Common use of Reimbursement for Reasonable Business Expenses Clause in Contracts

Reimbursement for Reasonable Business Expenses. The Bank shall reimburse the Executive for reasonable expenses incurred by him in connection with the performance of his duties pursuant to this Agreement, which are consistent with the Bank’s policies in effect from time to time, including, but not limited to, travel expenses, expenses in connection with seminars, professional conventions or similar professional functions and other reasonable business expenses. The Executive agrees to provide the Bank with receipts and/or documentation sufficient to permit the Bank to take its full business expense deduction. The Bank shall have no obligation to reimburse the Executive for expenses claimed for which reasonable documentation is not provided. Executive shall be reimbursed for dues and assessments for membership at private clubs for which Executive was being reimbursed by State Financial Services Corporation, and shall be provided with an automobile allowance under the Bank’s automobile reimbursement policy for similarly situated executives. Furthermore, the Executive shall have the option to purchase his current automobile for fair market value (i.e., Blue Book value).

Reimbursement for Reasonable Business Expenses. The Bank shall reimburse the Executive for reasonable expenses incurred by him in connection with the performance of his duties pursuant to this Agreement, which are consistent with the Bank’s policies in effect from time to time, including, but not limited to, travel expenses, expenses in connection with seminars, professional conventions or similar professional functions and other reasonable business expenses. The Executive agrees to provide the Bank with receipts and/or documentation sufficient to permit the Bank to take its full business expense deduction. The Bank shall have no obligation to reimburse the Executive for expenses claimed for which reasonable documentation is not provided. Executive shall be reimbursed for dues and assessments for membership at private clubs for which Executive was being reimbursed by State Financial Services Corporation, Corporation and shall be provided with an automobile allowance under the Bank’s automobile reimbursement policy for similarly situated executives. Furthermore, the Executive shall have the option to purchase his current automobile for fair market value (i.e., Blue Book value).