Common use of Retirement, Savings and Stock Option Plans Clause in Contracts

Retirement, Savings and Stock Option Plans. In addition to the Base Salary and Incentive Compensation payable as hereinabove provided, during the Term the Executive shall be entitled to participate in all savings, stock option, retirement and employee welfare and benefit plans and programs, and fringe benefit, vacation, sick leave, insurance and perquisite policies, on a basis providing him with the opportunity to receive aggregate compensation and benefits, on a before-tax basis, not less favorable than those provided by the Corporation and its affiliated companies to the Executive under such plans, programs and policies as in effect as of the date hereof. Nothing herein shall be construed to prevent the Corporation or such affiliated companies from amending or altering any such plans or programs so long as the Executive continues to have the opportunity to receive aggregate compensation and benefits, on a before tax basis, at a level not less favorable than those currently provided. All existing agreements between the Corporation and the Executive providing for special pension, retirement or similar benefits are automatically continued for the Term. Any rights to benefits which become vested under the terms of such plans, programs, policies and agreements but which are to be paid or provided in future periods shall continue to be so vested notwithstanding the prior termination of this Agreement.

Retirement, Savings and Stock Option Plans. In addition to the Base Salary and Incentive Compensation payable as hereinabove provided, during the Term the Executive shall be entitled to participate in all savings, stock option, retirement and employee welfare and benefit plans and programs, and fringe benefit, vacation, sick leave, insurance and perquisite prerequisite policies, on a basis providing him with the opportunity to receive aggregate compensation and benefits, on a before-tax basis, not less favorable than those provided by the Corporation and its affiliated companies to the Executive under such plans, programs and policies as in effect as of the date hereof. Nothing herein shall be construed to prevent the Corporation or such affiliated companies from amending or altering any such plans or programs so long as the Executive continues to have the opportunity to receive aggregate compensation and benefits, on a before tax basis, at a level not less favorable than those currently provided. All existing agreements between the Corporation and the Executive providing for special pension, retirement or similar benefits are automatically continued for the Term. Any rights to benefits which become vested under the terms of such plans, programs, policies and agreements but which are to be paid or provided in future periods shall continue to be so vested notwithstanding the prior termination of this Agreement.