COBRA Premium. If the Employee elects to receive COBRA benefits upon termination the Company shall pay the premium for coverage of the Employee and the Employee’s eligible spouse and/or dependents under the Company’s group health plan(s) pursuant to the Consolidated Omnibus Budget Reconciliation Act for the one-year period beginning on the Termination Date.
COBRA Premium. Provided that Employee timely elects COBRA, the Company shall pay Employee’s portion of the cost of the COBRA premium in the gross amount of $28,814.76 (“COBRA Premium Payment”), less all applicable deductions, which shall be payable in twenty-six equal installments on each of the Company’s regular by-weekly pay days, beginning with the first pay day after the Effective Date of this Agreement. Employee further understands and agrees that this COBRA Premium Payment is monetary consideration to which Employee would not otherwise be entitled if Employee did not sign this Agreement and it did not become effective.
COBRA Premium. As further consideration for XxXxxxxx’x execution of and compliance with this Agreement, the Company agrees to pay XxXxxxxx an amount equal to the current employer contribution for COBRA continuation coverage for family under the UMR High Deductible Plan with wellness benefit as if XxXxxxxx had remained an employee of the Company for eighteen (18) months after the Separation Date less all applicable federal, state, and local taxes and withholdings required by law, to help offset the cost of COBRA, as grossed-up (“COBRA Premium”).
COBRA Premium. If you timely elect continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or applicable state law, for you and your covered dependents, the Company will pay, as and when due to the insurance carrier or COBRA administrator (as applicable), the COBRA health insurance premiums for you and your eligible dependents, if any, until the earlier of: (A) two (2) months following the Separation Date, (B) the expiration of your eligibility for the continuation coverage under COBRA, or (C) such time as you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (thereafter, you will be responsible for all COBRA premium payments, if any) (such time, the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986 or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then provided you remain eligible for reimbursement in accordance with this Section, in lieu of providing the COBRA premiums, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings for the remainder of the COBRA Payment Period. You may, but are not obligated to, use this payment to pay for medical expenses. If you become eligible for coverage under another employer’s group health plan through self-employment or otherwise cease to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company of such event, and all payments and obligations under this Section will cease.
COBRA Premium. Based Payment. $68,896.00 (the “COBRA-Based Payment”), which is an amount equal to 24 times $2,829.00, which amount is equal to the monthly premium under COBRA that Executive would be required to pay to continue the group health, dental and vision coverage in effect on the Qualifying Termination Date for the Executive’s and the Executive’s eligible dependents, which payments shall be made regardless of whether Executive elects COBRA continuation coverage. Executive shall have no right to an additional gross-up payment to account for the fact that such COBRA premium amounts are paid on an after-tax basis. The COBRA-Based Payment shall be payable in 36 equal semi-monthly installments of $1,886.00 beginning in the first payroll period following the earlier to occur of (i) the expiration of the six (6)-month period measured from Executive’s Qualifying Termination Date or (ii) the date of Executive’s death following the Qualifying Termination Date.
COBRA Premium. Fortress covenants that it will pay on behalf of Xxx Xxxxx COBRA premiums as necessary to insure that Xxx Xxxxx, his wife, and minor dependents are covered under the Acquired Company's or Fortress', as the case may be, medical, dental, and vision insurance through March 31, 2002.
