COBRA Employees definition
Examples of COBRA Employees in a sentence
For purposes of the Company's successor or assigns welfare benefit plans and policies subject to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), Employee's "qualifying event" for COBRA purposes shall be the Termination Date.
Effective January 1, 2005, Buyer shall assume responsibility for providing COBRA continuation coverage, under one or more health plans sponsored by Buyer, for those COBRA Employees who become eligible to elect such coverage as a result of their termination of employment with Seller (as of the Closing Date) or Buyer (after the Closing Date).
Promptly following the Closing Date and in any event within the time period prescribed by law, Seller shall send notices to the COBRA Employees substantially in the form attached to Schedule 8.14(c).
Excess Medical Costs shall be the total amount that the Company and Purchaser pay in claims for the Legacy COBRA Employees in excess of the aggregate premiums received by the Company and Purchaser from the Legacy COBRA Employees.
Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the Parties, the COBRA Employees to the extent of their respective rights in Section 5.7 and the D&O Indemnified Parties to the extent of their respective rights pursuant to Section 5.8) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
For purposes of COBRA, Employee's "qualifying event" (as defined in Section 4980B of the Internal Revenue Code of 1986, as amended) shall be at the conclusion of the Severance Period.
In the event such benefits are provided pursuant to COBRA, Employee's severance pay shall be "grossed up" to provide for payment of any applicable taxes.
In the event that any COBRA Employees (regardless of whether they remain employed with the Company or Buyer following the Closing Date) and/or their beneficiaries remain covered under the Seller Health Plans on or following January 1, 2005, Buyer agrees to reimburse Seller for any costs of such continued coverage, including any amounts paid to the COBRA Employees and/or their beneficiaries under the Seller Health Plans with respect to claims made by such individuals.
In the event that COBRA continuation coverage is not provided to the Company COBRA Employees by Administaff for any reason, the Seller will reimburse and hold the Buyer and the Company harmless from any and all loss, cost or expense relating to any failure by Administaff to honor any and all COBRA obligations and responsibilities owed to the Company COBRA Employees as determined by Buyer.
Seller shall permit the employees of the Company listed in Schedule 8.14(c) (the "COBRA Employees") to participate in Seller's Medical, Dental and Vision health insurance plans (the "Seller Health Plans") through December 31, 2004 in accordance with the health insurance continuation rights provisions of the Consolidated Omnibus Budget Reconciliation Act.