Document ID: 10631

Text:
(iii) Benefits Payments. Upon completion of appropriate forms and subject to applicable terms and conditions under the Consolidated Omnibus Budget Reconciliation Act of 1985 , as amended ( COBRA ), Company shall continue to provide Executive medical insurance coverage to the same extent that such insurance continues to be provided to similarly situated executives at the time of Executives termination with the cost of the regular premium for such benefits shared in the same relative proportion by Company and Executive as in effect on the last day of employment (the COBRA Payment), until the earlier to occur of: (i)twelve (12)months following Executives termination date, or (ii)the date Executive becomes eligible for medical benefits with another employer. Notwithstanding the foregoing, if Executives COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment. Executive shall bear full responsibility for applying for COBRA continuation coverage and Company shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion.

Named Entities:
20
26
Act
31
31
Act
95
95
Act
141
141
Act
172
172
Act
210
210
Act
221
221
Act
240
240
Act

Tokenized Text:
(
iii
)
Benefits
Payments
.
Upon
completion
of
appropriate
forms
and
subject
to
applicable
terms
and
conditions
under
the
Consolidated
Omnibus
Budget
Reconciliation
Act
of
1985
,
as
amended
(
COBRA
)
,
Company
shall
continue
to
provide
Executive
medical
insurance
coverage
to
the
same
extent
that
such
insurance
continues
to
be
provided
to
similarly
situated
executives
at
the
time
of
Executives
termination
with
the
cost
of
the
regular
premium
for
such
benefits
shared
in
the
same
relative
proportion
by
Company
and
Executive
as
in
effect
on
the
last
day
of
employment
(
the
COBRA
Payment
)
,
until
the
earlier
to
occur
of
:
(
i
)
twelve
(
12
)
months
following
Executives
termination
date
,
or
(
ii
)
the
date
Executive
becomes
eligible
for
medical
benefits
with
another
employer
.
Notwithstanding
the
foregoing
,
if
Executives
COBRA
Payment
would
cause
the
applicable
group
health
plan
to
be
discriminatory
and
,
therefore
,
result
in
adverse
tax
consequences
to
Executive
,
Company
shall
,
in
lieu
of
the
COBRA
Payment
,
provide
Executive
with
an
equivalent
monthly
cash
payment
,
minus
deduction
of
all
amounts
required
to
be
deducted
or
withheld
under
applicable
law
,
for
any
period
of
time
Executive
is
eligible
to
receive
the
COBRA
Payment
.
Executive
shall
bear
full
responsibility
for
applying
for
COBRA
continuation
coverage
and
Company
shall
have
no
obligation
to
provide
Executive
such
coverage
if
Executive
fails
to
elect
COBRA
benefits
in
a
timely
fashion
.