Common use of Post-Employment Term Benefits Clause in Contracts

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 3 contracts

Samples: Employment Agreement (Par Pharmacuetical, Inc.), Employment Agreement (Par Pharmacuetical, Inc.), Employment Agreement (Par Pharmacuetical, Inc.)

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Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiumspayments. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to the execution by Executive of Employer’s standard form Release Agreement in effect at the time and Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible legally possible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes is entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 2 contracts

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.), Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.5, 3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s 's expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s 's continued compliance with the terms of Section 4 hereof4; provided, however, that Executive’s 's continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event if Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to 's obligations under this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of the COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his her insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated terminated, pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof3.1, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.5, 3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof3.1, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, however, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event if Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to obligations under this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date date of Terminationtermination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof3.1, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, however, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to obligations under this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 2.5.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiumspayments. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s 's expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the "Benefits Period"), subject to the execution by Executive of Employer's standard form Release Agreement in effect at the time and Executive’s 's continued compliance with the terms of Section 4 hereof; providedPROVIDED, that Executive’s 's continued participation is permissible legally possible under the general terms and provisions of such plans and programs; and providedPROVIDED, furtherFURTHER, that in the event Executive becomes is entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s 's obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.5, 3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof3.1, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, however, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs, and the Employer’s payment of COBRA premiums does not violate the nondiscrimination rules of the Patient Protection and Affordable Care Act of 2010; and provided, further, that in the event if Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to 's obligations under this Section 3.3.5 3.3.6 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th45) day after the Date date of Terminationtermination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s sole expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 2.5.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiumspayments. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to the execution by Executive of Employer’s standard form Release Agreement in effect at the time and Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible legally possible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes is entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

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Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.5, 3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof3.1, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, however, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event if Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to 's obligations under this Section 3.3.5 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th45) day after the Date date of Terminationtermination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 2.5.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiumspayments. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereofhe reof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to the execution by Executive of Employer’s standard form Release Agreement in effect at the time and Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible legally possible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes is entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his her insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiumspayments. Specifically, if Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to the execution by Executive of Employer’s standard form Release Agreement in effect at the time and Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible legally possible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes is entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.5, 3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to the execution by Executive within thirty (30) days after the Date of Termination of Employer’s standard form Release Agreement in effect on the Date of Termination, and to Executive’s continued compliance with the terms of Section 4 hereof4; provided, however, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event if Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to obligations under this Section 3.3.5 shall end as of such date. Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

Post-Employment Term Benefits. In the event Executive is terminated pursuant to Sections 3.2.1 through 3.2.6 hereof, inclusive, or either Employer or Executive elects not to renew this Agreement pursuant to Section 3.1 hereof, Employer shall reimburse Executive for any unpaid expenses pursuant to Section 2.4.1 hereof, and Executive will have the opportunity and responsibility to elect COBRA continuation coverage pursuant to the terms of that law and will thus be responsible for the execution of the continuation of coverage forms upon termination of his insurance coverage. Except as provided immediately below, Executive will be responsible for all COBRA premiums. Specifically, if If Executive is terminated pursuant to Sections 3.2.3, 3.2.5 or 3.2.6 hereof3.2.5, 3.2.6, or Employer elects not to renew this Agreement pursuant to Section 3.1 hereof, Executive shall be entitled to participate, at Employer’s expense, in all medical and health plans and programs of Employer in accordance with COBRA for a period of up to eighteen (18) months (the “Benefits Period”), subject to Executive’s continued compliance with the terms of Section 4 hereof; provided, however, that Executive’s continued participation is permissible under the general terms and provisions of such plans and programs; and provided, further, that in the event Executive becomes entitled to equal or comparable benefits from a subsequent employer during the Benefits Period, Employer’s obligation with respect thereto pursuant to obligations under this Section 3.3.5 3.3.6 shall end as of such date. The Employer shall commence payment of COBRA premiums on the forty-fifth (45th) day after the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Par Pharmaceutical Companies, Inc.)

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