Employee Benefits; Perquisites. During the Employment Period, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time, that are generally made available to senior executives of the Company. During the Employment Period, the Executive shall be entitled to fringe benefits and perquisites consistent with the practices and policies of the Company, and to the extent such fringe benefits or perquisites (or both) are generally made available to senior executives of the Company. The Company reserves the right to amend, modify or cancel any employee benefit plans, practices and programs, and any fringe benefits and perquisites, at any time and without the consent of the Executive.
Employee Benefits; Perquisites. During the Employment Period, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time, that are generally made available to senior executives of the Company, subject to the satisfaction of any eligibility requirements and any other terms and conditions of such plans, practices and programs. During the Employment Period, the Executive shall be entitled to fringe benefits and perquisites consistent with the practices and policies of the Company, and to the extent such fringe benefits or perquisites (or both) are generally made available to senior executives of the Company. During the Employment Period, the Executive shall be entitled to no less than four weeks of paid vacation time per year, as determined in accordance with the Company’s vacation policies in effect from time to time, which may be taken at such times as the Executive elects with due regard to the needs of the Company. For the avoidance of doubt, the closure of the Company’s offices from Christmas through New Year’s Day each calendar year shall not count toward the Executive’s paid vacation time. The Company reserves the right to amend, modify or cancel any employee benefit plans, practices and programs, and any fringe benefits and perquisites, at any time and without the consent of the Executive.
Employee Benefits; Perquisites. (i) During the Employment Period, the Executive shall be entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee’s participation will be consistent with applicable law and the terms of the applicable plans. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.
(ii) During the Employment Period, the Executive shall be entitled to five weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company’s policy on accrual and use applicable to employees as in effect from time to time.
(iii) At Executive’s request, Executive shall be provided with support from Company personnel of his choosing in the following roles, in each case at the sole expense of the Company: (A) a Chief of Staff to be based in either Dallas or Midland, Texas with an annual salary not to exceed $200,000; (B) an executive assistant based in Dallas, Texas; and (C) an executive assistance based in Midland, Texas.
(iv) The Company agrees to pay Executive $100,000 per year to offset expenses associated with maintaining Executive’s office in Midland, Texas. Such payments shall be made in substantially equal installments in accordance with the Company’s regular payroll procedures.
Employee Benefits; Perquisites. During the Employment Period, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company or AAC, as in effect from time to time, that are generally made available to senior executives of the Company. During the Employment Period, the Executive shall be entitled to fringe benefits and perquisites consistent with the practices and policies of the Company. The Company reserves the right to amend, modify or cancel any employee benefit plans, practices and programs, and any fringe benefits and perquisites, at any time and without the consent of the Executive.
Employee Benefits; Perquisites. During the Employment Period, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time, that are generally made available to senior executives of the Company. The Executive shall also be entitled to: (i) 20 working days of vacation per year plus 2 personal days, (ii) an automobile allowance of up to $20,000 per year, (iii) use of a private aircraft for business purposes, and (iv) use of a private aircraft for nonbusiness purposes for an amount not exceeding such amount that would cause him to recognize $100,000 in compensation income per calendar year in accordance with on the most favorable method to the Executive available under applicable Treasury Regulations or, at the Executive’s election, an amount not exceeding $100,000 for tax and financial planning services provided by a third-part financial planner or tax professional (or any combination thereof not to exceed $100,000 in compensation per calendar year). The Company reserves the right to amend, modify or cancel any employee benefit plans, practices and programs, and any fringe benefits and perquisites, as applicable to executives of the Company generally, at any time and without the consent of the Executive.
Employee Benefits; Perquisites. During the Employment Period, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time, that are generally made available to senior executives of the Company. The Executive shall also be entitled to: (i) 25 working days of vacation per year plus floating holidays, (ii) use of a private aircraft for personal purposes and tax and financial planning services provided by a third-party financial planner or tax professional, in combination for an amount not exceeding such amount that would cause him to recognize $80,000 in compensation income per calendar year in accordance with the most favorable method to the Executive available under applicable Treasury Regulations, with a maximum on the usage of a private aircraft for personal purposes of $250,000 in actual cost to the Company per calendar year. The Company reserves the right to amend, modify or cancel any employee benefit plans, practices and programs, and any fringe benefits and perquisites, as applicable to executives of the Company generally, at any time and without the consent of the Executive.
Employee Benefits; Perquisites. (i) During the Employment Period, the Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time, that are generally made available to senior executives of the Company. The Company reserves the right to amend, modify or cancel any employee benefit plans, practices and programs, and any fringe benefits and perquisites, as applicable to executives of the Company generally (and, accordingly, other than as provided at Section 4(e)(ii) below), at any time and without the consent of the Executive.
(ii) During the Employment Period, the Executive shall also be entitled to: (a) a company car and driver for local commuting and business use in the Burlington, North Carolina area, an annual executive physical, and financial planning services, each on substantially the same basis as provided to the immediately preceding Chief Executive Officer of the Company; (b) reasonable security services, subject to the approval of the Board; and (c) use of a private aircraft for nonbusiness purposes in an amount not exceeding $150,000 per calendar year (such amount to be pro-rated for 2019), based on the Company’s aggregate incremental cost calculation used for SEC proxy disclosure purposes.
(iii) Executive acknowledges and agrees that he shall bear responsibility for any taxable income resulting from the employee benefits and perquisites set forth in this section (including reimbursement or coverage of expenses by the Company).
Employee Benefits; Perquisites. (a) During the Term, Executive shall be entitled to participate in health, welfare, insurance, retirement, and other benefits, as well as equity plans, provided generally to similarly situated senior executives of the Company. Executive shall be entitled to vacations of no less than four (4) weeks per calendar year. Executive shall also be entitled to absences because of illness or other incapacity, and such other absences, whether for holiday, personal time, or for any other purpose, as set forth in the Company’s employment manual or current procedures and policies, as the case may be, as the same may be amended from time to time. Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time without providing Executive notice, and the right to do so is expressly reserved.
(b) The Company shall provide to Executive, at the Company’s cost, all perquisites, including health insurance pursuant to the terms of the Company’s health insurance plans which may change from time to time. The Company shall pay for the costs of the Company sponsored health insurance plan chosen (including a “family plan”) by Executive. Notwithstanding the foregoing, at all times, the Company reserves the right to amend, modify, or terminate any such
Employee Benefits; Perquisites. (a) Executive shall be eligible for employee benefits that are offered to similarly situated executives of the Company.
(b) Executive shall be entitled to use the Company aircraft in accordance with the Company’s aircraft policy, as approved by the Committee and as in effect from time to time. Executive shall reimburse the Company for any costs of personal air travel that exceed $250,000 per calendar year.
Employee Benefits; Perquisites
