Common use of EMPLOYEE BENEFIT PLANS AND PERQUISITES Clause in Contracts

EMPLOYEE BENEFIT PLANS AND PERQUISITES. During the Term, Employee shall be entitled to participate in all life insurance, short-term and long-term disability, accident, health insurance and savings/retirement plans that are applicable to Alamosa employees generally or to the senior executives of Alamosa. Alamosa will also reimburse Employee for the cost of the Employee's annual physical exams performed during the Term by a physician chosen by Employee. The cost of each such exam (including of any tests performed in connection with the physical) shall not exceed $5,000. In addition, Alamosa will provide at least $5,000,000 term life insurance on the life of Employee during the Term. Alamosa shall pay for all costs attributable to such coverage. Such life insurance shall be at least ten (10) year level premium term life insurance on the life of Employee. Employee shall have the right to designate the beneficiary of such policy or policies. Should Employee not be insurable, there will be no obligation upon Alamosa to provide such life insurance. If Employee's employment terminates during the Term of this Agreement or at the termination of Employee's employment pursuant to this Agreement, Employee may assume the premium obligations of this policy after termination of any continuing coverage provided under Section 9(d)(ii)(D), in which event Alamosa shall assign all its rights in the policy to Employee. In the event Employee desires to assume the premium obligations under this policy and at the time of Employee's termination of employment, or end of any continuing coverage under Section 9(d)(ii)(D) if later, Alamosa has prepaid any premiums on the policy, Employee shall pay to Alamosa the amount of any prepayment attributable to any period of coverage after Employee's termination of employment, or if later, after the continued coverage period required under Section 9(d)(ii)(D) has elapsed. Alamosa will reimburse Employee for the cost of professional services in the area of financial planning, estate planning and tax planning that are incurred during the Term up to an aggregate maximum of $10,000 per annum. During the Term, Employee shall be entitled to receive a car allowance and reimbursement for club dues and other perquisites consistent with the Executive Benefit Policy approved by the Committee.