Flexible Perquisites Sample Clauses

Flexible Perquisites. Executive shall be paid an annual flexible perquisite in the gross amount reflected next to his/her name in the attached Exhibit A, less customary and statutory withholdings and deductions (provided, however, that business use of the auto and club shall be treated as direct reimbursement and thus non-taxable, unless current tax law changes and requires the Company to treat it otherwise). This flexible perquisite shall be paid and administered in accordance with the Company’s written flexible perquisite plan (attached hereto as Exhibit C), as amended by the Company from time to time. This program provides reimbursement for expenses, such as company auto, country club membership or other memberships, financial counseling, auxiliary life insurance, and a short list of other allowable expenses.

Flexible Perquisites. Employee shall be entitled to participate in the Company’s flexible perquisites plan, which provides an amount equal to 4% of Employee’s Base Compensation in each calendar year in lieu of customary perquisite benefits. Payments under the flexible perquisites plan will be made on a calendar quarter basis and will be calculated based on Employee’s Base Compensation from the previous calendar quarter. Nothing in this Section 5(e) shall be deemed to prohibit the Company from making any changes in the flexible perquisites plan, provided the change similarly affects all executive officers of the Company that are similarly situated.

Flexible Perquisites. In lieu of payments to which the Executive is entitled under clauses (vi), (viii), (x) and (xi) of Section 6.0 (c) hereof, the Executive may elect to receive a lump sum payment in cash equal to three times the allotment of annual flexible perquisite dollars which he was granted for the year in which the termination occurred.