Fringe Benefits; Expenses. (a) During his Term of Employment, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made available for salaried, exempt employees, including sick leave and disability leave, health insurance and 401(k) plans. In addition, Employee shall be eligible to participate in OMNI’s Long Term Incentive Compensation Plan. (b) OMNI will reimburse Employee for all reasonable business expenses incurred by Employee in the scope of Employee’s employment; provided, however, that Employee must file expense reports with respect to such expenses and otherwise comply with OMNI’s policies. (c) Employee shall be entitled to four (4) weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s policies in effect for other salaried, exempt employees. Any vacation not used during a calendar year may not be used during any subsequent period. Employee shall be compensated for any unused vacation upon termination of this Agreement for any reason. (d) Employee will be entitled to an automobile allowance of $750 per month during his employment with the Company. (e) Upon execution of this Agreement, Employee shall be granted non-qualified options to purchase 100,000 shares of OMNI Common Stock, pursuant to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close of each Quarter in the Initial Period. The exercise price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof), or upon a Change of Control as defined in Section 10.11(A) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all options must be exercised within ninety (90) days of termination of Employment for whatever reason. (f) Employee shall be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted hereunder shall immediately vest upon (i) termination of Employee’s employment relationship with the Company due to Employee’s death or disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), (ii) termination of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment Agreement), or (iii) a Change of Control (as defined in Section 10.11(A) of the Plan). (g) Employee is required to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the Lafayette, Louisiana area.
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Fringe Benefits; Expenses. (a) During his Term the term of Employmentemployment of Employee hereunder, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made available EFT for salaried, exempt its executive employees, including which may include, but will not be limited to, stock bonus, stock purchase, stock performance incentive and stock option plans, sick leave and disability leave, health insurance, dental insurance and 401(k) pension and/or profit sharing plans. In addition; provided, Employee however, that except as provided below, the existence, nature, amount and limitations of such plans shall be eligible determined from time to participate in OMNI’s Long Term Incentive Compensation Plantime by the Board of Directors of EFT.
(b) OMNI EFT will reimburse Employee for all reasonable business expenses incurred by Employee in the scope of Employee’s 's employment; provided, however, that Employee must file expense reports with respect to such expenses in accordance with EFT's policies as are in effect from time to time, and otherwise comply with OMNI’s policiesany expenses requiring the approval of any officer or the Board of Directors of EFT pursuant to any policies of EFT then in effect shall have been so approved.
(c) During the term of employment of Employee hereunder, Employee shall be entitled to four a minimum of two (42) weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s EFT's policies in effect for other salaried, exempt employeesfrom time to time. Any vacation not used during a calendar year may not be used during any subsequent period. Employee shall be compensated for any unused vacation upon termination of this Agreement for any reason.
(d) During the term of employment of Employee hereunder, EFT will be entitled pay all license fees, occupation taxes and reasonable educational costs and expenses necessary to an automobile allowance of $750 per month during his maintain Employee's good standing under any professional licenses required in connection with Employee's employment with the Companyby EFT.
(e) Upon execution During the term of this Agreement, EFT shall use its reasonable efforts to provide to Employee (i) life insurance payable to Employee's designated beneficiary or beneficiaries in an amount at least three times Employee's Annual Base Salary and (ii) disability insurance on behalf of Employee which, as a goal, shall be granted non-qualified options to purchase 100,000 shares provide for salary continuation in the event of OMNI Common Stock, pursuant permanent disability in an amount equal to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan lesser of (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close I) 60% of each Quarter in the Initial Period. The exercise price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof)Employee's Annual Base Salary, or upon a Change of Control as defined in Section 10.11(A(II) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all options must be exercised within ninety (90) days of termination of Employment for whatever reason$10,000 per month.
(f) Employee shall be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted hereunder shall immediately vest upon (i) termination of Employee’s employment relationship EFT is currently investigating a car program for executives which either furnishes an appropriate automobile commensurate with the Company due position occupied or an allowance which shall allow the employee to Employee’s death or disability (within lease/purchase a vehicle reflective of his/her position. An automobile policy will be introduced before the meaning end of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), (ii) termination of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment Agreement), or (iii) a Change of Control (as defined in Section 10.11(A) of the Plan)fiscal year 2009.
(g) Employee is required to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the Lafayette, Louisiana area.
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Fringe Benefits; Expenses. (a) During his Term the term of Employmentemployment of Employee hereunder, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made available the Company for salaried, exempt its executive employees, including which may include, but will not be limited to, stock bonus, stock purchase, stock performance incentive and stock option plans, sick leave and disability leave, health insurance, dental insurance and 401(k) pension and/or profit sharing plans. In addition; provided, Employee however, that except as provided below, the existence, nature, amount and limitations of such plans shall be eligible determined from time to participate in OMNI’s Long Term Incentive Compensation Plantime by the Board of Directors of the Company or Encompass.
(b) OMNI The Company will reimburse Employee for all reasonable business expenses incurred by Employee in the scope of Employee’s 's employment; provided, however, that Employee must file expense reports with respect to such expenses in accordance with the Company's policies as are in effect from time to time, and otherwise comply with OMNI’s policiesany expenses requiring the approval of any officer or the Board of Directors of the Company or Encompass pursuant to any policies of the Company then in effect shall have been so approved.
(c) During the term of employment of Employee hereunder, Employee shall be entitled to a minimum of four (4) weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s the Company's policies in effect for other salaried, exempt employeesfrom time to time. Any vacation not used during a calendar year may not be used during any subsequent period. Employee shall be compensated for any unused vacation upon termination of this Agreement for any reason.
(d) During the term of employment of Employee hereunder, the Company will be entitled pay all license fees, occupation taxes and reasonable educational costs and expenses necessary to an automobile allowance of $750 per month during his maintain Employee's good standing under any professional licenses required in connection with Employee's employment with by the Company.
(e) Upon execution During the term of this Agreement, the Company shall use its reasonable efforts to provide to Employee shall be granted non-qualified options to purchase 100,000 shares of OMNI Common Stock, pursuant to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close of each Quarter in the Initial Period. The exercise price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof), or upon a Change of Control as defined in Section 10.11(A) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all options must be exercised within ninety (90) days of termination of Employment for whatever reason.
(f) Employee shall be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted hereunder shall immediately vest upon (i) termination of Employee’s employment relationship with the Company due life insurance payable to Employee’s death 's designated beneficiary or disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), beneficiaries in an amount at least three times Employee's Annual Base Salary and (ii) termination disability insurance on behalf of Employee which, as a goal, shall provide for salary continuation in the event of permanent disability in an amount equal to the lesser of (I) 60% of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment Agreement)'s Annual Base Salary, or (iiiII) a Change of Control (as defined in Section 10.11(A) of the Plan)$10,000 per month.
(g) Employee is required to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the Lafayette, Louisiana area.
Appears in 1 contract
Fringe Benefits; Expenses. (a) During his Term the term of Employmentemployment of Employee hereunder, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made available the Company for salaried, exempt its group president level employees, including which may include, but will not be limited to, stock purchase and stock option plans, sick leave and disability leave, health insurance, dental insurance and 401(k) pension and/or profit sharing plans. In addition; provided, Employee however, that except as provided below, the existence, nature, amount and limitations of such plans shall be eligible determined from time to participate in OMNI’s Long Term Incentive Compensation Plantime by the Board of Directors of the Company or Encompass.
(b) OMNI The Company will reimburse Employee for all reasonable business expenses incurred by Employee in the scope of Employee’s 's employment; provided, however, that Employee must file expense reports with respect to such expenses in accordance with the Company's policies as are in effect from time to time, and otherwise comply with OMNI’s policiesany expenses requiring the approval of any officer or the Board of Directors of the Company or Encompass pursuant to any policies of the Company then in effect shall have been so approved.
(c) During the term of employment of Employee hereunder, Employee shall be entitled to four (4) a minimum of three weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s the Company's policies in effect for other salaried, exempt employeesfrom time to time. Any vacation not used during a calendar year may not be used during any subsequent period. Employee Vacation time shall be compensated prorated for any unused vacation upon termination partial calendar year of this Agreement for any reasonemployment.
(d) During the term of employment of Employee hereunder, the Company will be entitled pay all license fees, occupation taxes and reasonable educational costs and expenses necessary to an automobile allowance of $750 per month during his maintain Employee's good standing under any professional licenses required in connection with Employee's employment with by the Company.
(e) Upon execution During the term of this Agreement, the Company shall use its reasonable efforts to provide to Employee shall be granted non-qualified options to purchase 100,000 shares of OMNI Common Stock, pursuant to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close of each Quarter in the Initial Period. The exercise price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof), or upon a Change of Control as defined in Section 10.11(A) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all options must be exercised within ninety (90) days of termination of Employment for whatever reason.
(f) Employee shall be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted hereunder shall immediately vest upon (i) termination of Employee’s employment relationship with the Company due life insurance payable to Employee’s death 's designated beneficiary or disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), beneficiaries in an amount at least three times Employee's Annual Base Salary and (ii) termination to the extent provided to its other group president level employees, as such coverage may change from time to time, disability insurance on behalf of Employee which, as a goal, shall provide for salary continuation in the event of permanent disability in an amount equal to the lesser of (i) 60% of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment Agreement)'s Annual Base Salary, or (iiiii) a Change of Control (as defined in Section 10.11(A) of the Plan)$10,000 per month.
(g) Employee is required to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the Lafayette, Louisiana area.
Appears in 1 contract
Fringe Benefits; Expenses. (a) During his Term the term of Employmentemployment of Employee hereunder, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made available the Company for salaried, exempt its executive employees, including but not limited to stock bonus, stock purchase, stock performance incentive and stock option plans, sick leave and disability leave, health insurance, dental insurance and 401(k) pension and/or profit sharing plans. In addition; provided, Employee however, that except as provided below, the nature, amount and limitations of such plans shall be eligible determined from time to participate in OMNI’s Long Term Incentive Compensation Plantime by the Board of Directors of the Company.
(b) OMNI The Company will reimburse Employee for all reasonable business expenses incurred by Employee in the scope of Employee’s 's employment; provided, however, that Employee must file expense reports with respect to such expenses and otherwise comply in accordance with OMNI’s policiesthe Company's policies as are in effect from time to time.
(c) During the term of employment of Employee hereunder, Employee shall be entitled to four (4) a minimum of five weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s the Company's policies in effect for other salaried, exempt employeesfrom time to time. Any vacation not used during a calendar year may not be used during any subsequent period. Employee shall be compensated for any unused vacation upon termination of this Agreement for any reason.
(d) During the term of employment of Employee hereunder, the Company will be entitled pay all license fees, occupation taxes and reasonable educational costs and expenses necessary to an automobile allowance maintain Employee's good standing under any professional licenses related to the business of $750 per month during his employment with the Company.
(e) Upon execution During the term of this Agreementemployment of Employee hereunder, Employee the Company shall be granted non-qualified options use reasonable efforts to purchase 100,000 shares of OMNI Common Stock, pursuant to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close of each Quarter in the Initial Period. The exercise price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof), or upon a Change of Control as defined in Section 10.11(A) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all options must be exercised within ninety (90) days of termination of Employment for whatever reason.
(f) Employee shall be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted hereunder shall immediately vest upon provide (i) termination of Employee’s employment relationship with the Company due life insurance payable to Employee’s death or disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), 's designated beneficiary in an amount at least three times Employee's Annual Base Salary and (ii) termination disability insurance on behalf of Employee which, as a goal, shall provide for salary continuation in the event of permanent disability in an amount equal to the lesser of (i) 60% of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment Agreement)'s Annual Base Salary, or (iiiii) a Change of Control (as defined in Section 10.11(A) of the Plan)$20,000 per month.
(g) Employee is required to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the Lafayette, Louisiana area.
Appears in 1 contract
Fringe Benefits; Expenses. (a) During his Term the term of Employmentemployment of Employee hereunder, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made available EFT for salaried, exempt its executive employees, including which may include, but will not be limited to, stock bonus, stock purchase, stock performance incentive and stock option plans, sick leave and disability leave, health insurance, dental insurance and 401(k) pension and/or profit sharing plans. In addition; provided, Employee however, that except as provided below, the existence, nature, amount and limitations of such plans shall be eligible determined from time to participate in OMNI’s Long Term Incentive Compensation Plantime by the Board of Directors of EFT.
(b) OMNI EFT will reimburse Employee for all reasonable business expenses incurred by Employee in the me scope of Employee’s 's employment; provided, however, that Employee must file expense reports with respect to such expenses in accordance with EFT's policies as are in effect from time to time, and otherwise comply with OMNI’s policiesany expenses requiring the approval of any officer or the Board of Directors of EFT pursuant to any policies of EFT then in effect shall have been so approved.
(c) During the term of employment of Employee hereunder, Employee shall be entitled to four a minimum of three (43) weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s EFT's policies in effect for other salaried, exempt employeesfrom time to time. Any vacation not used during a calendar year may not be used during any subsequent period. Employee shall be compensated for any unused vacation upon termination of this Agreement for any reason.
(d) During the term of employment of Employee hereunder, EFT will be entitled pay all license fees, occupation taxes and reasonable educational costs and expenses necessary to an automobile allowance of $750 per month during his maintain Employee's good standing under any professional licenses required in connection with Employee's employment with the Companyby EFT.
(e) Upon execution During the term of this Agreement, EFT shall use its reasonable efforts to provide to Employee (I) life insurance payable to Employee's designated beneficiary or beneficiaries in an amount at least three times Employee's Annual Base Salary and (H) disability insurance on behalf of Employee which, as a goal, shall be granted non-qualified options to purchase 100,000 shares provide for salary continuation in the event of OMNI Common Stock, pursuant permanent disability in an amount equal to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan lesser of (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close I) 60% of each Quarter in the Initial Period. The exercise price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof)Employee's Annual Base Salary, or upon a Change of Control as defined in Section 10.11(A(II) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all options must be exercised within ninety (90) days of termination of Employment for whatever reason$10,250 per month.
(f) Employee shall be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted hereunder shall immediately vest upon (i) termination of Employee’s employment relationship EFT is currently investigating a car program for executives which either furnishes an appropriate automobile commensurate with the Company due position occupied or an allowance which shall allow the employee to Employee’s death or disability (within lease/purchase a vehicle reflective of his/her position. An automobile policy will be introduced before the meaning end of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), (ii) termination of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment Agreement), or (iii) a Change of Control (as defined in Section 10.11(A) of the Plan)fiscal year 2009.
(g) Employee is required to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the Lafayette, Louisiana area.
Appears in 1 contract
