Subsidized COBRA Sample Clauses
Subsidized COBRA. Subject to Employee timely electing continuation coverage under Title X of the Consolidated Budget Reconciliation Act of 1985 (“COBRA”), the Company shall subsidize Employee and his eligible dependent’s COBRA premiums so that Employee pays the same premium as an active employee of the Company for a period equal to the lesser of (i) twelve months following the Employee’s termination date, or (ii) the date upon which Employee becomes covered under the group health plans of another employer with comparable group health benefits and levels of coverage.
Subsidized COBRA. If Executive timely elects to continue his health insurance coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986 ("COBRA"), the Company will reimburse Executive for all COBRA premiums for eighteen (18) months unless COBRA coverage earlier terminates.
Subsidized COBRA. Subject to your eligibility for, and timely election of, continued health care coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), for up to twelve (12) months after the Separation Date, the Company will subsidize your COBRA premiums to continue health care coverage (including coverage for your eligible dependents, if applicable), such that you will only be required to pay the contributions that active employees are required to pay during such period; provided that, no subsidy payments will be made with respect to any month following the date on which you either become ineligible for COBRA coverage or you become eligible for group health insurance coverage in connection with new employment (a “Disqualifying Event”). You are required to notify the Company within five (5) days of becoming aware that a Disqualifying Event has occurred or will occur. If at any time the Company determines, in its sole discretion, that the COBRA premium subsidy reasonably could result in the Company or you incurring additional costs, penalties or taxes under applicable law (including, without limitation, Section 2716 of the Public Health Service Act and Section 105(h) of the U.S. Internal Revenue Code) then in lieu of paying the COBRA premium subsidy on your behalf, the Company will instead pay to you on the last day of each remaining month for which you are entitled to the COBRA subsidy, a fully taxable cash payment equal to the COBRA subsidy for that month. For the avoidance of doubt, following the expiration of the period of subsidized COBRA set forth in this paragraph 4(b), you may continue your health insurance coverage under COBRA at your own expense to the extent permitted under applicable law. Whether you choose to elect COBRA coverage continuation is your choice, and you are encouraged to consider all of your benefits options before making any decision, as this may impact your ability to later obtain alternative coverage outside of open enrollment periods;
Subsidized COBRA. The Company shall pay you a lump sum payment in the amount of $350.26, which represents the full amount of COBRA premium for your group health coverage monthly premium as if you were an active employee for a period of time that corresponds to your gross amount of Severance Pay (“Severance Period”). This payment shall be subject to standard withholding and payroll deductions and shall be paid as soon as administratively feasible after the Effective Date of this Agreement as defined below.