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ARTICLE I. <br />INTRODUCTION <br />1.1 Establishment. Elk River Municipal Utilities (hereinafter the 'Employer"), hereby amends and <br />restates, effective January 1, 2008, the Elk River Municipal Utilities Flexible Benefits Plan (the <br />"Plan'. <br />1.2 Purpose. The purpose of the Plan is to provide Participants with a choice between cash and <br />certain "qualified benefits" as defined in Section 125 of the Code. [See Illustration 1 on Page 2 <br />of this Plan.] The Plan is intended to qualify as a "cafeteria plan" under Section 125 of the Code <br />so that Optional Benefits a Participant elects to receive under the Plan will be eligible for <br />exclusion from the Participant's gross income to the fullest extent possible under the Code. <br />1.3 HIPAA Privacy and Security Rules. Portions of this Plan are "covered entities" for purposes <br />of the Privacy Rules and the Security Rules. <br />1.4 Gender and Number. Pronoun references in this Plan shall be deemed to be of any gender <br />relevant to the context, and words used in the singular may also include the plural. <br />©2007 Hitesman & Associates, P.A. 1 Elk River Municipal Utilities <br />122707 Flexible Benefits Plan <br />