Common use of Employee Benefits and Vacation Clause in Contracts

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.