COBRA Payment definition

COBRA Payment shall have the meaning ascribed to such term in Section 8(b)(vi).
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COBRA Payment means that portion of the Separation Pay that does not constitute the base benefit or variable benefit.
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COBRA Payment means a cash payment equal to $2,000 multiplied by the number of months included in the Applicable Period.
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Examples of COBRA Payment in a sentence

  • Such Special Severance Payment shall end upon expiration of the COBRA Payment Period.

  • Notwithstanding the foregoing, if Executive’s COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, the Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment.

  • Notwithstanding the foregoing, if Executive’s COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment.

  • In all cases, if the Participant becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, the Participant must immediately notify the Company of such event, and all payments and obligations under this paragraph will cease.

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

  • For the avoidance of doubt, the Change of Control COBRA Payment may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.

  • Such Special Severance Payments shall end upon expiration of the COBRA Payment Period.

  • No Severance Payment or COBRA Payment shall be made by the Company unless Employee executes a waiver in a form satisfactory to the Company releasing the Companies from any claims Employee may assert against the Companies.

  • 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 expiration of the COBRA Payment Period.

  • Such COBRA Payment shall be grossed-up for income taxes and paid in a lump sum within sixty (60) days following termination of the Executive’s employment.


More Definitions of COBRA Payment

COBRA Payment means, provided the Participant validly elects continuation coverage under COBRA or similar state law for the Participant, his spouse and/or dependents, an amount equal to the monthly COBRA premium for continued health insurance coverage payable in monthly installments over the number of months in the Subsidized COBRA Period set forth on Appendix B, as attached hereto, as applicable.
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COBRA Payment shall have the meaning provided in Section 3 hereof.
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COBRA Payment means (i) if Executive is terminated without Cause or Good Reason (before or after a Change in Control) or by the Company or Executive following a Notice of Non-Renewal by the Company, a cash amount equal to the cost of 12 months of COBRA coverage for Executive and his dependents as in effect on the date of Executive’s termination and (ii) if Executive is terminated for Cause or terminates his employment without Good Reason shall mean an amount equal to the cost of COBRA coverage for Executive and his dependents as in effect on the date of his termination for the Non-Competition Period in clause (z) of paragraph 5.5(a) if the Company elects to pay the Severance Amount referred to in clause (z) of paragraph 5.5(a).
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COBRA Payment has the meaning set forth in Section 1(b)(iii).
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COBRA Payment see Section 9.1.6. ------------- "COBRA Statement" see Section 9.1.6. ---------------
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COBRA Payment means, with respect to any Participant, a lump-sum cash amount equal to the product of (x) a Participant’s monthly COBRA premium for continued health insurance coverage and (y) the number of months in the Subsidized Cobra Period set forth in Appendix A or Appendix B, as applicable, in each case based on such Participant’s category, job title or other classification.
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Related to COBRA Payment

  • COBRA Period means the period beginning on the Date of Termination and ending on the six-month anniversary thereof; provided, however, that in the event the Qualifying Termination occurs on or within 24 months following a Change in Control, then the COBRA Period instead shall end on the 12-month anniversary thereof.

  • 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 Coverage means continuation coverage required under Section 4980B of the Code and Part 6 of Title I of ERISA.

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

  • 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 Amount means:

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

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

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

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Pay Period means a two (2) calendar week period beginning on a Sunday and ending on the second Saturday thereafter.

  • 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.

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Retention Bonus means the amount equal to:

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

  • Cash Bonus means an award of a bonus payable in cash pursuant to Section 10 hereof.

  • 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.

  • Dependents means dependents as defined in the Internal Revenue Code and as claimed in the taxpayer's federal income tax return for the taxable year or which the taxpayer would have been permitted to claim had the taxpayer filed a federal income tax return.

  • Minimum Payment means the amount of minimum payment as stated in the Fee Schedule;

  • Change in Control Benefits means the following benefits:

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