COBRA Payment definition

COBRA Payment shall have the meaning ascribed to such term in Section 8(b)(vi).

COBRA Payment means that portion of the Separation Pay that does not constitute the base benefit or variable benefit.

COBRA Payment means a cash payment equal to $2,000 multiplied by the number of months included in the Applicable Period.

Examples of COBRA Payment in a sentence

• Such Special Severance Payment shall end upon expiration of the COBRA Payment Period.

• The Health Care Benefit Payment shall be equal to the amount that the Company otherwise would have paid for COBRA insurance premiums (which amount shall be calculated based on the premium for the first month of coverage), and shall be paid until the expiration of the COBRA Payment Period.

• Notwithstanding the foregoing, if Executive’s COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, the Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment.

• The administrator may use a third party vendor to collect the COBRA Payment.

• If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, Executive must immediately notify the Company of such event, and all payments and obligations under this clause will cease.

More Definitions of COBRA Payment

COBRA Payment means, provided the Participant validly elects continuation coverage under COBRA or similar state law for the Participant, his spouse and/or dependents, an amount equal to the monthly COBRA premium for continued health insurance coverage payable in monthly installments over the number of months in the Subsidized COBRA Period set forth on Appendix B, as attached hereto, as applicable.

COBRA Payment. The Company will provide a payment to you for the average monthly amount based on your then current benefits election, of eighteen (18) months of COBRA costs in one lump sum, less applicable deductions and withholdings, within thirty (30) days of the Bring-Down Release Effective Date (and, in no event later than March 15th of the calendar year following the Separation Date). This lump sum will be calculated on your then current elections and 2024 COBRA rates. The lump sum payment described in this subparagraph will be referred to as the “COBRA Reimbursement Amount.” The COBRA Reimbursement Amount will be paid to you using the same method you have elected as of the Separation Date to receive your regular paychecks from the Company. You will receive additional information regarding COBRA and other benefits under separate cover. • Equity: From now until the Separation Date, any outstanding equity grants will remain subject to the vesting and forfeiture rights and obligations in the Plan and any equity award agreement(s) you may have signed. Except as otherwise noted in this subparagraph, all unvested restricted stock units (“RSUs”) or performance stock units (“PSUs”) granted under Company’s Incentive Award Plan (the “Plan”) will be forfeited on the Separation Date. Notwithstanding the foregoing, and notwithstanding your separation from employment on the Separation Date: ▪ The following unvested and outstanding RSUs will vest and be settled on the fifteenth (15th) day of the month that is immediately after the month of the Bring-Down Release Effective Date (and, in no event later than March 15th of the calendar year following the Separation Date): 50,542 unvested RSUs with respect to a new-hire grant originally granted on July 15, 2022, 78,219 unvested RSUs originally granted on July 15, 2022, 109,457 unvested RSUs originally granted on March 1, 2023 and 177,053 unvested RSUs originally granted on March 15, 2024. ▪ The following unvested and outstanding PSUs (at target) will remain outstanding and eligible to vest subject to achievement of the applicable performance metrics and be settled within 60 days of the Determination Date (as defined in the applicable award agreement governing such PSUs): 234,657 unvested PSUs originally granted on July 15, 2022 and 492,556 unvested PSUs originally granted on March 1, 2023. In determining achievement of the applicable performance metrics, you shall be treated no less favorably than active employees holding comparable PS...

COBRA Payment. The applicable period for your COBRA Coverage will be 12 months.

COBRA Payment has the meaning set forth in Section 1(b)(iii).

COBRA Payment means (i) if Executive is terminated without Cause or Good Reason (before or after a Change in Control) or by the Company or Executive following a Notice of Non-Renewal by the Company, a cash amount equal to the cost of 12 months of COBRA coverage for Executive and his dependents as in effect on the date of Executive’s termination and (ii) if Executive is terminated for Cause or terminates his employment without Good Reason shall mean an amount equal to the cost of COBRA coverage for Executive and his dependents as in effect on the date of his termination for the Non-Competition Period in clause (z) of paragraph 5.5(a) if the Company elects to pay the Severance Amount referred to in clause (z) of paragraph 5.5(a).

COBRA Payment means, with respect to any Participant, a lump-sum cash amount equal to the product of (x) a Participant’s monthly COBRA premium for continued health insurance coverage and (y) the number of months in the Subsidized Cobra Period set forth in Appendix A or Appendix B, as applicable, in each case based on such Participant’s category, job title or other classification.

COBRA Payment see Section 9.1.6. ------------- "COBRA Statement" see Section 9.1.6. ---------------