Common use of EMPLOYEE BENEFIT PROGRAM Clause in Contracts

EMPLOYEE BENEFIT PROGRAM. During the TERM, the EMPLOYEE shall be entitled to participate in all formally established employee benefit, bonus, pension and profit-sharing plans and similar programs that are maintained by the EMPLOYER from time to time, and all employee benefit plans or programs hereafter adopted in writing by the Board of Directors of the EMPLOYER, for which senior management personnel are eligible, including any employee stock ownership plan, stock option plan or other stock benefit plan (hereinafter collectively referred to as the "BENEFIT PLANS") in accordance with the terms and conditions of such BENEFIT PLANS, including but not limited to satisfaction of any participation or vesting requirements. Notwithstanding any statement to the contrary contained elsewhere in this AGREEMENT, the EMPLOYER may discontinue or terminate at any time any such BENEFIT PLANS, now existing or hereafter adopted, to the extent permitted by the terms of such plans and shall not be required to compensate the EMPLOYEE for such discontinuance or termination.