Common use of Option for a Flexible Work Arrangement Clause in Contracts

Option for a Flexible Work Arrangement. During the Term of Employment if Executive wishes to reduce his work schedule below 80% of full-time status and in lieu of a termination under Sections 4.4 or 4.5, the parties may mutually agree that Executive’s position under Section 1 and his duties, as well as the time and effort required, under Section 2 be modified and the compensation set forth in Section 3 be adjusted and, in such event, Executive shall continue in the employ of Employer under the same terms and conditions, including but not limited to benefits under sections 3.2 through 3.5 (if Executive remains eligible under the terms and conditions of such plans and programs), as is set forth in this Agreement except as specifically modified by this Section 4.13. To the extent Executive is prohibited from continuing to participate in the employee benefit plans described in Section 3.2 due to the reduction in work hours, Employer shall provide alternative benefit coverage or otherwise make the Executive substantially whole in the aggregate by providing the Executive with cash compensation of substantially equivalent economic value after taking into account all state and federal income taxes. The Flexible Work Arrangement shall be reviewed at the request of the Compensation Committee Chair.

Option for a Flexible Work Arrangement. During the Term of Employment if Executive wishes to reduce his work schedule below 80% of full-time status and in lieu of a termination under Sections 4.4 or 4.5, the parties may mutually agree that Executive’s position under Section 1 and his duties, as well as the time and effort required, under Section 2 be modified and the compensation set forth in Section 3 be adjusted and, in such event, Executive shall continue in the employ of Employer under the same terms and conditions, including but not limited to benefits under sections 3.2 through 3.5 (if Executive remains eligible under the terms and conditions of such plans and programs), as is set forth in this Agreement except as specifically modified by this Section 4.13. To the extent Executive is prohibited from continuing to participate in the employee benefit plans described in Section 3.2 due to the reduction in work hours, Employer shall provide alternative benefit coverage or otherwise make the Executive substantially whole in the aggregate by providing the Executive with cash compensation of substantially equivalent economic value after taking into account all state and federal income taxes. The Flexible Work Arrangement shall be reviewed at the request of the Compensation Committee Chair.