Common use of Leased Automobile Clause in Contracts

Leased Automobile. Employee shall be entitled to a Company-provided leased automobile for personal use, the make and model of which shall be comparable to the Company-provided leased automobile in Employee's possession on the Effective Date of this Agreement. In the event that Employee has no Company-provided leased automobile on the Effective Date, Employee shall be entitled to a Company-provided leased automobile for personal use, the make and model of which shall be mutually agreed upon by the Company and the Employee. Throughout the Initial Term and Renewal Terms, if any, all expenses for routine maintenance, repair and insurance, the Employee's rights and obligations regarding replacement leased automobiles and the tax treatment of the automobile as a fringe benefit to Employee shall be governed by the Company's standard practices, policies and procedures in effect from time to time.