Common use of Executive's Benefits Clause in Contracts

Executive's Benefits. (a) The Executive shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement made available by the Company in the future to its officers and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Without in any way limiting the foregoing, such benefits shall include the following: (i) The Company, in order to retain its valued employees, will establish a contributory Internal Revenue Code Section 401(k) plan by September 30, 1998. Contributions of the participating employees, including Executive, may be matched by contributions from the Company at the discretion of the Board of Directors of the Company. (ii) Executive shall be entitled to all paid legal holidays made available by the Company to its employees, such holidays to include, without limitation, New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. (iii) In addition to such paid holidays, Executive shall be entitled to twenty-five (25) vacation days each calendar year, during which time Executive's compensation shall be paid in full. Vacation time not taken in the calendar year will be accumulated and added to the vacation time for subsequent years; provided, however, Executive shall not take vacations in excess of fifteen (15) consecutive business days without at least four (4) weeks' prior notice to the Chairman and Chief Executive Officer of the Company. (iv) The Company shall provide Executive fully-paid insurance benefits as described in Exhibit B hereto. (b) Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the annual salary payable to Executive pursuant to Section 3.02

Executive's Benefits. (a) The Executive shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement made available by the Company in the future to its officers and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. Without in any way limiting the foregoing, such benefits shall include the following: (i) The Company, in order to retain its valued employees, will establish a contributory Internal Revenue Code Section 401(k) plan by September 30, 1998. Contributions of the participating employees, including Executive, may be matched by contributions from the Company at the discretion of the Board of Directors of the Company. (ii) Executive shall be entitled to all paid legal holidays made available by the Company to its employees, such holidays to include, without limitation, New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. (iii) In addition to such paid holidays, Executive shall be entitled to twenty-five twenty (2520) vacation days each calendar year, during which time Executive's compensation shall be paid in full. Vacation time not taken in the calendar year will be accumulated and added to the vacation time for subsequent years; provided, however, Executive shall not take vacations in excess of fifteen (15) consecutive business days without at least four (4) weeks' prior notice to the Chairman and Chief Executive Officer of the Company. (iv) The Company shall provide Executive fully-paid insurance benefits as described in Exhibit B hereto. (b) Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the annual salary payable to Executive pursuant to Section 3.02