Severance Benefit Term definition

Severance Benefit Term means one (1) year from the date Employee terminates his employment for Good Reason, or Employee’s employment is terminated by Company other than for Cause or by reason of Disability; provided however that Company’s obligation to provide Severance Benefits (i) shall terminate upon Employee becoming eligible for coverage under the medical benefits program of a subsequent employer and (ii) shall not be construed to extend any period of continuation coverage (e.g. COBRA) required by U.S. federal law.

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Severance Benefit Term means one (1) year from the date Employee terminates his employment for Good Reason, or Employee’s employment is terminated by Company other than for Cause.

Severance Benefit Term means the period of time from the date of Employee’s termination by Company other than for Cause through the End Date; provided, however, that Company’s obligation to provide Severance Benefits (i) shall terminate upon Employee becoming eligible for coverage under the medical benefits program of a subsequent employer and (ii) shall not be construed to extend any period of continuation coverage (e.g., COBRA) required by U.S. federal law.

Examples of Severance Benefit Term in a sentence

If Employee is terminated pursuant to this Section 4.2, Company shall pay to Employee (or his legal representative): (i) Severance, payable as described in Section 4.4.1(e), (ii) the Acceleration Payment, payable as described in Section 4.4.1(b), (iii) Severance Benefits for the Severance Benefit Term, and (iv) all reasonable expenses actually incurred or paid by Employee in the performance of his duties hereunder prior to the date of termination due to disability.
Following the termination of Employee hereunder or the expiration of the Severance Benefit Term (as defined in Section 4.4.1(e)), Employee and his eligible dependents shall be eligible for health care continuation under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) to the extent authorized by law and at Employee’s own cost.
If Employee is terminated pursuant to this Section 4.2, Company shall pay to Employee (or his legal representative): (i) Severance, payable as described in Section 4.4.1(c), (ii) the Acceleration Payment, payable as described in Section 4.4.1(a), (iii) Severance Benefits for the Severance Benefit Term, and (iv) all reasonable expenses actually incurred or paid by Employee in the performance of his duties hereunder prior to the date of termination due to disability.
Following the termination of Employee hereunder or the expiration of the Severance Benefit Term (if applicable), Employee and his eligible dependents shall be eligible for health care continuation under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) to the extent authorized by law and at Employee’s own cost.
For purposes of this Section 9.2, termination of this Agreement during the Severance Benefit Term as the result of the approval by the security holders of the Company of any plan or proposal for the liquidation or dissolution of the Company shall be deemed a termination without Good Cause.
If Company fails to timely cure or remedy the Material Change, then effective as of the Termination Date, this Agreement shall terminate and, subject to Executive’s compliance with Section 10.2(c) and provided that the Material Change occurred during the Severance Benefit Term, Executive shall be entitled to receive the Severance Pay and Severance Equity Incentive.
If Employee is terminated pursuant to this Section 4.2, Company shall pay or provide to Employee (or his legal representative): (i) Severance, payable as described in Section 4.4.1(c), (ii) the Acceleration Payment, payable as described in Section 4.4.1(a), (iii) Severance Benefits for the Severance Benefit Term, and (iv) all reasonable expenses actually incurred or paid by Employee in the performance of his duties hereunder prior to the date of termination due to disability.
Following the termination of Employee hereunder or, if later, the expiration of any Severance Benefit Term (as defined in Section 4.4.1(e)), Employee and his eligible dependents shall be eligible for health care continuation under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) to the extent authorized by law and at Employee’s own cost.
Following the termination of Employee hereunder or, if later, the expiration of any Severance Benefit Term (as defined below), Employee and his eligible dependents shall be eligible for health care continuation under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) to the extent authorized by law and at Employee’s own cost.
Following the termination of Employee hereunder or the expiration of the Severance Benefit Term (as defined in Section 4.4.1(g)), Employee and his eligible dependents shall be eligible for health care continuation under the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA") to the extent authorized by law and at Employee’s own cost.

More Definitions of Severance Benefit Term

Severance Benefit Term means the time period during which, if Executive’s employment is terminated by Company without Good Cause or if Executive has Good Reason to terminate this Agreement, Executive shall be entitled to receive the Severance Pay and Severance Equity Incentive. The Severance Benefit Term shall be a period of two years commencing on the Effective Date; provided, however, that the Severance Benefit Term shall automatically be extended for a third year unless, prior to the expiration of the first two years, the Company gives Executive written notice of its election not have the Severance Benefit Term extended for such third year.