COBRA Continuation Benefit definition

COBRA Continuation Benefit means continued participation in the Company’s group health plan pursuant to COBRA at active employee rates and pursuant to the coverage election in effect for the Participant immediately prior to the Participant’s Qualifying Termination of Employment.
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COBRA Continuation Benefit means reimbursement for premiums paid for continuation of Executive’s and/or his family’s group health benefits under the Consolidated Omnibus Reconciliation Act (“COBRA”) if Executive or his legal representative timely exercises his option to continue such benefits under COBRA.
Sample 1

Examples of COBRA Continuation Benefit in a sentence

  • Simultaneous with the execution hereof, Company shall commence payment, and shall continue to pay until all amounts due thereunder have been paid, of the Severance Payment and the COBRA Continuation Benefit (both as defined in the Employment Agreement).

  • Employer and Executive acknowledge and agree that Employer's promise to pay the Severance Payment and COBRA Continuation Benefit to Executive in the events specified in Section 6 constitute additional and sufficient consideration for the covenants contained in this Section.

  • Subject to compliance with Section 6, the Bank shall make any such reimbursement within thirty (30) days following receipt of evidence from Executive of Executive's payment of the COBRA Continuation Benefit.

  • The Company reserves the right to modify or terminate the COBRA Continuation Benefit provided hereunder to the extent necessary to comply with applicable law.

  • The Company reserves the right to modify, suspend or discontinue any and all of its employee benefit plans, practices, policies and programs at any time without recourse by Executive, so long as the Company takes such action generally with respect to other similarly situated senior executive officers and subject to the Company’s obligation to provide the COBRA Continuation Benefit in connection with a qualifying termination of Executive’s employment pursuant to Article 3.

  • During the period which Executive or Executive’s estate is entitled to the COBRA Continuation Benefit, the cost to Executive or his estate of maintaining coverage under COBRA shall be the same as the amount paid by employees of Employer for the same coverage under Employer’s group health plan.

  • Executive shall be eligible to receive such COBRA Continuation Benefit until the earliest of: (a) the eighteen (18) month anniversary of Executive’s termination of employment; (b) the date Executive is no longer eligible to receive COBRA Coverage; or (c) the date on which Executive otherwise becomes eligible to receive substantially similar coverage from another employer.

  • During the period which Employee or Employee’s estate is entitled to the COBRA Continuation Benefit, the cost to Executive or his estate of maintaining coverage under COBRA shall be the same as the amount paid by employees of Employer for the same coverage under Employer’s group health plan.

  • If Executive timely and properly elects COBRA continuation coverage, the Company shall reimburse the Executive for the portion of the Executive's monthly COBRA payment that is equal to the amount that the Company paid as a monthly premium for Executive and any of the Executive's dependents' participation in such plan immediately prior to the Qualifying Termination (the "COBRA Continuation Benefit").

  • Upon the Executive’s death or Disability during the Term, the Company shall have no further payment obligations to the Executive or his legal representatives under this Agreement, other than for (i) payment of the Accrued Obligations (within 15 days following the Date of Termination) and Other Benefits; and (ii) COBRA Continuation Benefit up to the 12 months from the Date of Termination.

Related to COBRA Continuation Benefit

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • COBRA Continuation Coverage means the health care benefit continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act and similar provisions of state law.

  • COBRA continuation provision means any of the following:

  • Termination Benefit means the benefit set forth in Article 7.

  • Benefit Continuation Period shall have the meaning set forth in Section 5(b).

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

  • Termination Benefits means the benefits described in Section 4.1(b).

  • 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.

  • COBRA means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

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

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

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Retirement Benefit means the benefit set forth in Article 5.

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

  • 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)

  • COBRA Coverage means continued medical and dental coverage under the Company’s benefit plans, as determined under section 4980B of the Code.

  • Severance Period means the period of time commencing on the date of an occurrence of a Change of Control and continuing until the earlier of (i) the date which is one and one-half years following the occurrence of the Change of Control, and (ii) the Executive's death.

  • Disability Benefit means the benefit set forth in Article 8.

  • Change in Control Benefits means the following benefits:

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).