Health Severance definition

Health Severance means, if Executive was enrolled in the Company’s health plan immediately prior to the termination date and timely elects coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), monthly payments to Executive equal to the portion of the premium paid by the Company for coverage under such plan for active senior executives of the Company immediately prior to the termination date, until the earlier of (A) the date Executive’s COBRA coverage ends (e.g., if Executive becomes eligible for coverage under another employer’s insurance plan) and (B) the date that is twelve (12) months after the termination date. The Company may, in its discretion, report such monthly payments as taxable income to Executive in order to satisfy the requirements of Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”), or the nondiscrimination rules of the Patient Protection and Affordable Care Act of 2010, as amended (“PPACA”), applicable to insured group health plans. In the event that the Company’s payment of Health Severance hereunder would violate the nondiscrimination rules of the PPACA or result in the imposition of penalties under PPACA, the parties agree to reform this provision, to the extent practicable, to comply with PPACA while maintaining the intended economic benefit to Executive.
View Source

Examples of Health Severance in a sentence

  • The parties agree that notwithstanding anything in the CVS Health Severance Plan to the contrary, any cash payments made to Employee under paragraph 3 of this Agreement shall: (a) not be subject to mitigation; and (b) in the event of Employee’s death, be paid to Employee’s estate in the form of a lump sum as soon as practicable, but in no event later than 60 days following death.

  • As part of its severance benefits to Employee, CVS will also provide Employee with outplacement assistance pursuant to the CVS Health Severance Plan for Non-Store Employees.

  • The parties agree that notwithstanding anything in the CVS Health Severance Plan to the contrary, any payments made under paragraph 3 of this Agreement shall (a) not be subject to mitigation; and (b) in the event of Employee’s death, be paid to Employee’s estate in the form of a lump sum as soon as practicable, but in no event later than 60 days following death.

  • It replaces all previous terms and conditions for Property Technicians including: Central Trains Limited, Train Maintenance Staff Restructuring Agreement, Incorporating Reviewed Terms and Conditions dated 19th May 1997, reviewed 20th January 1998 (with the exception of Appendix M Ill Health Severance Arrangements) and Facilities Management Technicians and Senior Technicians agreement dated 2005.

  • If Executive’s employment terminates pursuant to this Section 6(f) due to the Company providing Executive notice of non-renewal pursuant to Section 3, then the Company shall pay or provide Executive the following: (i) the Accrued Obligations; (ii) the Severance Payment; (iii) the Supplemental Severance Payment; (iv) the Accrued Bonus to the extent applicable; and (v) the Health Severance.

  • If Executive resigns his employment for Good Reason pursuant to this Section 6(e), the Company shall pay or provide Executive the following: (i) the Accrued Obligations; (ii) the Severance Payment; (iii) the Supplemental Severance Payment; (iv) the Accrued Bonus to the extent applicable; and (v) the Health Severance.

  • If Executive’s employment is terminated by the Company without Cause, the Company shall pay or provide Executive the following: (i) the Accrued Obligations (defined in Section 6(h)(ii)); (ii) the Severance Payment (defined in Section 6(h)(ix); (iii) the Supplemental Severance Payment (defined in Section 6(h)(x)); (iv) the Accrued Bonus to the extent applicable (defined in Section 6(h)(i)); and (v) the Health Severance (defined in Section 6(h)(viii)).

  • Executive will be entitled to receive the Severance Payment, the Supplemental Severance Payment, the Accrued Bonus, the Health Severance, the COC Severance Payment, the COC Supplemental Severance Payment, and the Accelerated Vesting, as applicable, only if he executes, delivers and does not revoke the Release within 60 days after his termination date and he complies with his Continuing Obligations.

  • Notwithstanding the preceding sentence, if Executive resigns his employment for Good Reason within one year following, or three months preceding, a Change of Control, the Company shall pay or provide Executive the following: (u) the Accrued Obligations; (v) the COC Severance Payment; (w) the COC Supplemental Severance Payment; (x) the Accrued Bonus to the extent applicable; (y) the Health Severance; and (z) the Accelerated Vesting, to the extent applicable.

  • The Teacher will be paid the difference to the employee over the Teacher’s years remaining in the District.

Related to Health Severance

  • CIC Severance Plan means the Company’s Change in Control Severance Plan, as may be amended from time to time, or any successor plan, program or arrangement thereto.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

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