Common use of Benefits; Vacation Clause in Contracts

Benefits; Vacation. (a) During the Employment Term, the Executive shall be entitled to such insurance and health and medical benefits as are generally made available to the senior executives of the Company, as a group, pursuant to such plans as are from time to time maintained by the Company; provided, however, that the Executive shall be required to comply with the conditions of coverage attendant to such plans. (b) During each contract year of the Employment Term, the Executive shall be entitled to four (4) weeks of vacation. The Executive shall take vacation at such time or times as the Executive desires, subject to the concurrence of the Company based upon the then-current business needs and activities of the Company. Vacation shall accrue if unused during the term of employment and shall be payable upon request of the Executive within 30 days after the end of the year in which the vacation was accrued and unused. (c) During the Employment Term, the Executive shall be eligible to participate in the profit sharing and other benefit plans that the Company from time to time makes available to the senior executives of the Company as a group, subject to the terms, provisions and conditions of such plans, including, without limitation, any vesting periods and eligibility criteria. (d) During the Employment Term, the Company shall pay to the Executive a monthly stipend of $1,000 to cover the Executive’s automobile payment. The Company shall also pay for all fuel and repair related costs for any automobile the Executive utilizes for the commute to and from work or any work related events/trips.

Appears in 2 contracts

Samples: Employment Agreement (Sylios Corp), Employment Agreement (Adventure Energy, Inc.)

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Benefits; Vacation. (a) During the Employment Term, the Executive shall be entitled to such insurance and health and medical benefits as are generally made available to the senior executives of the Company, as a group, pursuant to such plans as are from time to time maintained by the Company; provided, however, that the Executive shall be required to comply with the conditions of coverage attendant to such plans. (b) During each contract year of the Employment Term, the Executive shall be entitled to four (4) weeks of vacation. The Executive shall take vacation at such time or times as the Executive desires, subject to the concurrence of the Company based upon the then-current business needs and activities of the Company. Vacation shall accrue if unused during the term of employment and shall be payable upon request of the Executive within 30 days after the end of the year in which the vacation was accrued and unused. (c) During the Employment Term, the Executive shall be eligible to participate in the profit sharing and other benefit plans that the Company from time to time makes available to the senior executives of the Company as a group, subject to the terms, provisions and conditions of such plans, including, without limitation, any vesting periods and eligibility criteria. (d) During the Employment Term, the Company shall pay to the Executive a monthly stipend of $1,000 500.00 to cover the Executive’s automobile payment. The Company shall also pay for all fuel and repair related costs for any automobile the Executive utilizes for the commute to and from work or any work related events/trips.

Appears in 1 contract

Samples: Employment Agreement (Adventure Energy, Inc.)

Benefits; Vacation. (a) During the Employment Term, the Executive shall be entitled to such insurance and health and medical benefits as are generally made available to the senior executives of the Company, as a group, pursuant to such plans as are from time to time maintained by the Company; provided, however, that the Executive shall be required to comply with the conditions of coverage attendant to such plans. (b) During each contract year of the Employment Term, the Executive shall be entitled to four six (46) weeks of vacation. The Executive shall take vacation at such time or times as the Executive desires, subject to the concurrence of the Company based upon the then-then current business needs and activities of the Company. Vacation shall accrue if unused during the term of employment and shall be payable upon request of the Executive within 30 days after employment. At the end of the year each fiscal year, any unused vacation time will be paid out to Executive based on Executive's annual salary in which the vacation was accrued and unusedeffect at that time. (c) During the Employment Term, the Executive shall be eligible to participate in the profit sharing and other benefit plans that the Company from time to time makes available to the senior executives of the Company as a group, subject to the terms, provisions and conditions of such plans, including, without limitation, any vesting periods and eligibility criteria. (d) During the Employment Term, the Company shall pay to the Executive a monthly stipend car allowance of $1,000 to cover the Executive’s automobile payment1,200 per month. The amounts paid and/or provided for in this Section 5(d) shall be reported by the Company shall also pay for all fuel and repair related costs for any automobile the Executive utilizes for the commute to and from work or any work related events/tripson Internal Revenue Service Form 1099.

Appears in 1 contract

Samples: Employment Agreement (Xybernaut Corp)

Benefits; Vacation. (a) During the Employment Term, the Executive shall be entitled to such insurance and health and medical benefits as are generally made available to the senior executives of the Company, as a group, pursuant to such plans as are from time to time maintained by the Company; provided, however, that the Executive shall be required to comply with the conditions of coverage attendant to such plans. (ba) During each contract year of the Employment Term, the Executive shall be entitled to four six (46) weeks of vacation. The Executive shall take vacation at such time or times as the Executive desires, subject to the concurrence of the Company based upon the then-current business needs and activities of the Company. Vacation shall accrue if unused during the term of employment and shall be payable upon request of the Executive within 30 days after the end of the year in which the vacation was accrued and unused. (cb) During the Employment Term, the Executive shall be eligible to participate in the profit sharing and other benefit plans that the Company from time to time makes available to the senior executives of the Company as a group, subject to the terms, provisions and conditions of such plans, including, without limitation, any vesting periods and eligibility criteria. (dc) During the Employment Term, the Company shall pay to the Executive a monthly stipend of $1,000 to cover the Executive’s automobile payment. The Company shall also pay for all fuel and repair related costs for any automobile the Executive utilizes for the commute to and from work or any work related events/trips.

Appears in 1 contract

Samples: Employment Agreement (Sylios Corp)

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Benefits; Vacation. (a) During the Employment Term, the Executive shall be entitled to such insurance and health and medical benefits as are generally made available to the senior executives of the Company, as a group, pursuant to such plans as are from time to time maintained by the Company; provided, however, that the Executive shall be required to comply with the conditions of coverage attendant to such plans. (b) During each contract year of the Employment Term, the Executive shall be entitled to four six (46) weeks of vacation. The Executive shall take vacation at such time or times as the Executive desires, subject to the concurrence of the Company based upon the then-then current business needs and activities of the Company. Vacation shall accrue if unused during the term of employment and shall be payable upon request of the Executive within 30 days after employment. At the end of the year each fiscal year, any unused vacation time will be paid out to Executive based on Executive's annual salary in which the vacation was accrued and unusedeffect at that time. (c) During the Employment Term, the Executive shall be eligible to participate in the profit sharing and other benefit plans that the Company from time to time makes available to the senior executives of the Company as a group, subject to the terms, provisions and conditions of such plans, including, without limitation, any vesting periods and eligibility criteria. (d) During the Employment Term, the Company shall pay to the Executive a monthly stipend car allowance of $1,000 to cover the Executive’s automobile paymentper month. The amounts paid and/or provided for in this Section 5(d) shall be reported by the Company shall also pay for all fuel and repair related costs for any automobile the Executive utilizes for the commute to and from work or any work related events/tripson Internal Revenue Service Form 1099.

Appears in 1 contract

Samples: Employment Agreement (Xybernaut Corp)

Benefits; Vacation. (a) During the Employment Term, the Executive shall be entitled to such insurance and health and medical benefits as are generally made available to the senior executives of the Company, as a group, pursuant to such plans as are from time to time maintained by the Company; provided, however, that the Executive shall be required to comply with the conditions of coverage attendant to such plans. (ba) During each contract year of the Employment Term, the Executive shall be entitled to four six (46) weeks of vacation. The Executive shall take vacation at such time or times as the Executive desires, subject to the concurrence of the Company based upon the then-current business needs and activities of the Company. Vacation shall accrue if unused during the term of employment and shall be payable upon request of the Executive within 30 days after the end of the year in which the vacation was accrued and unused. (cb) During the Employment Term, the Executive shall be eligible to participate in the profit sharing and other benefit plans that the Company from time to time makes available to the senior executives of the Company as a group, subject to the terms, provisions and conditions of such plans, including, without limitation, any vesting periods and eligibility criteria. (dc) During the Employment Term, the Company shall pay to the Executive a monthly stipend of $1,000 to cover the Executive’s automobile payment. The Company shall also pay for all fuel and repair related costs for any automobile the Executive utilizes for the commute to and from work or any work work-related events/trips.

Appears in 1 contract

Samples: Employment Agreement (Sylios Corp)

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