Welfare Benefit Amount definition

Welfare Benefit Amount means an amount equal to the product of (1) 24 months multiplied by (2) the monthly cost of maintaining medical, dental, disability and life insurance coverages for the Executive (and the Executive’s spouse and eligible dependents), in each case as in effect immediately prior to the Date of Termination (under a group health insurance plan of the Company for purposes of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) to the extent such coverages are available via COBRA), with such amount divided into equal monthly portions and payable in accordance with the Company’s regular pay practices for 24 months from the Date of Termination; provided, however, that the Company shall have the right to cease making payments in respect of the Welfare Benefit Amount upon or at any time following the earlier of (A) the expiration of the period for which the Executive receives severance pay pursuant this Agreement or (B) the date the Executive has commenced new employment and has thereby become eligible for comparable benefits.
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Welfare Benefit Amount means an amount equal to the monthly cost of maintaining medical, dental, disability and life insurance coverages for the Executive (and the Executive's spouse and eligible dependents), in each case as in effect immediately prior to the Date of Termination (under a group health insurance plan of the Company for purposes of COBRA to the extent such coverages are available via COBRA); provided, however, that the Company shall have the right to cease making payments in respect of the Welfare Benefit Amount upon or at any time following the date the Executive has commenced new employment and has thereby become eligible for comparable benefits.
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Examples of Welfare Benefit Amount in a sentence

  • If the Executive’s employment is terminated by reason of the Executive’s Permanent Disability, the Executive shall be entitled to receive, as the Executive’s exclusive right and remedy in respect of such termination: the payment of (A) all Accrued Obligations; (B) the Pro Rata Bonus; and (C) the Welfare Benefit Amount.

  • To the extent any severance payments or Welfare Benefit Amount payments are scheduled to be paid in accordance with the Company’s regular pay practices, any such installments will be suspended and paid in arrears on the 60th calendar day following the Executive’s termination of employment.

Related to Welfare Benefit Amount

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Welfare Benefit Plan means each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating at the time of the Change in Control.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Parent Benefit Plans has the meaning set forth in Section 5.07(b).

  • Buyer Benefit Plans has the meaning set forth in Section 6.10(f).

  • Seller Benefit Plans has the meaning set forth in Section 4.8(a).

  • Seller Benefit Plan means each Benefit Plan sponsored, maintained or contributed to by Seller or any of its Subsidiaries or with respect to which Seller or any of its Subsidiaries is a party and in which any Employee is or becomes eligible to participate or derive a benefit.

  • Purchaser Benefit Plans has the meaning set forth in Section 8.7(d).

  • Parent Benefit Plan means an Employee Benefit Plan sponsored, maintained, or contributed to (or required to be contributed to) by Parent or any of its Subsidiaries, or under or with respect to which Parent or any of its Subsidiaries has any current or contingent liability or obligation.

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Extended benefit period means a period which:

  • Defined Benefit Plan Fraction means a fraction, the numerator of which is the projected annual benefit (determined as of the close of the relevant Plan Year) of the Participant under all Defined Benefit Plans maintained by one or more Related Companies, and the denominator of which is the lesser of (i) the product of 1.25 multiplied by the dollar limitation in effect under Section 415(b)(1)(A) of the Code for the Plan Year, or (ii) the product of 1.4 multiplied by the amount which may be taken into account under Section 415(b)(1)(B) of the Code with respect to the Participant for the Plan Year.

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Welfare Plan means a “welfare plan” as defined in Section 3(1) of ERISA.

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Qualified Benefit Plan has the meaning set forth in Section 3.20(c).

  • Business Benefit Plan means each Benefit Plan that is contributed to, sponsored, maintained or entered into by Seller or a Retained Subsidiary, a Purchased Subsidiary or any Affiliate of any of them for the benefit of any Business Employee.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;