Document ID: 11467

Text:
| (iii)| If the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 ( COBRA ), the Corporation shall reimburse the Executive for the difference between the monthly COBRA premium amount paid by the Executive for his and his eligible dependents group health insurance coverage and the monthly premium amount paid by similarly situated active employees of the Corporation. Such reimbursement shall be paid to the Executive by the tenth day of the month immediately following the month in which the Executive timely remits the COBRA premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (A) twenty-four (24) months following the Executives termination; or (B) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer. If Executive becomes ineligible for COBRA coverage before either of these events occur, the Corporation shall continue payments in the same amount to Executive for the remainder of the applicable time period. Notwithstanding the foregoing, if the Corporations payments under this Section 8(a)(iii) would violate the nondiscrimination rules applicable to non-grandfathered plans or would result in the imposition of penalties under applicable law, the parties agree to reform this Section 8(a)(iii) in a manner as is necessary to comply with applicable law. ---|---|---

Named Entities:
16
21
Act
23
23
Act
38
38
Act
96
96
Act
153
153
Act

Tokenized Text:
|
(
iii
)
|
If
the
Executive
timely
and
properly
elects
continuation
coverage
under
the
Consolidated
Omnibus
Reconciliation
Act
of
1985
(
COBRA
)
,
the
Corporation
shall
reimburse
the
Executive
for
the
difference
between
the
monthly
COBRA
premium
amount
paid
by
the
Executive
for
his
and
his
eligible
dependents
group
health
insurance
coverage
and
the
monthly
premium
amount
paid
by
similarly
situated
active
employees
of
the
Corporation
.
Such
reimbursement
shall
be
paid
to
the
Executive
by
the
tenth
day
of
the
month
immediately
following
the
month
in
which
the
Executive
timely
remits
the
COBRA
premium
payment
.
The
Executive
shall
be
eligible
to
receive
such
reimbursement
until
the
earliest
of
:
(
A
)
twenty-four
(
24
)
months
following
the
Executives
termination
;
or
(
B
)
the
date
on
which
the
Executive
becomes
eligible
to
receive
substantially
similar
coverage
from
another
employer
.
If
Executive
becomes
ineligible
for
COBRA
coverage
before
either
of
these
events
occur
,
the
Corporation
shall
continue
payments
in
the
same
amount
to
Executive
for
the
remainder
of
the
applicable
time
period
.
Notwithstanding
the
foregoing
,
if
the
Corporations
payments
under
this
Section
8
(
a
)
(
iii
)
would
violate
the
nondiscrimination
rules
applicable
to
non-grandfathered
plans
or
would
result
in
the
imposition
of
penalties
under
applicable
law
,
the
parties
agree
to
reform
this
Section
8
(
a
)
(
iii
)
in
a
manner
as
is
necessary
to
comply
with
applicable
law
.
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