COBRA Premium Payment definition

COBRA Premium Payment means the monthly COBRA premium under the Company’s group health plan in effect on the date of the Eligible Individual’s Involuntary Termination that applies to the Eligible Individual’s coverage election in effect on such date under the group health plan.
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COBRA Premium Payment shall have the meaning provided in Section 2.1(b) hereof.
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COBRA Premium Payment means an amount equal to 24 months of the Participant’s COBRA Premiums, plus an amount equal to the aggregate federal, state and local taxes imposed on such COBRA Premiums, plus any taxes imposed on that amount, so that the Participant on an after-tax basis is in the same position as it there had been no taxes imposed on the Participant with respect to the COBRA Premiums.
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Examples of COBRA Premium Payment in a sentence

  • After the expiration or termination of the COBRA Premium Payment, you will be solely responsible for the monthly payment of the COBRA premium should you choose to continue coverage under any of the Company’s group health plans.

  • If Executive continues to be eligible (under Federal law) and chooses to continue COBRA continuation coverage after the COBRA Premium Payment Period ends, Executive will be required to pay the full monthly COBRA Premium in a timely fashion.

  • For purposes of this Agreement, the term “Restricted Period” shall mean the period during which Employee is receiving the Special Separation Payment and the COBRA Premium Payment under this Agreement.

  • The Pro Rata Bonus and COBRA Premium Payment shall be paid in a lump sum at the same time as paid to other senior executive officers of the Company but not later than March 15th of the year following the year in which the date of termination occurs.

  • The calculations of the Minimum Termination Compensation, Base Severance Payment, Bonus Payment, Pro Rata Bonus, COBRA Premium Payment, and the CIC Bonus Payment shall be made without reduction for any voluntary deferral of compensation made by Employee.

  • The calculations of the Minimum Termination Compensation, Base Severance Payment, Average Bonus Payment, Pro Rata Bonus, COBRA Premium Payment, and the CIC Severance Payment shall be made without reduction for any voluntary deferral of compensation made by Employee.

  • Employee further understands and agrees that this COBRA Premium Payment is monetary consideration to which Employee would not otherwise be entitled if Employee did not sign this Agreement and it did not become effective.

  • Without limiting the generality of the immediately preceding sentence, it is intended that the COBRA Premium Payment and the Pro Rata Bonus shall be “short-term deferrals” within the meaning of Treas.

  • The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA Premium Payment Benefits would otherwise have been paid to the insurer, and shall end on the earlier of (i) the expiration of the COBRA Premium Payment Benefit period as detailed above, or (ii) the date you cease to be eligible for COBRA coverage or you become eligible for coverage under a group health plan of a subsequent employer.

  • Those benefits include (a) the “Base Severance Payment” (as defined in the Employment Agreement and set forth on Exhibit B), (b) three (3) times the target annual bonus of the Employee for the year in which the date of termination occurs (the “CIC Payment”) (as set forth on Exhibit B), (c) the “Pro Rata Bonus” (as defined in the Employment Agreement) and (d) the COBRA Premium Payment (as defined in the Employment Agreement and set forth on Exhibit B).