Common use of Health Insurance and Other Benefits Clause in Contracts

Health Insurance and Other Benefits. During the Term, the Executive will be entitled to all employee benefits offered by the Company to its senior executives and key management employees, including, without limitation, all pension, profit sharing, retirement, stock option, salary continuation, deferred compensation, disability insurance, hospitalization insurance, major medical insurance, medical reimbursement, survivor income, life insurance or any other benefit plan or arrangement established and maintained by the Company, subject to the rules and regulations then in effect regarding participation therein. In addition, the Company will obtain and fund for Executive a life insurance policy for $1,000,000, with the beneficiary.