General Rights Under Benefit Plans Clause Samples

General Rights Under Benefit Plans. (i) Employee shall at all times during the Employment Term be entitled to participate in all long- or short-term bonus, stock option, restricted stock, and other executive compensation plans, and in all perquisite programs and disability, retirement, stock purchase, thrift and savings, health, medical, life insurance, expense reimbursement and similar plans of the Corporation which are from time to time in effect and in which other senior officers of the Corporation generally are entitled to participate. Except as otherwise provided in this Agreement, Employee’s participation in such plans and programs shall be in accordance with the provisions of such plans and programs applicable from time to time, it being the intent of the parties hereto that nothing in this Agreement shall decrease the rights and benefits of Employee under any such plans and programs as may be in effect from time to time. Employee’s rights as a participant under any compensation, benefit or fringe benefit plan or arrangement of the Corporation that is from time to time in effect and in which other senior officers of the Corporation generally are entitled to participate shall be subject to this Agreement and modified to the extent expressly provided herein, but except as so modified shall be determined under the applicable provisions of such plans and programs, including, without limitation, the provisions thereof applicable to retirement; provided, that all such plans and programs and this Agreement shall be construed and administered to avoid any duplication of benefits under any such plan or program and this Agreement. (ii) Except as specifically set forth in this Agreement, or as specifically permitted by the terms of any such plan or program, no right or benefit under any such plan or program shall become vested or exercisable after Termination of Employment.

General Rights Under Benefit Plans. The parties hereto agree that nothing contained herein is intended to or shall be deemed to affect adversely any of Employee’s rights as a participant under any long or short-term bonus, stock option, restricted stock or other executive compensation plans, or under any perquisite, disability, retirement, stock purchase, thrift and savings, health, medical, life insurance, or similar plans of the Corporation now or hereafter in effect. Employee shall at all times during the Employment Term be entitled to participate in all long or short-term bonus, stock option, restricted stock and other executive compensation plans, and in all perquisite, disability, retirement, stock purchase, thrift and savings, health, medical, life insurance, and similar plans of the Corporation which are from time to time in effect and in which other senior officers of the Corporation are entitled to participate. The Corporation shall pay or reimburse Employee for all reasonable travel expenses incurred by Employee’s spouse in accompanying Employee on his trips made on behalf of the Corporation during the Employment Term. During any period in which Employee, his spouse or other dependents are entitled to health and medical coverage pursuant to any provision of this Agreement, such coverage shall include the prompt payment or reimbursement of any and all medical, dental and hospitalization expenses, even if not covered by the Corporation’s health and medical plans, including, without limitation, the cost of a private room in any health care facility. Except as otherwise provided in this Agreement, Employee’s participation in such plans shall be in accordance with the provisions of such plans applicable from time to time, it being the intention of the parties hereto that nothing in this Agreement shall decrease the rights and benefits of Employee or his spouse or other dependents under any such plans as may be in effect from time to time. If for any reason any benefits payable pursuant to this Agreement cannot be paid under the Corporation’s employee benefit or executive compensation plans, such payments shall be made out of the general assets of the Corporation.