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Benefits and Fringes Sample Clauses

Benefits and Fringes. (a) During the Employment Term, Executive shall be entitled to such benefits and fringes, if any, as are generally provided from time to time by the Company to its executive officers, including pension, retirement, savings, welfare (including life and health insurance) and other employee benefit plans and arrangements. (b) Except as otherwise specifically provided herein, the Executive shall be responsible for the tax consequences of all benefits and fringes.
Benefits and FringesDuring the Employment Term, Executive shall be entitled to such benefits and fringes, if any, as are generally provided from time to time by the Company to its executive employees of a comparable level, including any life or medical insurance plans and pension and other similar plans, provided that the Executive shall be provided with life insurance at least equal to his Base Salary (provided he is insurable at standard rates).
Benefits and FringesDuring the Employment Term, Executive shall be entitled to such benefits and fringes, if any, as are generally provided from time to time by the Company and/or Parent to its executive employees of a comparable level, including any life, medical or dental insurance plans for the benefit of Executive and members of his immediate family, and pension, profit-sharing, 401(k) and other similar plans and on the same terms as so provided. Notwithstanding the foregoing, the Executive shall be provided with long-term disability insurance providing for payment of a minimum monthly benefit of $6,896 and with life insurance, payable to his designated beneficiary, at least equal to $1,000,000; and provided, further that Executive shall be furnished a Company automobile.
Benefits and Fringes. (a) During the Engagement Term, Consultant shall be entitled to such benefits or fringes (or a reasonable equivalent), if any, as are generally provided from time to time by the Company to its executive officers, including pension, retirement, savings, welfare (including life and health insurance) and other benefit plans and arrangements, if applicable. (b) Except as otherwise specifically provided herein, the Consultant shall be responsible for the tax consequences of all benefits and fringes.
Benefits and Fringes. (a) During the Employment Term, Executive shall be entitled to (i) all benefits and fringes, if any, as are generally provided from time to time by the Company to its senior executive officers, including, without limitation, any life, medical and disability insurance plans and pension, incentive, profit-sharing, deferred compensation and other similar plans, practices, policies and programs, subject to the Executive's satisfaction of the applicable eligibility requirements and with due credit against any annual bonus plan or program for the minimum annual bonus set forth in Section 3(c) hereof, and (ii) such other benefits and fringes set forth in this Agreement. In addition, the Company shall reimburse Executive annually during each full calendar year during the Employment Term for the reasonable annual cost of a policy of term life insurance in the amount of $1,250,000, upon presentation of evidence of payment of the premiums on such policy. To the extent a commercial life insurance policy has not been obtained, the Company will self-fund the $1,250,000 life insurance policy for the sixty (60) day period commencing on the Effective Date. In addition, during the Original Employment Term, the Company shall reimburse Executive annually during each full calendar year during the Employment Term for the reasonable annual cost of a policy for additional term life insurance in the amount of the lesser of (i) $2,000,000, or (ii) the outstanding principal of the Loan under Section 6 hereof (the "Additional Life Insurance"). The foregoing reimbursements for life insurance premiums shall, based on Executive's representation that he is in good health, be limited to payment of only a reasonable amount (which includes, but is not limited to, standard premium amounts). The Company shall gross-up for tax purposes the deemed income to Executive for providing life insurance under this Section 4(a) such that the economic effect to Executive is the same as if such insurance was provided to Executive on a non-taxable basis. Such gross up shall be in accordance with Section 19 hereof. The Executive shall grant the Company a first security interest through a collateral assignment in the Additional Life Insurance to secure the loan under Section 6 hereof. (b) During the Employment Term, the Company shall, in its discretion, either pay Executive a monthly automobile allowance of $500, or make available to Executive an automobile of the type provided to other senior executives of ...
Benefits and Fringes. 19.01 The parties agree that bargaining unit employees’ membership in the current savings and benefit plans, will be continued for the duration of the Collective Agreement. It is understood that since Company employees in numerous other locations are members of the same plans, that the Company has the right to amend such plans on a unilateral basis in the future. 19.02 The Company agrees to continue the following programs for employees in the bargaining unit. It is understood that since employees in other locations participate in the same programs, that the Company has the unilateral right to amend such programs in the future. • Employee Computer Purchase Program (ending March 31, 2017) • Safety Incentive ProgramCompassionate Care Leave
Benefits and Fringes. ‌ 19.01 The parties agree that bargaining unit employees’ membership in the current savings and benefit plans, will be continued for the duration of the Collective Agreement. It is understood that since Company employees in numerous other locations are members of the same plans, that the Company has the right to amend such plans on a unilateral basis in the future. 19.02 The Company agrees to continue the following programs for employees in the bargaining unit. It is understood that since employees in other locations participate in the same programs, that the Company has the unilateral right to amend such programs in the future. • Employee Computer Purchase Program (ending March 31, 2017) • Safety Incentive ProgramCompassionate Care Leave 20.01 A “Step Up” rate will be paid to an employee appointed to perform in a relief supervisory capacity. The employee shall have the option to refuse this assignment. During this assignment the employee may also continue to perform bargaining unit work. In the “Step Up” role it is agreed the designated employee will not be involved in the discipline of any employee except as required as a witness or to provide information related to an investigation. In addition, at the Company’s discretion, an employee may be paid the step up premium for work which would be considered significantly different from his normal job duties such as overseeing significant projects. An employee who is eligible for a step up rate will be paid $57.51 per hour for hours worked as a relief supervisor or while overseeing a significant project. 20.02 For employees who have successfully passed the Compressor Operator Certification examination and who hold and maintain that certification, the Company will pay a premium of $50.00 per pay. Employees in the Maintenance Department who hold certification in two (2) of the four (4) trades recognized by the Company will receive $125.00 per pay. 20.03 Shift Differential Night shift differential is intended to compensate employees for personal inconvenience resulting from night shift scheduling. Night shift differential of $3.45 per hour worked is paid for all hours worked on scheduled shifts that include the midnight hour (i.e. 12:01 a.m. through 1:00 a.m.). This differential shall not be compounded or pyramided. Day workers are not paid shift differential unless they are scheduled to work a night shift. The differential shall be paid for each full hour of overtime worked on a night shift (as defined above)...
Benefits and FringesDuring the Employment Term, Executive shall be entitled to such benefits and fringes, if any, as are generally provided from time to time by the Company and/or Parent to its officers, including any life, medical or dental insurance plans for the benefit of Executive, and pension, profit-sharing, 401(k) and other similar plans and on the same terms as so provided. In addition to the foregoing, Executive shall also be entitled to a car allowance of no more than $800 per month to be applied to the cost of leasing or purchasing an automobile of Executive's choice.
Benefits and Fringes 

Related to Benefits and Fringes

  • Employee Benefits and Contracts (a) Unless otherwise agreed between First Bank and a Covered Employee, for the period beginning on the Closing Date and ending on the one year anniversary of the Closing Date (or such shorter period of employment, as the case may be), each employee of Malvern who remains employed by the Surviving Corporation or any First Bank Entity after the Closing Date (each, a “Covered Employee”) shall receive (i) an annual rate of salary or wages and annual cash bonus opportunity that is no less favorable than the annual rate of salary or wages, or bonus opportunity, as applicable, provided to such Covered Employee by Malvern as of immediately prior to the Closing and (ii) benefits (excluding equity and other long-term incentive awards) that are substantially comparable in the aggregate to the benefits provided to similarly situated employees of First Bank; provided, that until such time as First Bank shall cause the Covered Employees to participate in the applicable First Bank employee benefit plans, the continued participation of the Covered Employees in Malvern Benefit Plans shall be deemed to satisfy the foregoing provisions of this clause (it being understood that participation in First Bank’s employee benefit plans may commence at different times with respect to each of First Bank’s employee benefit plans). (b) For purposes of determining a Covered Employee’s eligibility to participate and vesting under First Bank’s employee benefit plans (other than any defined benefit pension plan, post-employment health or welfare plan, or equity incentive plan), the service of a Covered Employee with a Malvern Entity prior to the Effective Time shall be treated as service with a First Bank Entity to the same extent that such service was recognized by the Malvern Entities under a corresponding Malvern Benefit Plan; provided, that such recognition of service shall not (i) operate to duplicate any benefits of a Covered Employee with respect to the same period of service or (ii) apply for purposes of any plan, program, policy, agreement or arrangement (x) under which similarly-situated employees of First Bank Entities do not receive credit for prior service or (y) that is grandfathered or frozen, either with respect to level of benefits or participation. In no event shall any Covered Employee be eligible to participate in any closed or frozen plan of any First Bank Entity. (c) The Malvern Entities shall take all necessary action (including without limitation the adoption of resolutions and plan amendments and the delivery of any required notices) to terminate, effective as of the day before the Closing Date, any Malvern Benefit Plan that is intended to constitute a tax-qualified defined contribution plan under Section 401(k) of the Internal Revenue Code (a “401(k) Plan”). Malvern shall provide First Bank with a copy of the resolutions, plan amendments, notices and other documents prepared to effectuate the termination of the 401(k) Plan in advance and give First Bank a reasonable opportunity to comment on such documents (which comments shall be considered in good faith), and prior to the Closing Date, Malvern shall provide First Bank with the final documentation evidencing that the 401(k) Plan has been terminated. (d) Upon request by First Bank in writing prior to the Closing Date, the Malvern Entities shall cooperate in good faith with First Bank, effective on Closing Date, and conditioned upon the consummation of the transaction contemplated hereby, to amend, freeze, terminate or modify any Malvern Benefit Plan to the extent and in the manner determined by First Bank effective upon the Closing Date (or at such different time mutually agreed to by the parties) and consistent with applicable Law. Malvern shall provide First Bank with a copy of the resolutions, plan amendments, notices and other documents prepared to effectuate the actions contemplated by this Section 7.8(d), as applicable, and give First Bank a reasonable opportunity to comment on such documents (which comments shall be considered in good faith), and prior to the Closing Date, Malvern shall provide First Bank with the final documentation evidencing that the actions contemplated herein have been effectuated. (e) The provisions of this Section 7.8 are solely for the benefit of the Parties to this Agreement, and no employee, any dependent or beneficiary thereof, or any other individual associated therewith shall be regarded for any purpose as a third-party beneficiary of this Agreement. In no event shall the terms of this Agreement: (i) establish, amend, or modify any Malvern Benefit Plan or any employee benefit plan, program, policy, agreement or arrangement maintained or sponsored by First Bank, Malvern or any of their respective Affiliates; (ii) alter or limit the ability of any First Bank Entity (including, after the Closing Date, the Malvern Entities) to amend, modify or terminate any Malvern Benefit Plan or any other employee benefit plan, program, policy, agreement or arrangement after the Closing Date; or (iii) confer upon any current or former employee or other service provider any right to employment or continued employment or continued service with any First Bank Entity (including, following the Closing Date, the Malvern Entities), or constitute or create an employment agreement with any employee, or interfere with or restrict in any way the rights of the Surviving Corporation, Malvern, First Bank or any Subsidiary or Affiliate thereof to discharge or terminate the services of any employee or other service provider at any time for any reason whatsoever. (f) Malvern and Malvern Bank shall take or cause to be taken all such actions as may be necessary to effect the actions set forth below relating to Malvern’s employee stock ownership plan (the “Malvern ESOP”) prior to or simultaneous with the Effective Time, as applicable. Effective on the fifth (5th) Business Day before the Effective Time, the ESOP shall be terminated (the “ESOP Termination Date”). No new participants shall be admitted on or after the ESOP Termination Date and all existing ESOP participants’ accounts shall become fully vested and 100% non-forfeitable. Malvern Bank shall direct the ESOP trustee to remit a sufficient number of shares of Malvern Common Stock held in the Malvern ESOP’s Loan Suspense Account (as defined in Section 2.01(z) of the Malvern ESOP) to Malvern to repay the outstanding ESOP loan in full, with each remitted share to be valued equal to the closing price of Malvern Common Stock on the day immediately prior to the ESOP Termination Date. All remaining shares of Malvern Common Stock held by the ESOP as of the Effective Time shall be exchanged for the Merger Consideration. After repayment of the outstanding ESOP loan and the exchange of the shares of Malvern Common Stock for the Merger Consideration, the Merger Consideration received upon conversion of the remaining shares of Malvern Common Stock held in the Malvern ESOP’s Loan Suspense Account shall be deemed to be earnings and shall be allocated as earnings to the accounts of the ESOP participants who are employed as of the ESOP Termination Date based on their account balances under the ESOP as of the ESOP Termination Date and distributed to ESOP participants after the receipt of a favorable determination letter from the IRS. No benefit distributions shall be made from the ESOP without the prior written consent of First Bank before the IRS issues a favorable determination letter with respect to the tax-qualified status of the ESOP on termination unless otherwise required by law. Prior to the Effective Time, Malvern shall take all such actions as are necessary to submit the application for favorable determination letter in advance of the Effective Time (and to provide First Bank with the opportunity to review the application for a favorable determination letter at least twenty (20) days prior to the filing date with the IRS), and following the Effective Time, First Bank shall use its best efforts in good faith to obtain such favorable determination letter as promptly as possible (including, but not limited to, making such changes to the ESOP as may be required by the IRS as a condition to its issuance of a favorable determination letter). Xxxxxxx, Malvern Bank, and following the Effective Time, First Bank, will adopt such amendments to the ESOP to effect the provisions of this Section 7.8(f). Promptly following the receipt of a favorable determination letter from the IRS regarding the qualified status of the ESOP upon its termination, the account balances in the ESOP shall either be distributed to participants and beneficiaries or transferred to an eligible tax-qualified retirement plan or individual retirement account as a participant or beneficiary may direct. (g) Employees of Malvern as of the date of the Agreement who remain employed by Xxxxxxx as of the Effective Time and whose employment is terminated by First Bank or Malvern Bank (absent termination for cause) within the time period set forth in Section 7.8(g)(i) of Malvern’s Disclosure Memorandum shall receive severance pay equal to the amounts set forth in Section 7.8(g) of First Bank’s Disclosure Memorandum, subject to receipt of an effective release of claims from the employee receiving such severance payment, which release shall be in form and substance reasonably satisfactory to Malvern and First Bank. In addition, Xxxxxxx shall be permitted to grant retention bonuses to Employees of Malvern as of the date of this Agreement who remain employed by Xxxxxxx as of the Effective Time, with such Employees and retention bonus amounts determined mutually between Malvern and First Bank.

  • Benefits and Burdens This Agreement shall be binding upon and inure to the benefit of the Executive and his personal representatives, and the Corporation and any successor organization which shall succeed to substantially all of its assets and business.

  • Benefits and Insurance The Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to participate in benefits under any benefit plan or arrangement that may be in effect from time to time and made available to similarly situated Company executives (including, but not limited to, being named as an officer for purposes of the Company’s Directors & Officers insurance policy). The Company reserves the right in its sole discretion to modify, add or eliminate benefits at any time. All benefits shall be subject to the terms and conditions of the applicable plan documents, which may be amended or terminated at any time. The Executive shall be entitled to vacation each year, in addition to sick leave and observed holidays in accordance with the policies and practices of the Company. Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.

  • Benefits and Vacation The Executive shall be eligible to participate in such insurance programs (health, disability or life) or such other health, dental, retirement or similar employee benefits programs as the Board may approve, on a basis comparable to that available to other officers and executive employees of the Company. The Executive shall be entitled to a minimum of three (3) weeks of paid vacation per year. Vacation time may be accumulated for up to one year beyond the year for which it is accrued and may be used any time during such year. Any vacation time not used during such additional year shall be forfeited. The value of any accrued but unused and unforfeited vacation time shall be paid in cash to the Executive upon termination of Executive's employment for any reason.

  • Employee Benefits and Perquisites During the Employment Term, the Executive will be entitled to (i) participate in all employee benefit plans, programs, arrangements or policies that are from time to time made available by the Company generally to its senior executives, including, without limitation, the Company’s life insurance, long-term disability, and health plans (“Employee Benefits”); and (ii) the perquisites and other fringe benefits that are from time to time made available by the Company generally to its senior executives and to such perquisites and fringe benefits that are from time to time made available by the Company to the Executive in particular, subject to any applicable terms and conditions of any specific perquisite or other fringe benefit; provided, however, that nothing contained herein shall be deemed to require the Company to adopt, maintain or provide any particular plan, program, arrangement, policy, perquisite or fringe benefit. The Executive shall be required to comply with the conditions attendant to coverage by such plans and shall comply with and be entitled to benefits only in accordance with the terms and conditions of such plans as they may be amended from time to time. The Executive agrees to cooperate and participate in any medical or physical examinations as may be required in connection with the applications for such life and/or disability insurance policies.

  • Benefits and Perquisites During the Term, Executive shall be entitled to participate in the benefit plans and programs commensurate with Executive’s position that are provided by the Company from time to time for its senior executives generally, subject to the terms and conditions of such plans.

  • Vacation and Fringe Benefits During the Employment Period, the Executive shall be entitled to paid vacation and fringe benefits at a level that is commensurate with the paid vacation and fringe benefits available to the Executive immediately prior to the Effective Date, or, if more favorable to the Executive, at the level made available from time to time to the Executive or other similarly situated officers at any time thereafter.

  • Fringe Benefits and Perquisites During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent with those provided to similarly situated executives of the Company.

  • Coordination of Benefits and Subrogation IPA and HMO shall establish and implement a system for coordination of benefits and subrogation, in accordance with those rules established under the HMO's policies and procedures and applicable federal and state laws. If known to IPA, IPA shall identify and inform HMO of Members for whom coordination of benefits and subrogation opportunities exist. HMO hereby authorizes IPA to seek payment, on a fee-for service basis or otherwise, from any insurance carrier, organization, or government agency which is primarily responsible for the payment or provision of medical services provided by IPA under this Agreement which can be recovered by reason of coordination of benefits, motor vehicle injury, worker's compensation, temporary disability, occupational disease, or similar exclusionary or limiting provisions, to the extent authorized by the applicable and not otherwise prohibited by law.

  • Other Benefits and Perquisites The Executive shall be entitled to participate in the benefit plans provided by the Company for all employees, generally, and for the Company’s executive employees. The Company shall be entitled to change or terminate these plans in its sole discretion at any time.