Document ID: 11974

Text:
(vi)Until the earlier of (a)his receipt of equivalent coverage and benefits under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a coverage-by-coverage or benefit-by-benefit basis) or (b)two years after the Executives Termination Date, the Executive and his eligible dependents shall continue to be covered by all medical, vision and dental benefit plans maintained by the Company under which the Executive was covered immediately prior to Executives Termination Date at the same active employee premium cost as a similarly situated active employee; provided, however, that such coverage shall not continue in the event the Company would be subject to any excise tax under Section 4980D of the Code or other penalty or liability pursuant to the provisions of the Patient Protection and Affordable Care Act of 2010 (as amended from time to time), and in lieu of providing the coverage described above, the Company shall instead pay to the Executive a fully taxable monthly cash payment in an amount such that, after payment by the Executive of all taxes on such payment, the Executive retains an amount equal to the Companys portion of the applicable premiums for such month, with such monthly payment being made on the last day of each month for the remainder of such two-year period; provided, further, that such benefits provided during the two-year period shall run concurrent with the health continuation coverage period mandated by Section 4980B of the Code.

Named Entities:
126
127
Regulation
142
149
Act

Tokenized Text:
(
vi
)
Until
the
earlier
of
(
a
)
his
receipt
of
equivalent
coverage
and
benefits
under
the
plans
and
programs
of
a
subsequent
employer
(
such
coverage
and
benefits
to
be
determined
on
a
coverage-by-coverage
or
benefit-by-benefit
basis
)
or
(
b
)
two
years
after
the
Executives
Termination
Date
,
the
Executive
and
his
eligible
dependents
shall
continue
to
be
covered
by
all
medical
,
vision
and
dental
benefit
plans
maintained
by
the
Company
under
which
the
Executive
was
covered
immediately
prior
to
Executives
Termination
Date
at
the
same
active
employee
premium
cost
as
a
similarly
situated
active
employee
;
provided
,
however
,
that
such
coverage
shall
not
continue
in
the
event
the
Company
would
be
subject
to
any
excise
tax
under
Section
4980D
of
the
Code
or
other
penalty
or
liability
pursuant
to
the
provisions
of
the
Patient
Protection
and
Affordable
Care
Act
of
2010
(
as
amended
from
time
to
time
)
,
and
in
lieu
of
providing
the
coverage
described
above
,
the
Company
shall
instead
pay
to
the
Executive
a
fully
taxable
monthly
cash
payment
in
an
amount
such
that
,
after
payment
by
the
Executive
of
all
taxes
on
such
payment
,
the
Executive
retains
an
amount
equal
to
the
Companys
portion
of
the
applicable
premiums
for
such
month
,
with
such
monthly
payment
being
made
on
the
last
day
of
each
month
for
the
remainder
of
such
two-year
period
;
provided
,
further
,
that
such
benefits
provided
during
the
two-year
period
shall
run
concurrent
with
the
health
continuation
coverage
period
mandated
by
Section
4980B
of
the
Code
.