Continuing COBRA Coverage Sample Clauses

Continuing COBRA Coverage. In full satisfaction of Section 4(b)(v) of the Employment Agreement, to the extent Employee properly elects COBRA coverage, the Company will provide medical, dental and vision coverage to Employee and his eligible covered dependents at current employee rates (i.e., PHI will cover the “employer-portion”) under COBRA for 12 months following the Separation Date or until Employee accepts a position with benefits coverage available, whichever is earlier. During the period that Employee is eligible to retain PHI benefits coverage, he will be required to submit monthly payments, by the 5th day of each month, to the Company’s benefits department at 2001 SE Xxxxxxxxxx Thruway, Lafayette, LA 70605 to continue this coverage. If Employee does not submit payment by the 5th day of each month, his coverage will lapse and he will no longer be eligible for this severance benefit.
Sample 1
AutoNDA by SimpleDocs
Continuing COBRA Coverage. From and after the Effective Time, Parent shall provide group health plan continuation coverage at any employee's sole cost pursuant to Section 4980B of the Code and Sections 601 through 609 of ERISA with respect to any individual who was an employee of the Company prior to the Effective Time and who had or has a "qualifying event" (within the meaning of Section 4980B(f)(3) of the Code) before, on or after the Effective Time. Parent shall be required to provide such continuation coverage notwithstanding the fact that any group health plan maintained by the Company prior to the Effective Time may have been eligible for an exception from such continuation coverage requirements. As of the Effective Time, Parent shall assume and agree to perform (i) all obligations of the Company pursuant to the Ruthxxxxxx-Xxxxx Xxxentive Bonus Plan (the "Bonus Plan"), including, without limitation, the obligation to make any payments remaining due to any plan participant pursuant to Section 6 of the Bonus Plan, and (ii) all obligations of the Company pursuant to the letter, dated March 28, 1996, to Davix X. Xxxxxxxxx xxxm Patrxxx X. Xxxxxxxxxx xx behalf of the Company. Parent agrees that, any employee of the Company or a Company Subsidiary whose employment with the Company is terminated pursuant to the provisions of Section 7.01 hereof will nevertheless receive an award pursuant to Section 6 of the Bonus Plan, which award shall not be reduced on account of any such termination of employment.
Sample 1

Related to Continuing COBRA Coverage

  • COBRA Coverage Subject to Section 3(d), the Company will provide COBRA Coverage until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.

  • COBRA Continuation Coverage Upon the termination of Executive’s active employment with the Company, Executive shall be entitled to elect continued medical and dental insurance coverage in accordance with the applicable provisions of COBRA and the Company shall pay such COBRA premiums.

  • Continuing Coverage If a letter of assurance is obtained from any insurer under a Hazard Insurance policy or a Flood Insurance policy that the insurance coverage shall continue in full force and effect, the Servicer shall deposit such letter in the appropriate Servicer Mortgage Loan File.

  • COBRA Premiums If Executive timely elects continued coverage under COBRA, the Company will pay Executive’s COBRA premiums to continue Executive’s coverage (including coverage for Executive’s eligible dependents, if applicable) (“COBRA Premiums”) through the period starting on the termination date and ending twelve (12) months after the termination date (the “COBRA Premium Period”); provided, however, that the Company’s provision of such COBRA Premium benefits will immediately cease if during the COBRA Premium Period Executive becomes eligible for group health insurance coverage through a new employer or Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event Executive becomes covered under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Premium Period, Executive must immediately notify the Company of such event.

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

  • COBRA Benefits Executive and Executive’s qualified beneficiaries, as applicable, shall be entitled to continuation of group health coverage following the Termination Date under the Employer’s group health plan, to the extent required under the Consolidated Omnibus Budget Reconciliation Act of 1986, with Executive required to pay the same amount as Executive would pay if Executive continued in employment with the Employer during such period as described in Section 4(e) of the Employment Agreement.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • Dependents Eligible dependents for the purposes of this Article are as follows:

  • Basic Coverage Contractor shall provide and maintain at the JBE’s discretion and Contractor’s expense the following insurance during the Term:

  • Continuation Coverage If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of six (6) months from the date of termination or (B) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy. Notwithstanding the first sentence of this Section 3(a)(iii), if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given month, in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the termination of employment date (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to six (6) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!