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.
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.
Examples of Welfare Benefit Amount in a sentence
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.
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.