Cash and COBRA Severance. The aggregate amount of the Cash and COBRA Severance (as defined in the Offer Letter) will be equal to , plus an amount equal to the cash bonus Employee otherwise would have received under ’s fiscal year bonus plan in which Employee participated as of the Termination Date, based on # Employee’s target bonus opportunity of for ’s fiscal year , and # actual performance for ’s fiscal year compared to the applicable performance metrics set forth under such plan, but with such resulting amount prorated to reflect the portion of ’s 2021 fiscal year during which Employee was an employee of the Company.
COBRA. As of the Separation Date, any group health insurance coverage and/or dental reimbursement coverage Pennypacker may have with the Company will be terminated and applicable COBRA coverage will be made available to Pennypacker. The available coverage is the same coverage that is available for all non-represented employees of the Company. Beginning on the Separation Date, Pennypacker understands that Pennypacker is eligible to elect continued health and/or dental insurance coverage under COBRA. If Pennypacker elects continued coverage under COBRA, the Company agrees to reimburse Pennypacker for 100% of the monthly COBRA cost upon receipt of proof of payment from the Separation Date through eighteen (18) months following the Separation Date (the “COBRA End Date”). To be eligible for reimbursement, Pennypacker must submit proof of payment within 30 days of payment. Pennypacker understands it is Pennypacker’s sole obligation to make these COBRA payments on a monthly basis in order to continue Pennypacker’s health or dental insurance benefits and that failure by Pennypacker to make these payments timely will result in cessation of benefits. If Pennypacker obtains other employment prior to the COBRA End Date that offers any of such insurance coverage, the Company’s obligation to reimburse Pennypacker for COBRA payments will be terminated. Following the COBRA End Date, to the extent Pennypacker has not obtained and does not obtain other employment that offers any of such insurance coverage, the Company will continue to offer continued coverage under its group health and/or dental insurance plan to Pennypacker on the same terms that are available for all non-represented employees of the Company until the second anniversary of the Separation Date (the “Coverage End Date”) and, if Pennypacker elects continued coverage, then the Company will reimburse Pennypacker for 100% of the monthly cost of such coverage upon receipt of proof of payment until the Coverage End Date.
COBRA. The Seller is wholly responsible for complying with all applicable health care continuation coverage requirements under COBRA and related state Laws with respect to the employees of the Seller and the Seller Affiliates as to qualifying events that occur on or prior to the Closing Date, and the Purchaser is wholly responsible for complying with such coverage requirements with respect
COBRA. Notwithstanding any other provision of this Agreement to the contrary, for the avoidance of doubt, and other than for individuals (and their qualified beneficiaries) identified on [Schedule 6.2(b)], the Group (which, for this purpose, is the “Buying Group” as defined in Treas. Reg. [[section 54.4980B-9]9]]9]) will be responsible for providing any required COBRA notices, and for providing COBRA continuation coverage, to all individuals who are “M&A qualified beneficiaries” (as defined in Treas. Reg. [[section 54.4980B-9]9]]9]) with respect to the transactions contemplated by this Agreement and the group health plans maintained by the Group (which, for this purpose is the “Selling Group” as defined in Treas. Reg. [[section 54.4980B-9]9]]9]). If and to the extent that the Buying Group fails to comply with its obligations under this paragraph, each member of the Buying Group will be jointly and severally liable to the Selling Group for all costs, expenses, and liabilities incurred by any member of the Selling Group however characterized (including benefits paid to M&A qualified beneficiaries which the Selling Group’s group health plans would not otherwise have been required to pay).
COBRA. You hereby further acknowledge and agree that, except as otherwise provided in this Agreement, the Termination Date is the date of termination of your employment with the Company for purposes of participation in and coverage under the employee benefit plans and programs maintained by the Company, and that as of the Termination Date you will only be entitled to receive from the Company # the Accrued Rights and # other rights or benefits specifically provided under the terms of this Agreement. As required by law or regulation, you will be eligible to participate in the Company’s medical, dental and vision plans through COBRA after you are no longer employed by the Company.
COBRA Premium. If the Employee elects to receive COBRA benefits upon termination, the Company shall pay the premium for coverage of the Employee and the Employee's eligible spouse and/or dependents under the Company's group health plan(s) pursuant to the Consolidated Omnibus Budget Reconciliation Act for the one-year period beginning on the Termination Date.
COBRA Coverage. Purchaser shall be responsible for perpetuating the group health plan continuation coverages pursuant to Code section 4980B and ERISA [sections 601 through 609] for all current and former Business Employees and their spouses and dependents, regardless of termination date. Purchaser shall indemnify and hold Sellers harmless for any Liability to Sellers incur at any time after the Closing Date under the provisions of Code section 4980B or ERISA [sections 601 through 609] with respect to all current and former Business Employees and their dependents or spouses.
Medical/Dental Coverage: The Employers shall make the payments for COBRA Premiums provided for in [Section 4.3] of the Plan, beginning on the Participant's COBRA start date, for the COBRA Severance Period set forth below:
COBRA premium payments will begin on the Qualifying Employee’s COBRA start date and will be rounded to the end of the month in which the Severance Period ends.
You’ll be notified of your ability to elect continued medical, dental, and vision coverage from the Company, as required by the COBRA continuation requirements of federal law. The severance payment period during which medical, dental, and vision coverage continue won’t count against the maximum period during which you may continue these coverages under COBRA. That is, after your severance pay ends, COBRA continuation may be elected for the maximum period that applies.
My group health coverage will terminate as of the Separation Date, at which point I will have the option to continue group coverage through the Consolidated Omnibus Budget Reconciliation Act ("COBRA") upon timely payment of the required premiums. I understand and agree that provided I timely elect and I am otherwise eligible for COBRA coverage, the Company will subsidize my COBRA monthly premiums for the coverage which I elect during the Severance Period such that my portion of the premium will approximate my regular employee contribution premium. The costs of the Company's portion of any premiums during the Severance Period shall be included in my gross income to the extent the provision of such benefits is deemed to be discriminatory under section 105(h) of the Internal Revenue Code of 1986, as amended (the "Code"). If I obtain new employment during the Severance Period or otherwise become ineligible for COBRA coverage, then the Company's obligation to pay the COBRA premiums will cease. If I continue my COBRA coverage beyond the Severance Period, then I understand that I will be responsible for the full COBRA premium payments.
COBRA Severance Period. The “COBRA Severance Period” means, as applicable, the period of time set forth in the applicable Schedule for an Executive Participant, or, for a Participant other than an Executive Participant, the period of time equal to such Participant’s Weeks of Severance commencing on the first of the month following his or her Termination Date and rounded up to the next whole month, subject to any minimums specified in the Schedules.
Severance. NWL shall pay to the Executive in a single lump sum, within 10 business days following the date of the employment termination, an amount equal to two times the sum of the Executive’s annual base salary plus his target bonus.
Severance. Without limiting the foregoing provisions of this [Section 5.07], for a one (1)-year period following the Closing, for any termination of employment by Buyer other than for cause (as determined in Buyers reasonable discretion), Buyer shall provide, or shall cause to be provided, severance benefits to each Continuing Employee that include at least two weeks of base pay for every year of service with Seller (or any Affiliate thereof) and any respective predecessor, subject to a maximum of fifty-two (52) weeks of base pay per Continuing Employee.
Severance. If Employee’s employment is terminated either by the Company without Cause (as defined above) (and not for death or Disability), or by Employee pursuant to [Section 4(c)] above, then, subject to their execution and non-revocation of a reasonable and customary general release of claims in favor of the Company and its affiliates, Employee shall be entitled to receive the following:
Severance. If Employee’s employment is terminated either by the Company without Cause (as defined above) (and not for death or Disability), or by Employee for Good Reason pursuant to [Section 4(c)] above, then, subject to his execution and non-revocation of a reasonable and customary general release of claims in favor of the Company and its affiliates within sixty (60) days of the Termination Date, Employee shall be entitled to receive the following: # an amount equal to twelve (12) months of his Base Salary in effect as of the Termination Date, paid in accordance with the Company’s normal payroll cycle over the twelve (12) month period following the Termination Date, and # the Company will pay its share of premiums for Employee’s health insurance as currently enrolled on the Termination Date through the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) over the twelve (12) month period following the Termination Date; provided that such payments described in [(i) and (ii)])] shall automatically cease upon Employee’s employment or engagement as a consultant, contractor, or service provider by any person or entity other than the Company within the applicable payment period, of which Employee must provide written notice to Company immediately upon acceptance of such employment or engagement; and provided that such amounts shall be paid in accordance with the Company’s customary payroll practices, and less such deductions as are required by law or that Employee may elect in accordance with Company policy and procedure.
Upon and at any time following the occurrence of an Event of Default, the Agent shall have the right from time to time to partially foreclose any of the Mortgages and/or any of the Pledge Agreements in any manner and for any amounts secured by any of the Mortgages and/or any of the Pledge Agreements then due and payable as determined by the Agent in its sole discretion, including in the following circumstances: # in the event any Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of interest or principal, the Agent may foreclose any of the Mortgages and/or any of the Pledge Agreements or any other security available therefor to recover such delinquent payments, or # in the event the Agent elects to accelerate less than the entire Outstanding Principal Balance, the Agent may foreclose any of the Mortgages and/or any of the Pledge Agreements or any other security therefor to recover so much of the principal balance of the Loan as the Agent may accelerate and such other sums secured by the Mortgages and/or the Pledge Agreements or any other security as the Agent may elect. Notwithstanding one or more partial foreclosures, the Properties and the Collateral shall remain subject to the Mortgages and the Pledge Agreements to secure payment of the sums secured by the Mortgages and/or the Pledge Agreements and not previously recovered. With respect to the Borrowers, the Properties and the Collateral, nothing contained herein or in any other Loan Document shall be construed as requiring the Agent or the Lender to resort to the Properties or the Collateral or any other security for the satisfaction of any of the Debt in any preference or priority, and the Agent and/or the Lender may seek satisfaction out of the Properties and/or the Collateral or any other security, or any part thereof, in its absolute discretion in respect of the Debt.
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