Welfare Benefit Continuation. If Executive’s employment is terminated by Company without Cause, and such employment termination qualifies as a Separation from Service, Executive shall be entitled to continue to receive life, disability, accident and group health and dental insurance benefits, at substantially the levels Executive was receiving immediately prior to Executive’s Separation from Service, for a period of time expiring upon the earlier of: (1) the end of the period of twelve (12) months following Executive’s Separation from Service, or (2) the day on which Executive becomes eligible to receive any substantially similar benefits under any plan or program of any other employer or source without being required to pay any premium with respect thereto. Company will satisfy the obligation to provide the health and dental insurance benefits pursuant to this Section 6(e) by either paying for or reimbursing Executive for the actual cost of COBRA coverage (and Executive shall cooperate with Company in all respects in securing and maintaining such benefits, including exercising all appropriate COBRA elections and complying with all terms and conditions of such coverage in a manner to minimize the cost). Similarly, Company will reimburse Executive for the cost of comparable coverage for all other insurance benefits that are not subject to the COBRA continuation rules. It will be Executive’s responsibility to procure such benefits and Company will promptly reimburse Executive for the premiums for such benefits in the specified amount upon Executive’s submission of an invoice or other acceptable proof of payment. Company’s obligation under this paragraph will cease with respect to a particular type of coverage when and if Executive becomes eligible to receive substantially similar coverage with a successor employer.
Welfare Benefit Continuation. In the event that Executive’s employment hereunder is terminated other than (i) by the Company for Cause or (ii) by Executive without Good Reason, the Company shall reimburse Executive for the full amount of the COBRA premiums incurred by Executive during the 12 month period following the date of such termination, provided that (A) such reimbursement does not result in adverse tax consequences to the Company under Section 105(h) of the Code or otherwise and (B) such reimbursement shall immediately cease in the event that Executive becomes eligible to participate in the health insurance plan of a subsequent employer or other service recipient.
Welfare Benefit Continuation. Subject to Section 5(e) below, in the event that Executive’s employment hereunder is terminated other than (i) by the Company for Cause or (ii) by Executive without Good Reason, the Company shall reimburse Executive for the full amount of the COBRA premiums incurred by Executive during the 12 month period following the date of such termination, provided that (A) such reimbursement does not result in adverse tax consequences to the Company under Section 105(h) of the Code or otherwise and (B) such reimbursement shall immediately cease in the event that Executive becomes eligible to participate in the health insurance plan of a subsequent employer or other service recipient (or at such time as the Company ceases to offer group medical coverage to its active executive employees or the Company is otherwise under no obligation to offer COBRA continuation coverage to Executive).
Welfare Benefit Continuation. In the event that Xxxxx is obligated hereunder to pay Welfare Benefit Continuation to Executive following termination of Executive’s employment, Xxxxx may satisfy its obligation to pay the medical insurance component of the Welfare Benefit Continuation by advancing COBRA payments for the benefit of Executive.
Welfare Benefit Continuation. In the event that Aceto is obligated hereunder to pay Welfare Benefit Continuation to Executive following termination of Executive’s employment, Aceto may satisfy its obligation to pay the medical insurance component of the Welfare Benefit Continuation by advancing COBRA payments for the benefit of Executive.
Welfare Benefit Continuation. If applicable, Executive will be entitled to reimbursement of COBRA premiums for the twenty-four (24) month period following the date of termination in accordance with Section 5(d) of the Current Employment Agreement.
Welfare Benefit Continuation. In the event that CPP is obligated hereunder to pay Welfare Benefit Continuation to Executive following termination of Executive’s employment, CPP may satisfy its obligation to pay the medical insurance component of the Welfare Benefit Continuation by advancing COBRA payments for the benefit of Executive.
Welfare Benefit Continuation. In the event that the Executive's employment hereunder terminates other than in a termination that is governed by Section 9(c), 9(f) or 9(h) (relating, respectively, to termination for Cause, voluntary termination, and termination by expiration of the then-scheduled Term), the Executive and his dependents shall be entitled to continued participation, through the first anniversary of the Termination Date, in all medical, dental, vision, prescription drug, hospitalization and life insurance coverages and benefits in which they were participating as of such date, on terms and conditions that are no less favorable to them than those applied as of such date, and with COBRA benefits commencing thereafter. Entitlements under the preceding sentence of this Section 9(i) shall be reduced to the extent that equivalent coverages and benefits (determined on a coverage-by-coverage and benefit-by-benefit basis) are provided under the plans, programs or arrangements of a subsequent employer.
Welfare Benefit Continuation. All Employees who continue employment with the U.S. Subsidiary or the Surviving Corporation after the Effective Time (“Continuing Employees”) shall be eligible, as determined after the Effective Time by Azur or the Surviving Corporation, to either (1) continue participating in the health and welfare benefit plans, programs, policies and arrangements of the U.S. Subsidiary in effect immediately prior to the Effective Time (the “U.S.
Welfare Benefit Continuation. Seller agrees to continue to cover (or cause to continue to be covered) each Transferred Employee (and his or her eligible dependents) under Seller's Employee Benefit Plans that are employee welfare benefit plans for a period after the Closing Date up to and including the earlier of July 31, 1995 or the date as of which such coverage would otherwise end under the terms of such plans (the "Transition Period") as if such Transferred Employees had continued to be employed actively by Seller throughout the Transition Period. Buyer shall reimburse Seller monthly in arrears for the cost for providing such continued coverage with respect to Transferred Employees, it being understood by Buyer and Seller that such cost shall include, without limitation, the pro rata portion of each insurance (including stop-loss insurance) premium, administrative services contract and other actual administrative expense incurred by Seller that is attributable to the Transferred Employees, and, in the case of self-insured benefits, such reimbursement shall include the full amount of claims paid with respect to the Transferred Employees. Buyer shall reimburse Seller within 30 days of the date on which Seller delivers a written invoice to Buyer setting forth the reimbursement due from Buyer for the applicable portion of the Transition Period. Buyer shall notify Seller in writing of (i) the identity of all Transferred Employees whose employment with Buyer terminates during the Transition Period, such notice to include the date and circumstances of such termination and (ii) the identity of all Transferred Employees and their covered dependents, as applicable, who, during the Transition Period, otherwise become "qualified beneficiaries" within the meaning of COBRA, with such notice including the date as of which such individual became, and the circumstances causing such individual to become, a "qualified beneficiary." Buyer and Seller shall reasonably cooperate with each other to provide proper and timely notices of continuation coverage rights under COBRA and applicable state law with respect to individuals who become entitled to receive such notices during the Transition Period. Effective as of and from the Closing Date, except as provided in this Section 8.8 with respect to the Transition Period, Buyer and Buyer's Plans shall be liable, and Seller and its employee benefit plans shall have no liability, with respect to Incidents occurring on and after the Closing Date. For purposes of ...
