Participation in Retirement, Medical and Other Benefit Plans Clause Samples

Participation in Retirement, Medical and Other Benefit Plans. During the term of this Agreement, the Employee shall be eligible to participate in the following benefit plans; group hospitalization, disability, health, dental, sick leave, retirement, supplemental retirement, pension, 401(k), employee stock ownership plan, and all other present or future qualified and/or nonqualified plans provided by the Company generally, or to executive officers of the Bank or the Corporation, which benefits, taken as a whole, must be at least as favorable as those in effect on the Effective Date, unless the continued operation of such plans or changes in the accounting, legal or tax treatment of such plans would adversely affect the Company’s operating results or financial condition in a material way, and the Company concludes that modifications to such plans are necessary to avoid such adverse effects and such modifications apply consistently to all employees participating in the affected plans. In addition, the Employee shall be eligible to participate in any fringe benefits which are or may become available to the Company’s senior management employees, including, for example, any cash or equity incentive, bonus or long-term compensation plan, any insurance programs (including, but not limited to, any group and executive life insurance programs), and any other benefits which are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement. In addition, at the Company’s expense, the Employee shall be entitled to a life insurance policy insuring his life in the maximum amount established by the Company’s group life insurance plan from time to time (which amount shall be no less than three times his annual salary subject to a $350,000.00 maximum). Alternatively and in place of the policy of life insurance insuring his life only, the Employee may, in his sole and absolute discretion, obtain a joint life policy insuring the lives of the Employee and his spouse in such amount of life insurance as may be obtained at the same cost to the Company as a life insurance policy insuring the Employee’s life only (such life insurance policy, whether insuring the life of the Employee only or the life of the Employee and his spouse, hereinafter referred to as the “First Policy”). During and subsequent to the term of this Agreement the Company shall pay all premiums on the First Policy which are required to keep the First Policy in full force and effect until the premiums on the First Policy are fully pa...