Employee Benefits and Vacation. (a) During the Employment Term, Executive shall be entitled to participate in all benefit plans and arrangements and fringe benefits and perquisite programs generally provided to comparable senior executives of the Company.
(b) During the Employment Term, Executive shall be entitled to vacation each year in accordance with the Company's policies in effect from time to time, but in no event less than four (4) weeks paid vacation per calendar year. The Executive shall also be entitled to such periods of sick leave as is customarily provided by the Company for its senior executive employees.
Employee Benefits and Vacation. While Executive is employed by the Company hereunder, Executive shall be entitled to participate in all employee benefit plans to the extent that Executive meets the eligibility requirements for each individual plan or program, including but not limited to participation in the Company’s health, dental, and vision insurance plans for Executives, which shall be paid for by the Company. Executive shall be entitled to be paid for state and federal holidays recognized by the Company, and shall accrue paid time off (“PTO”) in accordance with Company policy.
Employee Benefits and Vacation. (a) During the Employment Term, Executive shall be entitled to participate in all pension, retirement, savings, welfare and other employee benefit plans and arrangements, including, without limitation, any nonqualified deferred compensation plans, maintained by the Company from time to time for the benefit of the senior executives of the Company in accordance with their respective terms as in effect from time to time. Executive acknowledges that the aforementioned items may be included as compensation for income tax purposes to the extent required by applicable law. To the extent permitted under applicable law, the Company shall not treat as compensation to Executive fringes and perquisites provided to Executive or the items under Section 6 below.
(b) During the Employment Term, the Company agrees to loan to Executive $50,000 during each year of the Employment Term to purchase shares of Common Stock of the Company up to a maximum of $250,000. Each annual loan made pursuant to this Section 5(b) (the "Stock Purchase Loans") shall mature on the earlier of (i) its fifth anniversary and (ii) six months after Executive is no longer employed by the Company. The Stock Purchase Loans shall accrue interest on the then outstanding principal amount of the Stock Purchase Loans from the date of any Loan is made until maturity at a rate equal to the prime rate as published in the Wall Street Journal on the date any Stock Purchase Loan is made pursuant hereto and shall be payable annually in arrears. Interest on the Stock Purchase Loan will not be paid in cash but shall be payable in kind (i.e. the amount of interest accrued on the Stock Purchase Loan during each annual period will be added to the principal amount of the Loan at the end of such annual period). The Stock Purchase Loans will be full recourse loans against Executive and each loan will be secured by the shares of Common Stock purchased with each such Stock Purchase Loan together with other shares of Common Stock pledged by Executive so that the aggregate value (based on the closing price on the acquisition date of such shares on the Nasdaq stock market) of all such shares securing each new Stock Purchase Loan shall be at least equal to 110% of the principal amount of the Stock Purchase Loans.
(c) During the Employment Term, Executive shall be entitled to vacation each year in accordance with the Company's policies in effect from time to time, but in no event less than five (5) weeks paid vacation per calendar...
Employee Benefits and Vacation. (a) During the Employment Term, Executive shall be entitled to participate in all pension, long-term incentive compensation, retirement, savings, welfare and other employee benefit plans and arrangements and fringe benefits and perquisites generally maintained by the Company from time to time for the benefit of senior executive officers of the Company of a comparable level in each case in accordance with their respective terms as in effect from time to time.
(b) During the Employment Term, Executive shall be entitled to vacation each year in accordance with the Company's policies in effect from time to time, but in no event less than four (4) weeks paid vacation per calendar year. Executive shall also be entitled to such periods of sick leave as is customarily provided by the Company to its senior executive employees.
Employee Benefits and Vacation. (a) During the Employment Term, Executive shall be entitled to participate in all pension, retirement, savings, welfare and other employee benefit plans and arrangements and fringe benefits and perquisites generally maintained by the Company from time to time for the benefit of senior executives of the Company of a comparable level in each case in accordance with their respective terms as in effect from time to time (other than any special arrangement entered into by contract with an executive). The Executive shall be initially provided with a leased automobile or an automobile allowance by the Company, in such manner and at such level as determined by the Company; however, the Company reserves the right, upon recommendation of the Compensation Committee, to modify the arrangement or change the level of allowances in the future. To the extent permitted under applicable law, the Company shall not treat as compensation to Executive fringes and prerequisites provided to Executive or the items under Section 6 below. Notwithstanding the foregoing, for the two (2) year period after a Change in Control (the "Change in Control Protection Period"), while employed, Executive shall be entitled to (i) coverage and benefits at least equal in the aggregate to the benefits provided under the benefit plans and programs, including, without limitation, any life insurance, medical insurance, disability, pension, savings, incentive, retirement and other plans and programs, of the Company applicable to Executive immediately prior to such Change in Control and any (ii) fringe benefits and prerequisites of at least equal value to those provided by the Company to the Executive immediately prior to the Change in Control.
(b) During the Employment Term, Executive shall be entitled to vacation each year in accordance with the Company's policies in effect from time to time, but in no event less than four (4) weeks paid vacation per calendar year. The Executive shall also be entitled to such periods of sick leave customarily provided by the Company for its senior executive employees.
Employee Benefits and Vacation. (a) During the Employment Term, ------------------------------ Executive shall be entitled to (i) participate in all pension, retirement, savings, welfare and other employee benefit plans and arrangements, including, without limitation, any nonqualified deferred compensation plans, maintained by the Company from time to time for the benefit of the senior executives of the Company in accordance with their respective terms as in effect from time to time, (ii) a luxury automobile reasonably satisfactory to the Executive and the Company (including, without limitation, reimbursement by the Company of the costs of maintaining and operating such automobile), (iii) reasonable use of Company-provided aircraft transportation for business-related and personal travel, and (iv) the employment of a daycare provider for Executive's dependents (with the daycare provider's salary paid by the Company directly to the daycare provider net of any applicable federal or state employment tax of which such taxes shall be withheld and remitted by the Company to the appropriate taxing authorities and which salary shall not exceed comparable salaries for such services). Executive acknowledges that the aforementioned items will be includible as compensation for income tax purposes to the extent required by applicable law. To the extent permitted under applicable law, the Company shall not treat as compensation to Executive fringes and perquisites provided to Executive or the items under Section 6 below.
(b) During the Employment Term, Executive shall be entitled to vacation each year in accordance with the Company's policies in effect from time to time, but in no event less than five (5) weeks paid vacation per calendar year. The Executive shall also be entitled to such periods of sick leave as is customarily provided by the Company for its senior executive employees.
Employee Benefits and Vacation. (a) During the Employment Term, Executive shall be entitled to participate in all pension, profit sharing, long-term incentive compensation, retirement, savings, welfare and other employee benefit plans and arrangements and fringe benefits and perquisites generally maintained by the Company from time to time for the benefit of senior executive officers of the Company of a comparable level, in each case in accordance with their respective terms as in effect from time to time (other than any special arrangement entered into by contract with an executive or that applies on a grandfathered basis). Without limiting the foregoing, the Company shall pay all premiums for Executive and his dependent family members under health, hospitalization, disability, dental, life and other employee benefit plans that the Company may have in effect from time to time. Executive acknowledges that the Company does not currently provide a profit sharing plan, and has no current intention of providing profit sharing benefits to its employees.
(b) During the Employment Term, Executive shall be entitled to at least three (3) weeks paid vacation each year in accordance with the Company's policies in effect from time to time. Executive shall also be entitled to such periods of sick leave as is customarily provided by the Company to its senior executive employees.
Employee Benefits and Vacation. During the Term, Executive shall be entitled to participate in all benefit plans and arrangements and fringe benefits and perquisite programs generally provided to comparable senior executives of the Company.
Employee Benefits and Vacation. (a) During the period of the Employment Term that commences on the Effective Date and ends on the first anniversary thereof, the Company will provide the Executive with such additional benefits as may be required in order to provide the Executive with a consistent aggregate value of benefits as contemplated by Section 7.01(a) of the Merger Agreement. During the period of the Employment Term after the first anniversary of the Effective Date, the Executive shall be entitled to participate in all pension, long-term incentive compensation, retirement, savings, welfare and other employee benefit plans and arrangements and fringe benefits and perquisites generally maintained by the Company from time to time for the benefit of its senior executive officers, in each case in accordance with their respective terms as in effect from time to time.
(b) During the Employment Term, the Executive shall be entitled to vacation each year in accordance with the Company’s policies in effect from time to time, but in no event less than four (4) weeks paid vacation per calendar year. The Executive shall also be entitled to such periods of paid sick leave as is customarily provided by the Company to its senior executive employees.
(c) If the Executive’s employment with the Company terminates due to his retirement from the Company and so long as such retirement is not in connection with a termination pursuant to Section 7(d) hereof (such a retirement, a “Qualifying Retirement”) and further subject to the following provisions of this Section 5(c), the Executive shall be provided with a supplemental retirement benefit payable in the form of a 60% J&S Annuity. For purposes of this Agreement, a “60% J&S Annuity” means an annuity payable each month for the life of the Executive, commencing in the month following the Executive’s Qualifying Retirement, with a survivor annuity payable monthly for the life of the person (if any) legally married to the Executive (the Executive’s “spouse”) at the time of the Executive’s Qualifying Retirement which commences with the month following the month in which the Executive dies (if such spouse is then still living) and which is 60% of the amount of such annuity payable during the life of the Executive. The amount of such 60% J&S Annuity shall be the amount necessary to produce a monthly 60% J&S Annuity benefit during the Executive’s life after such annuity commences equal to the positive difference (if any) between (i) $20,000 less (ii) the Existing...
Employee Benefits and Vacation. (a) During the Employment Term, Executive shall be entitled to participate in all pension, profit sharing, long-term incentive compensation, retirement, savings, welfare and other employee benefit plans and arrangements and fringe benefits and perquisites generally maintained by the Company from time to time for the benefit of senior executive officers of the Company of a comparable level, in each case in accordance with their respective terms as in effect from time to time (other than any special arrangement entered into by contract with an executive or that applies on a grandfathered basis). Without limiting the foregoing, the Company shall pay all premiums for Executive and his dependent family members under health, hospitalization, disability, dental, life and other employee benefit plans that the Company may have in effect from time to time.
