BONUSES AND BENEFITS. In addition to the Base Salary and stock grant and option described above, Company shall provide Executive with the following during the Employment Period: (a) Bonuses, when payable, based upon and subject to such terms and conditions as determined annually under the Dailxx Incentive Compensation Plan. (b) Participation in any present or future disability, medical, health, dental, insurance, pension, profit-sharing, thrift, retirement, investment, and stock appreciation plans, and any other benefit, bonus or compensation plans on the same terms generally available to all of Company's Executives generally or its executive officers in particular; (c) Payment or reimbursement, as the case may be, of reasonable business expenses (within limits that may be established by Company's Board of Directors) incurred in connection with the performance of his duties hereunder, such expense payment or reimbursement being subject to, and made in accordance with Company's policies and procedures of Executive expense payment or reimbursement in effect from time to time; (d) Access to and use of Company's health club facility in accordance with the policies and procedures governing such facility; (e) At the option of Executive each year either (1) use of a current model Company vehicle comparable to a fully equipped Cadillac, plus reimbursement of the full cost of repairs, maintenance, gasoline, oil and cleaning, or (2) an automobile allowance of $1,700.00 per month; (f) Use of a Company paid full membership in a local area country club of the Executive's choice, and (g) Reimbursement of the reasonable costs of tuition, books and travel incurred for Executive's continuing education in general business or continuing professional education. For each fiscal year during the Employment Period the reimbursement shall not exceed ten percent of Executive's annual base compensation as set forth in Section 2.1.
Appears in 3 contracts
Samples: Executive Employment Agreement (Dailey International Inc), Executive Employment Agreement (Dailey International Inc), Executive Employment Agreement (Dailey International Inc)
BONUSES AND BENEFITS. In addition to the Base Salary and stock grant and option described above, Company shall provide Executive with the following during the Employment Period:
(a) Bonuses, when payable, and based upon and or subject to such terms and conditions as determined annually under the Dailxx Incentive Compensation Plan.Company's Board of Directors, in its sole and absolute discretion, may determine;
(b) Participation in any present or future disability, medical, health, dental, insurance, pension, profit-sharing, thrift, retirement, investment, and stock appreciation plans, and any other benefit, bonus or compensation plans on the same terms generally available to all of Company's Executives generally or its executive officers in particular;
(c) Payment or reimbursement, as the case may be, of reasonable business expenses (within limits that may be established by Company's Board of Directors) incurred in connection with the performance of his duties hereunder, such expense payment or reimbursement being subject to, and made in accordance with Company's policies and procedures of Executive expense payment or reimbursement in effect from time to time;
(d) Access to and use of Company's health club facility in accordance with the policies and procedures governing such facility;
(e) At the option of Executive each year either (1) use of a current model Company vehicle comparable to a fully equipped Cadillac, plus reimbursement of the full cost of repairs, maintenance, gasoline, oil and cleaning, or (2) an automobile allowance of One Thousand Five Hundred Dollars ($1,700.00 1,500) per monthmonth and the use of a PHH card for oil, gasoline, repairs and maintenance;
(f) Use of a Company paid full membership in a local area country club shooting range of the Executive's choice, and,
(g) Reimbursement of the reasonable costs of tuition, books and travel incurred for Executive's continuing education in general business or continuing professional education. For each fiscal year during the Employment Period the reimbursement shall not exceed ten percent of Executive's annual base compensation as set forth in Section 2.1;
(h) payment for preparation of tax returns by a Certified Public Accountant of Executive's choice.
Appears in 1 contract
Samples: Executive Employment Agreement (Dailey Petroleum Services Corp)