Common use of Benefit Plans and Programs Clause in Contracts

Benefit Plans and Programs. During the Employment Period, to the extent permitted by applicable law and subject to the terms and eligibility requirements of any such plan or program, Employee will be eligible to participate in all benefit plans, arrangements, programs and practices (each a “Benefit Plan”), including improvements or modifications of the same, that are available to other senior executives of the Company and its Affiliates from time to time, subject to the eligibility requirements and other terms and conditions of such Benefit Plans, which Benefit Plans shall (at all times during the Employment Period) provide benefits to Employee that are substantially comparable in the aggregate to those provided to Employee by EPEPM as of the day immediately preceding the Effective Date; provided, however, that (i) such comparability shall be determined without regard to any equity-based incentive compensation, defined benefit pension plan, any retiree medical or other post-retirement welfare plan, or benefits under any frozen employee benefit plan and (ii) such benefits shall be subject to market adjustment to reflect, among other things, the addition of a company medical insurance subsidy and the absence of benefit accruals under any defined benefit plan or supplemental executive retirement plan. The Company will establish a 401(k) plan with a dollar-for-dollar match up to 6% of eligible compensation plus a profit-sharing contribution in an amount sufficient so that the retirement benefits provided to Employee are substantially comparable in the aggregate to those provided as of the date immediately preceding the Effective Date (provided that in no event will the profit sharing contribution exceed 5% of eligible compensation) and will continue to provide long-term disability, life and travel accident benefits. The Company will not, however, by reason of this Section 5(b) be obligated either (i) to institute, maintain, or refrain from changing, amending, or discontinuing any such Benefit Plan, or (ii) to provide Employee with all benefits provided to any other person or individual employed by the Company or any of its Affiliates, in each case so long as the Company provides Employee with benefits that are substantially comparable in the aggregate to the benefits described pursuant to this paragraph.

Benefit Plans and Programs. During the Employment PeriodKraeutler shall be entitled, at Meridian's expense, to such medical, dental, hospitalization, life insurance, pension plan, profit-sharing, disability, employee benefits and such other similar employment privileges and benefits as are afforded generally from time to time to other senior officers of Meridian. Meridian shall maintain a Medicare Advantage Plan or its equivalent health plan for Kraeutler until his death, and domestic partner (defined below), if any, for the extent permitted by applicable law period until the domestic partner's death, or two (2) years after Kraeutler's death, whichever event occurs first after Kraeutler's employment with Meridian ends. To obtain these benefits, Kraeutler and domestic partner, if any, must be enrolled in Medicare Part A and X. Xxxxxxxxx and domestic partner, if any, remain responsible for Medicare Part A and B monthly premiums and Meridian shall pay premiums related to the Medicare Advantage Plan or its equivalent. Additionally, after Kraeutler's employment with Meridian ends, Kraeutler and his domestic partner, if any, and the survivor of them shall remain under Meridian's dental and vision plans provided to its then current employees. Meridian shall also provide individual Long Term Care insurance policies for Kraeutler and his domestic partner, if any, subject to successful underwriting, for Kraeutler's domestic partner and no obligation to carry the terms long term care policy shall arise for domestic partner if unsuccessful underwriting shall occur. The benefits provided shall not be less than Three Hundred Fifty Dollars ($350) per day and eligibility requirements of any such plan shall extend for up to a five (5) year period. The daily benefits will increase by five percent (5%) per year. The policy shall include a standard one hundred eighty (180) day elimination period during which time benefits are not available. Under no circumstances shall the benefit value or programpolicy maximum amount exceed Four Hundred Thousand Dollars ($400,000) for Kraeutler's domestic partner. For purposes hereof, Employee will be eligible "domestic partner" means partners, whether lawfully married or not, who reside in the same residence(s) and intend to participate in all do so indefinitely, and who are not legally married. The benefit plans, arrangements, plans and programs and practices (each a “Benefit Plan”), including improvements or modifications of the same, that pertaining to Kraeutler's domestic partner are available to other senior executives of the Company and its Affiliates from time to time, subject to the eligibility requirements and other terms and conditions of such Benefit Plans, which Benefit Plans shall (at all times only one domestic partner during the Employment Period) provide benefits to Employee that are substantially comparable Kraeutler's lifetime. If domestic partner is no longer residing in the aggregate to those provided to Employee by EPEPM same residence(s) as of the day immediately preceding the Effective Date; provided, however, that (i) such comparability shall be determined without regard to any equity-based incentive compensation, defined benefit pension plan, any retiree medical or other post-retirement welfare planKraeutler, or benefits under any frozen employee benefit plan and two (ii2) such years after the death of Kraeutler, all benefits shall be subject to market adjustment to reflect, among other things, cease. In the addition of a company medical insurance subsidy and the absence of benefit accruals under any defined benefit plan or supplemental executive retirement plan. The Company will establish a 401(k) plan with a dollar-for-dollar match up to 6% of eligible compensation plus a profit-sharing contribution in an amount sufficient so that the retirement benefits provided to Employee are substantially comparable in the aggregate to those provided as of the date immediately preceding the Effective Date (provided that in no event will the profit sharing contribution exceed 5% of eligible compensation) and will continue to provide long-term disability, life and travel accident benefits. The Company will not, however, by reason of this Section 5(b) be obligated either (i) to institute, maintain, or refrain from changing, amending, or discontinuing any such Benefit Plan, or (ii) to provide Employee with all benefits provided to any other person or individual employed by the Company or any of its Affiliates, in each case so long as the Company provides Employee with benefits that are substantially comparable in the aggregate to the benefits described pursuant in Section 6.1 are not available as contemplated in the Agreement or through an equivalent means, a determination of the economic equivalent of the eliminated benefit shall be made which is agreeable to this paragraphKraeutler and Meridian for Kraeutler or Kraeutler's domestic partner. Upon payment of the economic equivalent, the obligation shall be satisfied.