employee benefits or otherwise, including, but not limited to, any and all obligations arising under any alleged written or oral employment agreement, policy, plan, practice or procedure of the Company and its affiliates and/or any alleged understanding or arrangement between the Participant and the Company. Notwithstanding anything to the contrary in this Plan, the Plan Administrator may increase or decrease a Participants award in its sole and absolute discretion.
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HOW AND WHEN BENEFITS WILL BE PAID
Severance pay and benefits are subject to applicable federal, state and local tax deductions and withholding following the effective date of the applicable Agreement and General Release. Payments of cash which are designated above as lump sum payments shall be paid as soon as administratively feasible after your date of termination but in no event later than two and one half months after the end of the year in which such termination occurs. Other payments shall be made at the time designated above.
If you are or become eligible for any severance or notice payments or benefits pursuant to any federal, state or local law, severance pay benefits under this plan will be offset by such severance or notice payments or benefits.
You shall not be eligible after your date of termination for continued coverage under the Companys medical/dental plans (except to the extent you elect to continue such coverage as under the Consolidated Omnibus Budget Reconciliation Act of 1985 COBRA). If you elect COBRA coverage but do not make the first payment for COBRA coverage within 45 days of your COBRA election and thereafter pay for COBRA by the first of each month, you must repay any amount set forth above which is based upon the value of the medical, dental and vision coverage that you had enrolled in prior to your termination.
ARTICLE V - GENERAL PROVISIONS OF THE PLAN
(a) Termination of Your Coverage. Coverage under this Plan ends when you are no longer considered a Participant.
(b) Termination, Amendment and Modification. Notwithstanding anything in this Plan to the contrary, the Company expressly reserves the right, at any time, for any reason, without limitation, and in its sole and absolute discretion, to terminate, amend or modify the Plan and any or all of the benefits provided thereunder, either in whole or in part, whether as to all persons covered thereby or as to one or more groups thereof. The termination, amendment or modification of the Plan shall be effected by a document in writing.
(c) No Additional Rights Created. Neither the establishment of this Plan, nor any modification thereof, nor the payment of any benefits hereunder, shall be construed as giving to any Participant, Eligible Employee (or any beneficiary of either), or other person any legal or equitable right against the Company or any officer, director or employee thereof; and in no event shall the terms and conditions of employment by the Company of any Eligible Employee be modified or in any way affected by this Plan. There is no promise of employment of any kind by the Company