Compensation Continuation Period definition
Examples of Compensation Continuation Period in a sentence
However, the Employee shall not be entitled to receive the health coverage and benefits contemplated by this Agreement in the event that the Employee receives similar health coverage and benefits as a result of new employment during the Compensation Continuation Period.
Compensation Continuation Period" shall mean the period of time commencing with termination of the Employee's employment as a result of Involuntary Termination at any time within 12 months after a Change of Control and ending with the date 18 months following the date of the Employee's Involuntary Termination.
The Employee shall be entitled to receive continuing payments of severance pay during the Compensation Continuation Period at a rate equal to the Employee’s Current Compensation.
In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee's spouse and dependents covered under any group health plans or life insurance plans of the Company on the date of such termination of employment, all group health, life and other similar insurance plans in which Employee or such Covered Dependents participate on the date of the Employee's termination.
After expiration of the Compensation Continuation Period, in accordance with COBRA rules, Executive may, at Executive's option and expense, continue such coverage at Executive's expense without reimbursement by the Company.
In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee’s spouse and dependents covered under any group health plans or life insurance plans of the Company on the date of such termination of employment, all group health, life and other similar insurance plans in which Employee or such Covered Dependents participate on the date of the Employee’s termination.
During the Compensation Continuation Period, the Company shall pay the Employee continuing payments of severance pay in accordance with its normal payroll practices at a rate equal to the Employee's Current Compensation.
If the Employee's employment with the Company terminates as a result of an Involuntary Termination at any time after a Change of Control, then the Employee shall be entitled to receive continuing payments of severance pay during the Compensation Continuation Period at a rate equal to one hundred (100)% of the Employee's base salary and target bonus (as in effect immediately prior to the Change of Control).
If the Employee’s employment with the Company terminates as a result of an Involuntary Termination at any time within twenty four (24) months after a Change of Control, then the Employee shall be entitled to receive continuing payments of severance pay during the Compensation Continuation Period at a rate equal to one hundred (100)% of the Employee’s base salary and target bonus (as in effect immediately prior to the Change of Control).
Such severance payments shall be paid monthly in accordance with the Company's normal payroll practices during the Compensation Continuation Period.