Common use of Corporate Benefit Plans Clause in Contracts

Corporate Benefit Plans. (a) Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Bank for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change. (b) The Bank shall provide Employee with a disability insurance policy providing benefits commensurate with other employees as so amended by the Board from time to time. (c) The Bank shall pay the premiums on group term insurance on the life of Employee in an amount equal to two times his base salary under a qualified group benefits plan as secured by the Bank.