Document ID: 10560

Text:
(iii)during the period beginning on the termination date and ending on the earlier of (A) the date on which the Executive first becomes covered by any other equally advantageous group health plan as described in section 4980B(g)(2) of the Internal Revenue Code of 1986 , as amended (the CODE) or (B) 12-months following the termination date (the COVERAGE PERIOD), if the Executive is eligible for and timely elects to receive continued health coverage under the Corporations health plan under COBRA at a level of coverage at or below the Executives level of coverage in effect on the termination date, and the Executive pays the full monthly COBRA premium cost for such health coverage, the Corporation shall reimburse the Executive monthly an amount equal to the monthly cost of continuing coverage of the applicable benefit plans under COBRA , to the extent the Executive and the Executives dependents, as applicable, elect and qualify for such coverage (the COBRA REIMBURSEMENT). The payments under this subsection (iii) shall commence within 60 days after the termination date and the first payment shall include any payments for the period from the termination date to the first payment date. The Corporation shall reimburse the Executive under this subsection only for the portion of the Coverage Period during which the Executive continues coverage under the Corporations health plan. The Executive agrees to promptly notify the Corporation of the Executives coverage under an alternative health plan upon becoming covered by such alternative plan. The COBRA health care continuation coverage period under section 4980B of the Code shall run concurrently with the Coverage Period.

Named Entities:
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Regulation
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Act
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TerminationDate
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Act
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Act
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Act
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Act
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Act

Tokenized Text:
(
iii
)
during
the
period
beginning
on
the
termination
date
and
ending
on
the
earlier
of
(
A
)
the
date
on
which
the
Executive
first
becomes
covered
by
any
other
equally
advantageous
group
health
plan
as
described
in
section
4980B
(
g
)
(
2
)
of
the
Internal
Revenue
Code
of
1986
,
as
amended
(
the
CODE
)
or
(
B
)
12-months
following
the
termination
date
(
the
COVERAGE
PERIOD
)
,
if
the
Executive
is
eligible
for
and
timely
elects
to
receive
continued
health
coverage
under
the
Corporations
health
plan
under
COBRA
at
a
level
of
coverage
at
or
below
the
Executives
level
of
coverage
in
effect
on
the
termination
date
,
and
the
Executive
pays
the
full
monthly
COBRA
premium
cost
for
such
health
coverage
,
the
Corporation
shall
reimburse
the
Executive
monthly
an
amount
equal
to
the
monthly
cost
of
continuing
coverage
of
the
applicable
benefit
plans
under
COBRA
,
to
the
extent
the
Executive
and
the
Executives
dependents
,
as
applicable
,
elect
and
qualify
for
such
coverage
(
the
COBRA
REIMBURSEMENT
)
.
The
payments
under
this
subsection
(
iii
)
shall
commence
within
60
days
after
the
termination
date
and
the
first
payment
shall
include
any
payments
for
the
period
from
the
termination
date
to
the
first
payment
date
.
The
Corporation
shall
reimburse
the
Executive
under
this
subsection
only
for
the
portion
of
the
Coverage
Period
during
which
the
Executive
continues
coverage
under
the
Corporations
health
plan
.
The
Executive
agrees
to
promptly
notify
the
Corporation
of
the
Executives
coverage
under
an
alternative
health
plan
upon
becoming
covered
by
such
alternative
plan
.
The
COBRA
health
care
continuation
coverage
period
under
section
4980B
of
the
Code
shall
run
concurrently
with
the
Coverage
Period
.