COBRA Reimbursement definition

COBRA Reimbursement means reimbursement for the cost of health insurance continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), in excess of the cost of such benefits that active employees of HRG are required to pay, for a period of 6 months (or until you obtain individual or family coverage through another employer, if earlier) (the “COBRA Period”), provided that you timely elect COBRA coverage and subject to the conditions that: (A) you are responsible for immediately notifying HRG if you obtain alternative insurance coverage, (B) you will be responsible for the entire COBRA premium amount after the end of the COBRA Period; (C) if you decline COBRA coverage, then HRG will not make any alternative payment to you in lieu of paying for COBRA premiums, and (D) such COBRA reimbursement payments shall be paid on an after tax basis as additional taxable compensation to you.
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COBRA Reimbursement. Up to six (6) months of your actual cost.
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COBRA Reimbursement means, if a Person timely elect continued coverage under COBRA for such Person and any covered dependents under a group health plan maintained by Scottdale prior to the Effective Time or by Mid Penn after the Effective Time, then Mid Penn will reimburse such Person an amount sufficient for such Person to purchase (on an after-tax basis) such COBRA coverage until the earliest to occur of (a) such Person’s sixty-fifth birthday; and (b) the date such Person becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment following the Effective Time. If such Person becomes entitled to the COBRA Reimbursement and Mid Penn, in its sole discretion, determines that it cannot provide the company-paid COBRA Reimbursement without potentially violating applicable Law or because no Mid Penn group health plans are in effect during such period, Mid Penn will, in lieu thereof, provide to such Person during such period bi-weekly cash payments (on an after-tax basis) equal to the COBRA premiums for such period that such Person would be required to pay to continue such Person’s group health coverage in effect on the last date of employment with Scottdale or Mid Penn, as applicable (which amount will be based on the premium for the first month of COBRA coverage). Such amounts shall be payable in the same manner as salaries paid to other employees of Mid Penn.
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Examples of COBRA Reimbursement in a sentence

  • Items (iii) and (iv) above shall be paid in a single lump sum within 30 days following the Date of Termination and the COBRA Reimbursement (item (v)) shall be paid as described below, but items (iii), (iv) and (v) are payable only if and to the extent an irrevocable and valid Release (as hereinafter defined), has been signed by the Employee on or before the 30th day following the Date of Termination.

  • Employee shall also be entitled to a severance payment equal to (iii) the greater of two times Employee's current Base Salary or the minimum Base Salary due under the remaining Term, (iv) two times Employee's average Annual Bonus paid to Employee in the prior three years (this bonus amount referred to as the "Severance Bonus") and (v) the COBRA Reimbursement (defined below).

  • Employee shall also be entitled to a severance payment equal to (iii) two times Employee's current Base Salary, (iv) two times Employee's average Annual Bonus paid to Employee in the prior three years (this bonus amount referred to as the "Severance Bonus") and (v) the COBRA Reimbursement (defined below).

  • Employee shall also be entitled to a severance payment equal to (iii) two times Employee’s current Base Salary, (iv) two times Employee’s average Annual Bonus paid to Employee in the prior three years (this bonus amount referred to as the “Severance Bonus”) and (v) the COBRA Reimbursement (defined below).

  • For avoidance of doubt, the Company shall have no obligations under this Agreement to pay any COBRA Reimbursement Amount after the end of the Severance Period.

  • Employee shall also be entitled to a severance payment equal to (iii) the greater of two times Employee’s current Base Salary or the minimum Base Salary due under the remaining Term, (iv) two times Employee’s average Annual Bonus paid to Employee in the prior three years (this bonus amount referred to as the “Severance Bonus”) and (v) the COBRA Reimbursement (defined below).

  • The Severance Benefits and rights to COBRA Reimbursement under the Employment Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception of Treas.

  • If Executive has elected to continue coverage for his spouse and/or eligible dependents and dies while he is receiving payment of the COBRA Reimbursement Amounts, his spouse and/or eligible dependents will continue to receive coverage and payment of the COBRA Reimbursement Amounts during the remainder, if any, of the COBRA Reimbursement Period, subject to his spouse’s and/or eligible dependent’s compliance with the terms of this Agreement, as applicable.

  • The Monthly COBRA Reimbursement will not be grossed up for any taxes.

  • With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 8(c) shall include, without limitation, and Executive shall be entitled after the Date of Termination to receive, (1) all disability benefits under all Welfare Benefit Plans relating to disability, (2) the COBRA Reimbursement provided for in Section 8(a)(ii), and (3) for the remainder of the Remaining Employment Period, the payments provided in Section 8(a)(iii) hereof.


More Definitions of COBRA Reimbursement

COBRA Reimbursement. Up to six (6) months until eligible under the Company Plan.
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Related to COBRA Reimbursement

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

  • COBRA continuation provision means any of the following:

  • Reimbursement Payment shall have the meaning given to that term in Subparagraph 2.02(c).

  • 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.

  • Dental means of or relating to the teeth and the work of a dentist.

  • 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.

  • Fringe benefits means the amount of:

  • 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.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

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

  • 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)

  • disability living allowance means a disability living allowance under section 71 of the SSCBA;