McKesson 2005 Annual Report Download - page 195

prescribed form with the Company at any time during the Election Period. The “Election Period” begins on or before the date of the Qualifying
Event applicable to the individual and ends 60 days following the later of the date of such Qualifying Event or the date notice of availability of
COBRA Continuation Coverage is sent to the individual pursuant to (b) below. Any election of COBRA Continuation Coverage which is not
made during the Election Period shall be void. An election by the Executive or by the surviving Spouse or such Executive’s Domestic Partner,
or former Spouse of an Executive will be deemed an election of COBRA Continuation Coverage on behalf of any Dependent who would lose
coverage by reason of the same Qualifying Event; provided, however, that a Dependent (other than a minor child) may elect COBRA
Continuation Coverage for himself if the Executive or the Spouse or such Executive’s Domestic Partner or former Spouse of the Executive
does not elect COBRA Continuation Coverage for the Dependent. The election shall be effective as of the first day that the individual
otherwise would lose coverage under the Plan. The former Spouse, surviving Spouse or surviving Domestic Partner or child of an Executive
who individually elects COBRA Continuation Coverage pursuant to this Section I.4. a shall be treated as an Executive for all Plan purposes,
including the required contributions under Section I.5.
b. Notice by Employer. Within 44 days following the date that the Executive ceases to be an Executive as a result of a termination of
employment, the Company or employing subsidiary shall notify the Executive and each Dependent of the Executive of the right to elect
COBRA Continuation Coverage under this Section I. Within 44 days following an Executive’s death, the Company shall notify each
Dependent of the Executive of the right to elect COBRA Continuation Coverage under this Section I. Within 14 days following receipt of a
timely notice described in Section I.4.c. below, the Company shall notify each Dependent of the right to elect COBRA Continuation Coverage.
Notification to the Spouse or Domestic Partner of the Executive will be deemed notification to all other Dependents of the Executive.
c. Notice by Executive or Dependent. Each Executive or Dependent is responsible for notifying the Company or employing subsidiary of
the divorce of the Executive and the Executive’s Spouse or the termination of a Domestic Partnership or the loss of status as a Dependent child.
Such notification must be made within 60 days following such divorce, termination of a Domestic Partnership or loss of Dependent status.
Each Executive or Dependent is responsible for notifying the Company or employing subsidiary within 30 days of a determination by the
Social Security Administration that such Executive or Dependent is disabled within 18 months following the loss of coverage due to the
Qualifying Event. Each Executive or Dependent is also responsible for notifying the Company or employing subsidiary of a later final
determination by the Social Security Administration that such individual is no longer disabled within 30 days following such determination.
d. Notice to the Insurance Company. As often as the Company or a party to whom such responsibility is properly delegated by the
Company deems appropriate, the Company will notify the Insurance Company of an individual’s status as an Executive or Dependent under
this Section I.
5. COBRA Contributions.
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