shall refer to continued group health insurance benefits under sections 601-607 of the Employee Retirement Income Security Act of 1974, as amended, (29 U.S.C. part 6) Act and the regulations promulgated thereunder.

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COBRA Benefits means the right to continue medical, dental, and vision benefits, each as may be applicable, under the health continuation coverage provisions of COBRA, if otherwise eligible.

COBRA Benefits means the premiums charged pursuant to COBRA to continue the Executive’s medical, dental and vision coverage following a termination, at the same or reasonably equivalent coverage under the group program(s) provided to the Executive (and, if applicable, the Executive’s spouse and eligible dependents) as in effect immediately prior to the Severance Date.

Examples of COBRA Benefits in a sentence

• For the avoidance of doubt, the taxable payments in lieu of COBRA Benefits may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable withholdings.

• Nothing in this Agreement is intended to limit the Employee’s right to (a) payment or reimbursement for welfare benefit claims incurred prior to the cessation of his employment under any group insurance plan, policy or arrangement of the Company in accordance with the terms of such plan, policy or arrangement, (b) elect COBRA Benefits in accordance with applicable law, or (c) receive a distribution of vested accrued benefits from any employee pension benefit plan in accordance with the terms of that plan.

• If Executive elects COBRA Benefits, Executive shall pay the entire cost of such benefits either through after-tax payroll deductions from the cash component of any severance compensation Executive receives or directly if Executive does not receive such severance compensation or if such severance compensation ceases.

• Any such termination, reimbursement or repayment of Severance Benefits or COBRA Benefits shall have no effect on the Release of Claims or any of Executive’s post-employment obligations to the Company.

• Following this period, the Executive shall be entitled to receive continuation coverage under Part Six of Title I of ERISA ("COBRA Benefits") treating the end of this period as a termination of the Executive's employment (other than for gross misconduct).

More Definitions of COBRA Benefits

COBRA Benefits means the Company’s payment of the applicable premiums for continuing the health care coverage (including, without limitation, medical, dental and vision coverage) for the Executive and the Executive’s dependents who are covered immediately prior to the Effective Date (as defined below) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for a period nine (9) months commencing with the first calendar month that follows the Separation Date (the “COBRA Period”). COBRA Benefits shall only be available if the Executive participates in the Company’s health care plan at the time of termination and timely elects continuing health care coverage under COBRA. Further, the COBRA Benefits shall cease immediately upon (i) Executive’s eligibility for health care benefits under a subsequent employer’s plan or (ii) if Executive otherwise ceases to be eligible to participate in COBRA. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA Benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage (the “Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly or bi-weekly installments on the same schedule that the COBRA Benefits would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the earlier of expiration of the COBRA Period or the date Executive becomes eligible for health care benefits under a plan of a subsequent employer. ​

COBRA Benefits means the Company’s payment of the applicable premiums for continuing the health care coverage (including, without limitation, medical, dental and vision coverage) for the Executive and the Executive’s dependents who are covered immediately prior to the Effective Date (as defined below) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for a period nine (9) months commencing with the first calendar month that follows the Separation Date (the “COBRA Period”). COBRA Benefits shall only be available if the Executive participates in the Company’s health care plan at the time of termination and timely elects continuing health care coverage under COBRA. Further, the COBRA Benefits shall cease immediately upon (i) Executive’s eligibility for health care benefits under a subsequent employer’s plan or (ii) if Executive otherwise ceases to be eligible to participate in COBRA. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide the COBRA Benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof pay Executive a taxable cash amount, which payment shall be made regardless of whether the Executive or his qualifying family members elect COBRA continuation coverage (the “Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly or bi- weekly installments on the same schedule that the COBRA Benefits would otherwise have been paid to the insurer. The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based

COBRA Benefits and together with the consulting fees and the Health Program Benefits (defined below), the “Consulting Benefits”). Such COBRA Benefits shall be made by the Company to the Executive subject to his submission of documentation substantiating the Executive’s payment of COBRA insurance premiums. If, during the Consulting Period, the Executive obtains alternative life, health, dental, and disability benefit coverage by a third-party employer of the Executive, at such point, the Executive shall cease to be eligible to receive the COBRA Benefits; and

COBRA Benefits means the payment by the Company on behalf of an Eligible Employee of insurance premiums necessary to continue such

COBRA Benefits means the benefits described under Part 6 of Title I of ERISA, Section 4980B of the Code or any related state or local law.

COBRA Benefits means the excess of the applicable COBRA premiums for health, dental and vision benefits on the date of termination (provided that the executive elects COBRA continuation coverage) over the amount of health, dental and vision premiums charged to active employees of Byline for like coverage on the date of termination.

COBRA Benefits shall have the meaning set forth in Section 5(b)(iii).