Flexible Perquisite Program Sample Clauses
A Flexible Perquisite Program clause establishes the employer's ability to offer a range of optional benefits or perks to employees, which can be tailored to individual preferences or business needs. This may include allowances for wellness, transportation, professional development, or other non-salary benefits, with the specific offerings and eligibility criteria determined by the employer. The core function of this clause is to provide flexibility in employee compensation packages, enhancing job satisfaction and retention while allowing the employer to adapt benefits to changing circumstances or workforce expectations.
Flexible Perquisite Program. During the Compensation Period, the Executive shall continue to receive benefits under the Program; provided, further, that in the event of an Involuntary Termination during the two (2) year period beginning on a Change of Control, ownership of the automobile assigned to the Executive immediately prior to such Termination shall be transferred to the Executive within fifteen (15) business days after such Termination. At the time of such transfer, the Company shall pay to the Executive such amount in cash that, after payment of all applicable federal, state and local taxes thereon, computed at the maximum marginal rates, is equal to all such taxes, so computed, imposed in connection with such transfer.
Flexible Perquisite Program. While the Employee is employed by the Company, the Employee shall be entitled to participate in the Dura Automotive Systems, Inc. Executive Flexible Perquisite Program, pursuant to the written terms of that Program; provided, however, that the annual allowance as specified in that Program shall be a gross amount of thirty-three thousand dollars and no cents ($33,000.00), and the Employee's maximum economic entitlement under that Program shall be reduced and pro-rated to reflect the Employee's actual start date with the Company as being the Effective Date rather than the date on which that Program commenced.
Flexible Perquisite Program. Participation in this program ends with the payment of Executive's Fourth Quarter, 2001 payment in the amount of $12,500. The payment will be made in October and is subject to applicable taxes and withholdings (i.e., Belgian non-resident tax rates as currently utilized). Income Tax Equalization for Company-Related Earnings Abroad; Indemnification ---------------------------------------------------------------------------- Following termination of Executive's employment, Executive remains eligible for tax equalization of income taxes relating to Company-related employment earnings while in the U.S. However, in order to be entitled to post-termination tax equalization payments, Executive must settle with the Company the full amount of any existing tax loans or advances, tax equalization calculations (TEQ indicates Executive will owe the Company) and foreign tax credit carryovers. Deloitte & Touche will continue (the "Tax Preparer") to prepare Executive's U.S., applicable state and non-U.S. income tax returns and will calculate Executive's tax equalization for the year the Executive's foreign assignment ends and then one additional calendar year. Any income tax reimbursement due Executive will first be applied to settle any outstanding tax loans or advances previously made to Executive; any balance will be paid to Executive at the conclusion of the tax equalization settlement process. Likewise, any tax reimbursement due the Company will be added to any outstanding tax loans or advances previously made to Executive, which Executive shall repay at the conclusion of the tax equalization settlement process. Final settlement of 2000 tax equalization issues is expected within 60 days from the date the tax equalization settlement is prepared by the Tax Preparer. Final settlement of 2001 tax equalization issues is also expected within 60 days from the date the tax equalization settlement is prepared by the Tax Preparer. Executive agrees to cooperate fully with the Tax Preparer in completing the Tax Preparer's tax organizer forms and filing all income tax returns on a timely basis. Executive is personally responsible for the payment of any income taxes, penalties and interest determined to be owing as a result of the tax equalization settlement process and Executive agrees to make these payments when due. Executive shall pay to the Company any amounts determined in the Tax Preparer's final tax equalization settlement report to be owing to the Company within 30 calenda...
Flexible Perquisite Program. The dollar value of your right to the Company's flexible perquisite program through the end of the calendar year is $37,500 based on three remaining quarters of 2002. In lieu of receiving a quarterly flexible perquisite allowance of $12,500 for the second, third and fourth quarters of 2002, the dollar value of this benefit was incorporated into the Final Salary Continuation Amount (see Exhibit A). Other Officer Benefits and Perquisites Your coverage under the Supplemental Long Term Disability and the Survivor Benefit programs will end as of your last day of active employment, February 28, 2002. Executive Outplacement Executive outplacement assistance is available to you for up to 12 months, ending February 28, 2003. The Company has several national agreements with premier outplacement firms. Executive outplacement assistance will be coordinated through your Human Resources office or by contacting ▇▇▇ ▇▇▇▇, Human Resources Corporate Functions, (▇▇▇) ▇▇▇-▇▇▇▇. Consideration for the Release The severance pay, continuation of group insurance plan participation during your Salary Continuation Period, executive outplacement assistance and other benefits specified in the Agreement and Release to which you would not otherwise be entitled (the "Consideration") are all things of value that will be available to you only in return for your signed Agreement and Release in the form provided to you. If you choose not to sign this Agreement and Release in the form provided to you, you will still receive the vacation pay described herein. Your group insurance plan participation will generally end no later than the month in which your last day of active employment falls. Other payments and benefits will generally cease on your last day of active employment.
Flexible Perquisite Program. You will continue to be eligible for the Company's flexible perquisite program through the end of the calendar quarter commencing after your Last Day of Active Employment. Your last payment will be in April 2004. Executive Auto Insurance Your coverage under the Honeywell Executive Auto Insurance program will end as of your Last Day of Active Employment. EXHIBIT B HONEYWELL INTERNATIONAL INC. Agreement Relating to Honeywell's Trade Secrets, Proprietary and Confidential Information In consideration of the receipt of my Severance Pay, I understand and agree that:
Flexible Perquisite Program. You will continue to be eligible for the Company's flexible perquisite program through the end of the calendar quarter commencing after your Last Day of Active Employment. Your final payment of $12,500 will be made in October 2003. Other Officer Benefits and Perquisites Your coverage under the Supplemental Long Term Disability and the Survivor Benefit programs will end as of your Last Day of Active Employment.