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I'm not a lawyer, and I have no idea if this would stand up in court, but if they truly "retain" first time print rights without any obligation on their part to publish in print by a specific date, then you can never publish in print -- period -- if they don't.
Five years after electronic publication you decide to include your story in a print edition and, surprise, you get a note from their lawyer saying they intended to print next month and you're in violation of your contract. Wait ten years, and you can still get a note from their lawyer, etc.
Given the non-specific wording and the indefinite term I suspect it wouldn't hold up in court, but you'd still be on the hook for your lawyer's fees.
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