Common use of WELFARE AND PENSION PLANS Clause in Contracts

WELFARE AND PENSION PLANS. In addition to Executive's Base Salary and any incentive compensation and bonuses awarded to Executive hereunder, he (and his family) shall be entitled to participate, to the extent that he is (and they are) eligible under the terms and conditions thereof, in any pension, retirement, hospitalization, insurance, disability or medical service plan generally available to the executive officers of the Company that may be in effect from time to time during the Employment Period. The Company shall be under no obligation to institute or continue the existence of any such employee benefit plan.