Common use of Benefit Plans and Programs Clause in Contracts

Benefit Plans and Programs. During the Employment Period, to the extent permitted by applicable law and subject to the terms and eligibility requirements of any such plan or program, Employee will be eligible to participate in all benefit plans, arrangements, programs and practices (each a “Benefit Plan”), including improvements or modifications of the same, that are available to other senior executives of the Company and its Affiliates from time to time, subject to the eligibility requirements and other terms and conditions of such Benefit Plans, which Benefit Plans shall (at all times during the Employment Period) provide benefits to Employee that are substantially comparable in the aggregate to those provided to Employee by EPEPM as of the day immediately preceding the Effective Date; provided, however, that (i) such comparability shall be determined without regard to any equity-based incentive compensation, defined benefit pension plan, any retiree medical or other post-retirement welfare plan, or benefits under any frozen employee benefit plan and (ii) such benefits shall be subject to market adjustment to reflect, among other things, the addition of a company medical insurance subsidy and the absence of benefit accruals under any defined benefit plan or supplemental executive retirement plan. The Company will establish a 401(k) plan with a dollar-for-dollar match up to 6% of eligible compensation plus a profit-sharing contribution in an amount sufficient so that the retirement benefits provided to Employee are substantially comparable in the aggregate to those provided as of the date immediately preceding the Effective Date (provided that in no event will the profit sharing contribution exceed 5% of eligible compensation) and will continue to provide long-term disability, life and travel accident benefits. The Company will not, however, by reason of this Section 5(b) be obligated either (i) to institute, maintain, or refrain from changing, amending, or discontinuing any such Benefit Plan, or (ii) to provide Employee with all benefits provided to any other person or individual employed by the Company or any of its Affiliates, in each case so long as the Company provides Employee with benefits that are substantially comparable in the aggregate to the benefits described pursuant to this paragraph.