Fringe Benefits; Automobile and Country Club Dues. During the Term of Employment, Executive shall be eligible to benefit from such fringe benefits and perquisites, as determined by Employer. Executive shall be entitled to the use of an automobile, of a type commensurate with Executive’s office and standing, at Employer’s expense. Employer shall report fringe benefits (including any portion of the use of the automobile for personal use) as taxable wages unless such benefits are specifically excluded from taxable income by the Code. Executive will be responsible for paying the taxes on any annual “imputed income” associated with “personal use” mileage as determined by IRS guidelines. Executive will report periodically to Employer the “personal use” mileage for such vehicle. Employer and Executive acknowledge that business development and community relations is an important part of Executive’s duties. For that purpose, Employer shall pay Executive’s membership dues and business related expenses for the Vesper Country Club of Tyngsboro, Massachusetts (the “Country Club”). It is understood that any personal expenses over and above such dues and related business expenses shall be borne by Executive. Executive will report periodically to Employer the business and personal use of the Country Club. Executive will be responsible for paying the taxes on any annual “imputed income” associated with “personal use” of the Country Club.
