COBRA Coverage Benefits definition

COBRA Coverage Benefits means continued coverage for the Executive and his dependents under the Company’s group health care benefit plans for a period of twelve (12) months following the Date of Termination, with the Executive (or in the event of the Executive’s death, his dependents) paying the same portion of the total cost of such coverage that the Company’s active employees are required to pay for such coverage, and the Company paying for that portion of such total cost as exceeds the portion paid for by the Executive. The COBRA Coverage Benefits shall be provided to the Executive or his dependents subject to (i) the Executive’s (or in the event of the Executive’s death, his dependent’s) making a timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and remaining eligible for COBRA coverage during such period, and (ii) the Executive’s (or in the event of the Executive’s death, his dependent’s) continued payment of the portion of the total cost of such coverage required to be paid by the Executive as provided in the preceding sentence. The COBRA Coverage Benefits shall immediately cease to be provided hereunder on the date on which the Executive commences to receive equivalent health care benefit coverage under a health care plan, or plans, of any subsequent employer of the Executive. If and to the extent necessary in order for the Executive to avoid being subject to tax under section 105(h) of the Code on any payment or reimbursement of any health care expenses made to him or for his benefit pursuant to Section 9 hereof the Company shall impute as taxable income to the Executive an amount equal to the excess of (A) the full actuarial cost of the health care benefit coverages provided to him and his dependents under Section 9 hereof over (B) the portion of such total cost paid for by the Executive or his dependents for each period during which such coverages are provided.
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COBRA Coverage Benefits means continued coverage for the Executive and her dependents under the Company’s group health care benefit plans for a period of twelve (12) months following the Date of Termination, with the Executive (or in the event of the Executive’s death, her dependents) paying the same portion of the total cost of such coverage that the Company’s active employees are required to pay for such coverage, and the Company paying for that portion of such total cost as exceeds the portion paid for by the Executive. The COBRA Coverage Benefits shall be provided to the Executive or her dependents subject to (i) the Executive’s (or in the event of the Executive’s death, her dependent’s) making a timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and remaining eligible for COBRA coverage during such period, and (ii) the Executive’s (or in the event of the Executive’s death, her dependent’s) continued payment of the portion of the total cost of such coverage required to be paid by the Executive as provided in the preceding sentence. The COBRA Coverage Benefits shall immediately cease to be provided hereunder on the date on which the Executive commences to receive equivalent health care benefit coverage under a health care plan, or plans, of any subsequent employer of the Executive. If and to the extent necessary in order for the Executive to avoid being subject to tax under section 105(h) of the Code on any payment or reimbursement of any health care expenses made to her or for her benefit pursuant to Section 9 hereof the Company shall impute as taxable income to the Executive an amount equal to the excess of (A) the full actuarial cost of the health care benefit coverages provided to her and her dependents under Section 9 hereof over (B) the portion of such total cost paid for by the Executive or her dependents for each period during which such coverages are provided.
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COBRA Coverage Benefits means continued coverage for the Executive and her dependents under the Company’s group health care benefit plans for a period of twelve
Sample 1

Examples of COBRA Coverage Benefits in a sentence

  • If the Companies, or either of them, terminate the Executive’s employment during the Employment Period because of the Executive’s Disability, the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) the COBRA Coverage Benefits, and (iv) the Post-Termination Benefits.

  • If the Companies, or either of them, terminate the Executive’s employment during the Employment Period because of the Executive’s Disability, the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) the COBRA Coverage Benefits and (iv) the Post-Termination Benefits.

  • If the Companies, or either of them, terminate the Executive's employment during the Employment Period because of the Executive's Disability, the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) the COBRA Coverage Benefits, and (iv) the Post-Termination Benefits.

  • If the Company terminates the Executive’s employment during the Employment Period because of the Executive’s Disability pursuant to Section 8(a)(ii)(A), the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) the Pro-Rata Bonus, (iii) vesting of all Equity Based Incentive Compensation, as set forth in Section 9(j), and (iv) COBRA Coverage Benefits.

  • If the Companies, or either of them, terminate the Executive’s employment during the Employment Period because of the Executive’s Disability, the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) the Post-Termination Benefits, (iv) the COBRA Coverage Benefits and (v) Class A restricted shares and Class A Common Stock will be treated as noted in the separate Subscription Agreement.

Related to COBRA Coverage Benefits

  • COBRA Coverage means continued medical and dental coverage under the Company’s benefit plans, as determined under section 4980B of the Code.

  • 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 Period means the period beginning on the Date of Termination and ending on the six-month anniversary thereof; provided, however, that in the event the Qualifying Termination occurs on or within 24 months following a Change in Control, then the COBRA Period instead shall end on the 12-month anniversary thereof.

  • 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.

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • Continuation Coverage means coverage under a COBRA continuation provision or a similar state program. Coverage provided by a plan that is subject to a COBRA continuation provision or similar state program, but that does not satisfy all the requirements of that provision or program, will be deemed to be continuation coverage if it allows an individual to elect to continue coverage for a period of at least 18 months. Continuation coverage does not include coverage under a conversion policy required to be offered to an individual upon exhaustion of continuation coverage, nor does it include continuation coverage under the Federal Employees Health Benefits Program.

  • 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.

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

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

  • Fringe benefits means the amount of:

  • COBRA continuation provision means any of the following:

  • Retiree means any person who has begun accruing a retirement

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

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

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • Medical Benefits means medical, optical, or dental benefits, including, but not limited to, hospital and physician services, prescription drugs, and related benefits.

  • Health insurance coverage means benefits consisting of medical care (provided directly, through

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Fringe benefit means health insurance, a retirement benefit received under a pension plan or defined contribution plan, a paid vacation day, a paid holiday, sick leave, or any other similar employee benefit provided by an employer.

  • Extended benefit period means a period which:

  • Health and Welfare Benefits means any form of insurance or similar benefit programs, which may include but not be limited to, medical, hospitalization, surgical, prescription drug, dental, optical, psychiatric, life, or long-term disability.

  • Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:

  • Group health insurance coverage means in connection with a group health plan, health insurance

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Pay Period means a two (2) calendar week period beginning on a Sunday and ending on the second Saturday thereafter.