Common use of Executive Benefit Programs Clause in Contracts

Executive Benefit Programs. Without limiting the compensation or other benefits to which the Executive may be entitled pursuant to any other provision of this Agreement, during the Employment Period the Executive shall be entitled to participate in any pension, retirement, insurance or other employee benefit plan that is maintained at that time by the Company for its employees generally, including, without limitation, programs of life, disability, basic medical and dental and supplemental medical and dental insurance. The Executive shall be entitled to the benefits under this Section on terms at least as favorable as those granted to other employees of the Consolidated Group. Notwithstanding the foregoing, during the Employment Period the Executive shall at all times be entitled to the following minimum benefits: (i) Medical and dental insurance for himself and his family, that is additional to any medical and dental insurance provided to him as part of a program provided by the Company to its employees generally, including supplemental coverage for any co-payments and deductibles; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive and his family shall not exceed Ten Thousand Dollars ($10,000.00); (ii) Long-term disability insurance for himself; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive shall not exceed Ten Thousand Dollars ($10,000.00). It is the intent of the parties that the Executive's long-term disability benefits approximate fifty percent (50%) of the then-current Base Salary at all times during the Employment Period if such long-term disability insurance in such amount is then reasonably available for an annual premium, fees and other costs paid by the Company not to exceed Ten Thousand Dollars ($10,000.00); (iii) Term life insurance on the life of the Executive in the benefit amount of One Million Dollars ($1,000,000.00), with the beneficiaries thereof designated by the Executive; (iv) Directors' and Officers' Liability Insurance, if reasonably available, provided that the terms and amounts of such insurance shall be subject to approval by the Board; (v) Indemnification by the Company to the fullest extent permitted by law; (vi) Advancement or reimbursement of funds for all reasonable travel, entertainment and miscellaneous expenses incurred by the Executive in connection with the performance of his duties under this Agreement; provided, however, that the Executive properly accounts for such expenses to the Company in accordance with the Company's practices; and (vii) An annual allowance of $25,000 fully grossed-up for applicable taxes imposed on the Executive as a result of receiving the benefit provided in this Section 5(b)(vii), in lieu of such benefits including, but not limited to, automobile expenses, country club memberships, and financial and estate planning. The allowance shall accrue to the Executive in twelve (12) equal monthly installments, on the first day of each calendar month. The Executive shall not be required to account to the Company for any expenses relating to the allowance.

Executive Benefit Programs. Without limiting the compensation or other benefits to which the Executive may be entitled pursuant to any other provision of this Agreement, during the Employment Period the Executive shall be entitled to participate in any pension, retirement, insurance or other employee benefit plan that is maintained at that time by the Company for its employees generally, including, without limitation, programs of life, disability, basic medical and dental and supplemental medical and dental insurance. The Executive shall be entitled to the benefits under this Section on terms at least as favorable as those granted to other employees of the Consolidated Group. Notwithstanding the foregoing, during the Employment Period the Executive shall at all times be entitled to the following minimum benefits: (i) Medical and dental insurance for himself and his family, that is additional to any medical and dental insurance provided to him as part of a program provided by the Company to its employees generally, including supplemental coverage for any co-payments and deductibles; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive and his family shall not exceed Ten Thousand Dollars ($10,000.00); (ii) Long-term disability insurance for himself; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive shall not exceed Ten Thousand Five Hundred Dollars ($10,000.0010,500.00) at a Base Salary of Three Hundred Thousand Dollars ($300,000.00) per annum, plus such additional proportional amount, if any, as may be necessary to ensure that the benefits provided by Executive's long-term disability insurance increase proportionally as the Base Salary increases above Three Hundred Thousand Dollars ($300,000.00). It is , it being the intent of the parties that the Executive's long-term disability benefits approximate fifty sixty-seven percent (5067%) of the then-current Base Salary at all times during the Employment Period if such long-term disability insurance in such amount is then reasonably available for an annual premium, fees and other costs paid by the Company not to exceed Ten Thousand Five Hundred Dollars ($10,000.00)10,500.00) plus such additional proportional amount; (iii) Term life insurance on the life of the Executive in the benefit amount of One Million Dollars ($1,000,000.00), with the beneficiaries thereof designated by the Executive; (iv) Directors' and Officers' Liability Insurance, if reasonably available, provided that the terms and amounts of such insurance shall be subject to approval by the Board; (v) Indemnification by the Company to the fullest extent permitted by law; (vi) Advancement or reimbursement of funds for all reasonable travel, entertainment and miscellaneous expenses incurred by the Executive in connection with the performance of his duties under this Agreement; provided, however, that the Executive properly accounts for such expenses to the Company in accordance with the Company's practices; and; (vii) An annual automobile allowance of One Thousand Dollars ($25,000 fully grossed1,000.00) per month; and (viii) An annual payment to be made by the Company to or on behalf of Executive each January 1 during the Employment Period, commencing with January 1, 1998, in an amount equal to ten percent (10%) of the then-up current Base Salary, for applicable taxes imposed on the purposes of funding an individual deferred compensation, salary continuation, annuity or other retirement arrangement for Executive as a result of receiving the benefit provided in this Section 5(b)(vii), in lieu of such a group plan or plans adopted by the Board providing retirement benefits includingfor the Company's employees generally, but not limited toincluding Executive, automobile expenses, country club memberships, and financial and estate planning. The allowance shall accrue comparable to the Executive in twelve (12) equal monthly installments, on the first day of each calendar month. The Executive shall not be required to account to the Company for any expenses relating to the allowancethose provided by other similarly-sized publicly-traded companies.

Executive Benefit Programs. Without limiting the compensation or other benefits to which the Executive may be entitled pursuant to any other provision of this Agreement, during the Employment Period the Executive shall be entitled to participate in any pension, retirement, insurance or other employee benefit plan that is maintained at that time by the Company for its employees generally, including, without limitation, programs of life, disability, basic medical and dental and supplemental medical and dental insurance. The Executive shall be entitled to the benefits under this Section on terms at least as favorable as those granted to other employees of the Consolidated Group. Notwithstanding the foregoing, during the Employment Period the Executive shall at all times be entitled to the following minimum benefits: (i) Medical and dental insurance for himself and his family, that is additional to any medical and dental insurance provided to him as part of a program provided by the Company to its employees generally, including supplemental coverage for any co-payments and deductibles; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive and his family shall not exceed Ten Fifteen Thousand Dollars ($10,000.0015,000.00); (ii) Long-term disability insurance for himself; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive shall not exceed Ten Twenty Thousand Dollars ($10,000.0020,000.00). It is , it being the intent of the parties that the Executive's long-term disability benefits approximate fifty sixty-seven percent (5067%) of the then-current Base Salary at all times during the Employment Period if such long-term disability insurance in such amount is then reasonably available for an annual premium, fees and other costs paid by the Company not to exceed Ten Twenty Thousand Dollars ($10,000.0020,000.00);. (iii) Term life insurance on the life of the Executive in the benefit amount of One Three Million Dollars ($1,000,000.003,000,000.00), with the beneficiaries thereof designated by the Executive; provided that in no event shall the annual premium for such term life insurance exceed Twenty Thousand Dollars ($20,000); (iv) Directors' and Officers' Liability Insurance, if reasonably available, provided that the terms and amounts of such insurance shall be subject to approval by the Board; (v) Indemnification by the Company to the fullest extent permitted by law; (vi) Advancement or reimbursement of funds for all reasonable travel, entertainment and miscellaneous expenses incurred by the Executive in connection with the performance of his duties under this Agreement; provided, however, that the Executive properly accounts for such expenses to the Company in accordance with the Company's practices; and (vii) An annual allowance of $25,000 35,000, fully grossed-up for applicable taxes imposed on the Executive as a result of receiving the benefit provided in this Section 5(b)(vii7(b)(vii), in lieu of such benefits including, but not limited to, automobile expenses, country club memberships, and financial and estate planning. The allowance shall accrue to the Executive in twelve (12) equal monthly installments, on the first day of each calendar month. The Executive shall not be required to account to the Company for any expenses relating to the this allowance. (viii) The Executive shall receive an amount equal to not less than 10% of his Base Salary as deferred compensation under that certain Nonqualified Deferred Compensation Agreement dated as of January 3, 1997 between the Executive and the Company, or alternatively, under such other plans or agreements as the Company and the Executive may agree upon from time to time.

Executive Benefit Programs. Without limiting the compensation or other benefits to which the Executive may be entitled pursuant to any other provision of this Agreement, during the Employment Period the Executive shall be entitled to participate in any pension, retirement, insurance or other employee benefit plan that is maintained at that time by the Company for its employees generally, including, without limitation, programs of life, disability, basic medical and dental and supplemental medical and dental insurance. The Executive shall be entitled to the benefits under this Section on terms at least as favorable as those granted to other employees of the Consolidated Group. Notwithstanding the foregoing, during the Employment Period the Executive shall at all times be entitled to the following minimum benefits: (i) Medical and dental insurance for himself and his family, that is additional to any medical and dental insurance provided to him as part of a program provided by the Company to its employees generally, including supplemental coverage for any co-payments and deductibles; provided, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive and his family shall not exceed Ten Thousand Dollars ($10,000.00); (ii) Long-term disability insurance for himself; providedprovide, however, that the annual premiums, fees and other costs paid by the Company for such insurance for the Executive shall not exceed Ten Seven Thousand Dollars ($10,000.007,000.00) at a Base Salary of Two Hundred Thousand Dollars ($200,000.00) per annum, plus such additional proportional amount, if any, as may be necessary to ensure that the benefits provided by Executive's long-term disability insurance increase proportionally as the Base Salary increases above Two Hundred Thousand Dollars ($200,000.00). It is , it being the intent of the parties that the Executive's long-term disability benefits approximate fifty sixty-seven percent (5067%) of the then-current Base Salary at all times during the Employment Period period if such long-term disability insurance in such amount is then reasonably available for an annual premium, premium fees and other costs paid by the Company not to exceed Ten Seven Thousand Dollars ($10,000.00)7,000.00) plus such additional proportional amount; (iii) Term life Life insurance on the life of the Executive in the benefit amount of One Million million Dollars ($1,000,000.00), with the beneficiaries thereof designated by the Executive; (iv) Directors' and Officers' Liability Insurance, if reasonably available, provided that the terms and amounts of such insurance shall be subject to approval by the Board; (v) Indemnification by the Company to the fullest extent permitted by law; (vi) Advancement or reimbursement of funds for all reasonable travel, entertainment and miscellaneous expenses incurred by the Executive in connection with the performance of his duties under this Agreement; provided, however, that the Executive properly accounts for such expenses to the Company in accordance with the Company's practices; and. (vii) An annual automobile allowance of Six Hundred Dollars ($25,000 fully grossed600.00) per month through December 31, 1994; commencing January 1, 1995, the automobile allowance shall be increased, effective each January 1, by such percentage as corresponds to any percentage increase in the Index, as calculated in accordance with the procedures set forth in Section 3; (viii) An annual payment to be made by the Company to or on behalf of Executive each January 1 during the Employment Period, commencing with January 1, 1995, in an amount equal to ten percent (10%) of the then-up current Base Salary, for applicable taxes imposed on the purposes of funding an individual deferred compensation, salary continuation, annuity or other retirement arrangement for Executive as a result of receiving the benefit provided in this Section 5(b)(vii), in lieu of such a group plan or plans adopted by the Board providing retirement benefits includingfor the Company's employees generally, but not limited toincluding Executive comparable to those provided by other similarly-sized publicly-traded companies; and (ix) Within thirty (30) days after executive of this Agreement, automobile expensespayment on behalf of or reimbursement to Executive for legal fees and expenses incurred by him in connection with the negotiation and execution of this Agreement and the Stock Option Agreement; provided, country club membershipshowever, and financial and estate planning. The allowance shall accrue to that the Executive in twelve (12) equal monthly installments, on the first day of each calendar month. The Executive shall not be required to account to amount paid by the Company for any expenses relating to the allowancesuch payment or reimbursement shall not exceed Twelve Thousand Dollars ($12,000.00).