Health Benefit Coverage. In addition to the Change in Control Benefit, until the expiration of twenty-four (24) month(s) (the “Health Coverage Period”), commencing on the date of Executive’s Termination Date the Employer shall maintain in full force and effect for the continued benefit of the Employee and the Employee’s dependents all Employer-sponsored group health care coverage in which the Employee participated as of his or her Termination Date, after which Employee shall be entitled to any health care coverage continuation rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA Rights”) and/or under the Cal-COBRA law, if applicable (“California COBRA Rights”). If the terms of any insurance policy or HMO coverage providing benefits under any Employer-sponsored group health coverage plan of the Employer do not permit continued participation by the Employee and the Employee’s dependents as required by this Agreement, then Employee shall be entitled to health care coverage continuation rights under COBRA or the Cal-COBRA law, if applicable, in which case and Employer will bear the full cost of COBRA or and California COBRA Rights continuation coverage for the Employee and the Employee’s qualified dependents, which shall be paid directly to the applicable provider on a monthly basis, provided Employee timely elects COBRA or Cal-COBRA continuation coverage for Employee and/or Employee’s qualified dependents, until the expiration of the Health Coverage Period after which any further COBRA or Cal-COBRA continuation coverage shall be at Employee’s sole expense. Notwithstanding the foregoing, the amount of Cal-COBRA Rights provided during a calendar year may not affect Cal-COBRA Rights to be provided in any other calendar year. Tamalpais Bancorp Change in Control Page 5
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Health Benefit Coverage. In addition to the Change in Control Benefit, until the expiration of twenty-four eighteen months (2418) month(s) (the “Health Coverage Period”), commencing on the date of Executive’s Termination Date the Employer shall maintain in full force and effect for the continued benefit of the Employee and the Employee’s dependents all Employer-sponsored group health care coverage in which the Employee participated as of his or her Termination Date, after which Employee shall be entitled to any health care coverage continuation rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA Rights”) and/or under the Cal-COBRA law, if applicable (“California COBRA Rights”). If the terms of any insurance policy or HMO coverage providing benefits under any Employer-sponsored group health coverage plan of the Employer do not permit continued participation by the Employee and the Employee’s dependents as required by this Agreement, then Employee shall be entitled to health care coverage continuation rights under COBRA or the Cal-COBRA law, if applicable, in which case and Employer will bear the full cost of COBRA or and California COBRA Rights continuation coverage for the Employee and the Employee’s qualified dependents, which shall be paid directly to the applicable provider on a monthly basis, provided Employee timely elects COBRA or Cal-COBRA continuation coverage for Employee and/or Employee’s qualified dependents, until the expiration of the Health Coverage Period after which any further COBRA or Cal-COBRA continuation coverage shall be at Employee’s sole expense. Notwithstanding the foregoing, the amount of Cal-COBRA Rights provided during a calendar year may not affect Cal-COBRA Rights to be provided in any other calendar year. Tamalpais Bancorp Change in Control Page 5.
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