Benefits Continuation Contract Clauses (17)

Grouped Into 2 Collections of Similar Clauses From Business Contracts

This page contains Benefits Continuation clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Benefits Continuation. Employee's group health insurance coverage through Company will end in accordance with the terms of the Company's health insurance plan. 2 Employee will receive a separate notice explaining his right to continuation and conversion of his health benefits under the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA") and/or any applicable state law.
Found in AxoGen, Inc. contract
Benefits Continuation. Employee's group health insurance coverage through Company will end in accordance with the terms of the Company's health insurance plan. 2 Employee will receive a separate notice explaining his right to continuation and conversion of his health benefits under the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA") and/or EAST\163455543.1 any applicable state law. Should Employee wish to continue his group health benefits coverage, except as set forth below, Employee will be responsible for... paying the premium in full each month. View More
Found in AxoGen, Inc. contract
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Benefits Continuation. In the event of a Covered Termination, a Covered Employee shall, subject to Section 6 hereof and provided the Covered Employee is eligible for and timely elects to continue receiving group health insurance coverage under the law known as COBRA, also be entitled to payment by the Company of the portion of the monthly premiums for such coverage that the Company pays for active and similarly situated employees receiving the same type of coverage, for the period ending upon the earlier of the expira...tion of the applicable Benefits Continuation Period (as determined in accordance with the table below based 8 on the Covered Employee's title and the type of Covered Termination experienced) and the date on which the Covered Employee becomes eligible to receive group health insurance coverage through another employer (such benefit, the "Benefits Continuation"); provided, however, that should the Covered Employee become eligible during the Severance Period to receive group health insurance coverage through another employer, the Covered Employee shall be required to immediately notify the Company in writing of the date of eligibility for such coverage; and provided, further, that the Benefits Continuation shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. Title of Participant Benefits Continuation Period – Non-Change in Control Termination Benefits Continuation Period –Change in Control Termination Chief Executive Officer 12 months 18 months C-Level (other than CEO), Senior Vice President, Section 16 Officer 9 months 12 months Vice President N/A 9 months 9. Equity Awards. In the event of a Change in Control Termination, subject to Section 6 hereof and except to the extent provided otherwise in the applicable award agreement, all of the Covered Employee's equity awards that are outstanding and unvested as of such termination, will vest and become fully exercisable or non-forfeitable on the date of such termination. Except to the extent set forth herein, in the event of a Covered Termination all of the Covered Employee's equity awards will continue to be dictated by the terms of the applicable award agreements. View More
Found in Dyne Therapeutics, Inc. contract
Benefits Continuation. In the event of a Covered Termination, a Covered Employee shall, subject Subject to Section 6 hereof and provided the 6, if a Covered Employee is eligible for and timely elects elect to continue receiving group health insurance coverage under COBRA following a Covered Termination, the law known as Company will pay the COBRA group health insurance premiums for the Covered Employee and his or her eligible dependents until the earliest of (A) the close of the applicable Benefits Continuation Period..., (B) the expiration of the Covered Employee's eligibility for the continuation coverage under COBRA, also be entitled or (C) the date when the Covered Employee become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to payment COBRA premiums shall not include any amounts payable by the Covered Employee under a Section 125 health care reimbursement plan under the Code. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the portion Public Health Service Act), then regardless of whether the Covered Employee elects continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay the Covered Employee on the last day of each remaining month of the monthly applicable Benefits Continuation Period, a fully taxable cash payment equal to the COBRA premiums for such coverage that month, subject to applicable tax withholdings (such amount, the "Health Care Benefit Payment"). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA premiums would otherwise have been paid and shall be equal to the amount that the Company pays would have otherwise paid for active COBRA premiums, and similarly situated employees receiving the same type of coverage, for the period ending upon shall be paid until the earlier of the (i) expiration of the applicable Benefits Continuation Period (as determined in accordance with the table below based 8 on the Covered Employee's title and the type of Covered Termination experienced) and or (ii) the date on which the Covered Employee becomes eligible to receive group voluntarily enroll in a health insurance coverage through plan offered by another employer (such benefit, the "Benefits Continuation"); provided, however, that should the Covered Employee become eligible during the Severance Period to receive group health insurance coverage through another employer, the Covered Employee shall be required to immediately notify the Company in writing of the date of eligibility for such coverage; and provided, further, that the Benefits Continuation shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. entity. 5 Title of Participant Benefits Continuation Period – Non-Change in Control Termination Benefits Continuation Period –Change – Change in Control Termination Chief Executive Officer 12 months 18 months C-Level (other than CEO), Senior Vice President, Section 16 Officer 9 CEO) 12 months 12 months Vice President N/A 9 6 months 6 months 9. Equity Awards. In the event of a Change in Control Termination, subject to Section 6 hereof and except to the extent provided otherwise in the applicable award agreement, all of the Covered Employee's equity awards that were granted on or after the Company's initial public offering and are outstanding and unvested as of such termination, termination and that vest based on the Covered Employee's continued service with the Company, will vest and become fully exercisable or non-forfeitable on the date of such termination. Any equity awards that were granted on or after the Company's initial public offering and are subject to vesting based on the attainment of performance goals shall vest and become exercisable according to their individual award agreements. For the avoidance of doubt, a Covered Employee's equity awards may also be subject to potential vesting acceleration that may occur in connection with a Change in Control as set forth in the equity incentive plan under which the equity award was granted, and, for clarity, to the extent a Covered Employee's unvested equity award is assumed, continued or substituted for in a Change in Control pursuant to such applicable equity incentive plan, the vesting acceleration described in this Section shall apply to such assumed, continued or substituted award, as applicable. Except to the extent set forth herein, in the event of a Covered Termination all of the Covered Employee's equity awards will continue to be dictated by the terms of the applicable award agreements. View More
Found in Vor Biopharma Inc. contract
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