Other Benefits Clause Example from Business Contracts

Other Benefits. During the term of this Agreement, the Executive shall be eligible to participate in incentive, stock purchase, savings, retirement (401(k)), and welfare benefit plans, including, without limitation, health, medical, dental, vision, life (including accidental death and dismemberment) and disability insurance plans (collectively, "Benefit Plans"), in substantially the same manner and at substantially the same levels as the Parent makes such opportunities available to the Parent's managerial or sa...laried executive employees and/or its senior executives. The Parent shall pay one hundred percent (100%) of the cost for any group medical, vision and/or dental coverage elected by and for the Executive and one hundred (100%) of the additional incremental cost for any group medical, vision and/or dental coverage elected by the Executive for the Executive's family. Notwithstanding the foregoing, to the extent payment of such cost will result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the "Code"), or any statute or regulation of similar effect, then the parties shall negotiate in good faith an alternative arrangement that places the Executive in substantially the same after-tax position. The Executive shall be entitled to air travel, as is reasonable and necessary for the performance of his duties and responsibilities, in accordance with the Parent's policies as approved by the Board. View More