Reimbursement of Business and Other Expenses: Perquisites; Vacations. (a) The Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the Company's policy. (b) The Company shall pay to the Executive's financial advisor and attorneys all reasonable financial advisor and legal expenses incurred in connection with the preparation of both the Prior Agreement and this Agreement, up to an aggregate maximum of $200,000. During the Term, the Company shall reimburse the Executive for all reasonable legal expenses incurred by the Executive in connection with the negotiation of the Executive's employment and compensation arrangements with the Company. (c) During the Term, the Executive shall be entitled to participate in all of the Company's executive fringe benefits in accordance with the terms and conditions of such arrangements as are in effect from time to time for the Company's senior-level executives. (d) The Company acknowledges its obligation to provide the Executive with transportation during the Term that provides him with reasonable security to address bona fide business-oriented security concerns, and shall, at Company expense, make available to the Executive (and his spouse when traveling with him) Company or other private aircraft for business and personal use at his reasonable discretion, provided that any such personal use shall be limited to travel within the United States. In addition, the Company shall, at Company expense, make available to the Executive Company or other private aircraft for the Executive's use and that of his spouse, for the purpose of weekly transportation between Detroit, Michigan and the New York City Metropolitan Area or his residence in Florida. It is recognized that the Executive's travel by Company or other private aircraft is required for security purposes and, as such, all reasonable uses by the Executive (including uses with his family) will constitute business use of the aircraft and shall not be subject to reimbursement by the Executive. The Company shall provide additional payments to the Executive on a fully grossed up basis to cover applicable federal, state and local income and excise taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to the foregoing aircraft usage. (e) The Executive acknowledges that he currently is receiving certain medical, dental and hospitalization benefits from a former employer. For the period of the Term commencing on the Effective Date and ending on December 31, 2003, in lieu of medical, dental and hospitalization benefits under the Company's benefit plans, the Company will reimburse the Executive in cash for the Executive's (and his spouse's) out-of-pocket health expenses not covered by the benefits provided by his former employer, subject to the submission of appropriate documentation of such expenses. (f) During the Term, the Company shall: (i) make available to the Executive a car and driver for his use in Michigan and in the New York City Metropolitan Area and for his use in transportation between his Florida residence and the airport with respect to the travel described in the second sentence of paragraph 8(d) above; (ii) at the Company's expense, make available to the Executive and his spouse full-time leased housing, reasonably satisfactory to the Executive and commensurate with his position, in the Detroit metropolitan area through the Restructuring Date or such later date as may be approved by the Board and, until such full-time housing is made available, will continue to make available to the Executive and his spouse appropriate temporary housing in the Townsend Hotel and, subject to receipt from the Executive of xxxxxxxxation in accordance with the Company's policy, will reimburse the Executive for reasonable living expenses incurred by the Executive while residing at the Townsend Hotel; (iii) reimburse txx Xxxxxtive, in accordance with the Company's relocation policy for senior executives, for reasonable expenses incurred in connection with relocating his residence to the Detroit, Michigan metropolitan area; (iv) subject to receipt from the Executive of documentation in accordance with the Company's policy, reimburse the Executive for financial and tax counseling that is reasonable and commensurate with the Executive's position; and (v) make to the Executive additional payments on a fully grossed-up basis to cover applicable taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to benefits provided under this Section 8(f). (g) During the Term, the Executive shall be entitled to six weeks' paid vacation per year. (h) The Company acknowledges and agrees that the Inducement Payment shall no longer be subject to the repayment provisions contained in the second sentence of Section 9(b) of the Prior Agreement.
Appears in 1 contract
Samples: Employment Agreement (Kmart Corp)
Reimbursement of Business and Other Expenses: Perquisites; Vacations. (a) The Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the Company's policy.
(b) . The Company shall pay to the Executive's all reasonable legal and financial advisor and attorneys all reasonable financial advisor and legal expenses incurred in connection with the preparation of both the Prior Agreement and this Agreement, up to an aggregate maximum of $200,000. During the Term, the Company shall reimburse the Executive for all reasonable legal expenses incurred by the Executive in connection with the negotiation of the Executive's employment and compensation arrangements with the Company.
(cb) During the TermTerm of Employment, the Executive shall be entitled to participate in all of the Company's executive fringe benefits in accordance with the terms and conditions of such arrangements as are in effect from time to time for the Company's senior-level executives.
(dc) The Company acknowledges its obligation to provide the Executive with transportation during the Term of Employment that provides him with reasonable security to address bona fide business-oriented security concerns, and shall, at Company expense, make available to the Executive (and his spouse family when traveling with him) Company or other private aircraft for business and personal use at his reasonable discretion, provided that any such personal use shall be limited to travel within the United States. In addition, the Company shall, at Company expense, make available to the Executive Company or other private aircraft for the Executive's use and that of his spouse, for the purpose of weekly transportation between Detroit, Michigan and the New York City Metropolitan Area or his residence in Florida. It is recognized that the Executive's travel by Company or other private aircraft is required for security purposes and, as such, all reasonable uses by the Executive (including uses with his family) will constitute business use of the aircraft and shall not be subject to reimbursement by the Executive. The Company shall provide additional payments to the Executive on a fully grossed up basis to cover applicable federal, state and local income and excise taxes, when and to the extent, if any, that such taxes are payable by the Executive Executive, including, without limitation, any tax imposed by Section 4999 of the Code or any similar tax, with respect to the foregoing aircraft usage.
(ed) The Executive acknowledges that he currently is receiving certain medicalIn all events, dental and hospitalization benefits from a former employer. For the period of during the Term commencing on the Effective Date and ending on December 31, 2003, in lieu of medical, dental and hospitalization benefits under the Company's benefit plans, the Company will reimburse the Executive in cash for the Executive's (and his spouse's) out-of-pocket health expenses not covered by the benefits provided by his former employer, subject to the submission of appropriate documentation of such expenses.
(f) During the TermEmployment, the Company shall:
(i) make available to the Executive a car and a driver for his use in Michigan and in the New York City Metropolitan Area and for his use in transportation between his Florida residence and the airport with respect to the travel described in the second sentence of paragraph 8(d) aboveMichigan;
(ii) at the Company's expense, make available to reimburse the Executive and his spouse full-for personal financial (including tax) counseling (other than legal fees) by a firm or firms to be chosen by the Executive, such reimbursement to be no more than the amount authorized under Company policy in effect from time leased housing, reasonably satisfactory to time; and
(iii) provide the Executive and commensurate with a residential security system in his position, residence in the Detroit metropolitan area through and pay the Restructuring Date or maintenance of such later date as may be approved by system including the Board and, until such full-time housing is made available, will continue to make available to the Executive and his spouse appropriate temporary housing in the Townsend Hotel and, subject to receipt from the Executive of xxxxxxxxation in accordance with the Company's policy, will reimburse the Executive for reasonable living expenses incurred by the Executive while residing at the Townsend Hotel;
(iii) reimburse txx Xxxxxtive, in accordance with the Company's relocation policy for senior executives, for reasonable expenses incurred in connection with relocating his residence to the Detroit, Michigan metropolitan area;
(iv) subject to receipt from the Executive of documentation in accordance with the Company's policy, reimburse the Executive for financial and tax counseling that is reasonable and commensurate with the Executive's position; and
(v) make to the Executive additional payments on a fully grossed-up basis to cover applicable taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to benefits provided under this Section 8(f)monthly service charges.
(ge) During the Term, the The Executive shall be entitled to six weeks' four weeks paid vacation per year.
(h) The Company acknowledges and agrees that the Inducement Payment shall no longer be subject to the repayment provisions contained in the second sentence of Section 9(b) of the Prior Agreement.
Appears in 1 contract
Samples: Employment Agreement (Kmart Corp)
Reimbursement of Business and Other Expenses: Perquisites; Vacations. (a) The Executive is authorized to incur reasonable expenses in carrying out his her duties and responsibilities under this Agreement Agreement, and the Company shall promptly reimburse him her for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation documentation, all in accordance with the Company's policy.
(b) Business Guideposts, which are attached hereto as Exhibit J. The Company shall pay to the Executive's financial advisor and attorneys all reasonable financial advisor and legal expenses incurred in connection with the preparation of both the Prior Agreement and this Agreement, up to an aggregate maximum of $200,000. During the Term, the Company shall reimburse the Executive for all reasonable legal fees and expenses incurred by the Executive in connection with the negotiation of the Executive's employment and compensation arrangements with the Companythis Agreement.
(cb) During the TermTerm of Employment, the Executive shall be entitled to participate in all each of the Company's executive fringe benefits perquisites in accordance with the terms and conditions of such arrangements as they are in effect from time to time for the Company's seniorsenior executives, a current list of which is set forth on Exhibit K. The Executive will be provided with the use of Company-level owned or Company-chartered aircraft for business or personal use on a basis consistent with Company policy. For security purposes, the Company may require the Executive to use Company-owned or Company-chartered aircraft for business travel.
(c) The Executive shall be entitled to five (5) weeks paid vacation per year of employment, which shall accrue and otherwise be subject to the Company's vacation policy for senior executives.
(d) The Company acknowledges its obligation to provide shall purchase from the Executive with transportation during the Term house, including its furnishings, that provides him with reasonable security to address bona fide business-oriented security concerns, and shall, at Company expense, make available to the Executive (and his spouse when traveling with him) Company or other private aircraft has just purchased in Rochester, N.Y., for business and personal use at his reasonable discretion, provided that any such personal use shall be limited a price equal to travel within the United States. In addition, the Company shall, at Company expense, make available to the Executive Company or other private aircraft for the Executive's use cost for such house and that of his spouse, furnishings and shall reimburse the Executive for the purpose of weekly transportation between Detroit, Michigan her associated costs and the New York City Metropolitan Area or his residence in Florida. It is recognized that the Executive's travel relocation expenses actually incurred by Company or other private aircraft is required for security purposes and, as suchher, all reasonable uses by of which in the Executive (including uses with his family) will constitute business use of the aircraft and shall not be subject to reimbursement by the Executive. The Company shall provide additional payments to the Executive on a fully grossed up basis to cover applicable federal, state and local income and excise taxes, when and to the extent, if any, that such taxes aggregate are payable by the Executive with respect to the foregoing aircraft usageapproximately $800,000.
(e) The Executive acknowledges Parties hereby agree that he currently is receiving certain medical, dental this Agreement terminates and hospitalization benefits from a former employer. For the period supersedes all provisions of the Term commencing on Confidential Separation and General Release by and between the Effective Date and ending on December 31Parties, 2003dated as of February 15, in lieu 2001. Nothing herein shall be interpreted as affecting the status of medical, dental and hospitalization benefits under the Company's benefit planspreviously vested equity awards. In addition to its obligations hereunder, the Company will reimburse shall pay the Executive in cash for the Executive's (and his spouse's) out-of-pocket health expenses not covered by the benefits provided by his former employer, subject to the submission of appropriate documentation of such expenses.
(f) During the Term, the Company shall:
(i) make available to $10,000 monthly for the Executive a car period from February 1, 2002 through October 31, 2002 and driver for his use in Michigan and in the New York City Metropolitan Area and for his use in transportation between his Florida residence and the airport with respect to the travel described in the second sentence of paragraph 8(d) above;
(ii) at the Company's expense$100,000 on or about November 15, make available to the Executive and his spouse full-time leased housing, reasonably satisfactory to the Executive and commensurate with his position, in the Detroit metropolitan area through the Restructuring Date or such later date as may be approved by the Board and, until such full-time housing is made available, will continue to make available to the Executive and his spouse appropriate temporary housing in the Townsend Hotel and, subject to receipt from the Executive of xxxxxxxxation in accordance with the Company's policy, will reimburse the Executive for reasonable living expenses incurred by the Executive while residing at the Townsend Hotel;
(iii) reimburse txx Xxxxxtive, in accordance with the Company's relocation policy for senior executives, for reasonable expenses incurred in connection with relocating his residence to the Detroit, Michigan metropolitan area;
(iv) subject to receipt from the Executive of documentation in accordance with the Company's policy, reimburse the Executive for financial and tax counseling that is reasonable and commensurate with the Executive's position; and
(v) make to the Executive additional payments on a fully grossed-up basis to cover applicable taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to benefits provided under this Section 8(f)2002.
(g) During the Term, the Executive shall be entitled to six weeks' paid vacation per year.
(h) The Company acknowledges and agrees that the Inducement Payment shall no longer be subject to the repayment provisions contained in the second sentence of Section 9(b) of the Prior Agreement.
Appears in 1 contract
Reimbursement of Business and Other Expenses: Perquisites; Vacations. (a) The Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the Company's policy.
(b) . The Company shall pay to the Executive's all reasonable legal and financial advisor and attorneys all reasonable financial advisor and legal expenses incurred in connection with the preparation of both the Prior Agreement and this Agreement, up to an aggregate maximum of $200,000. During the Term, the Company shall reimburse the Executive for all reasonable legal expenses incurred by the Executive in connection with the negotiation of the Executive's employment and compensation arrangements with the Company.
(cb) During the TermTerm of Employment, the Executive shall be entitled to participate in all of the Company's executive fringe benefits in accordance with the terms and conditions of such arrangements as are in effect from time to time for the Company's senior-level executives.
(dc) The Company acknowledges its obligation to provide the Executive with transportation during the Term Employment Period that provides him with reasonable security to address bona fide business-oriented security concerns, and shall, at Company expenseexpense (except as provided below), make available to the Executive (and his spouse when traveling with him) family Company or other private aircraft for business and personal use at his reasonable discretion, provided that any such personal use shall be limited to travel within the United States. In addition, The Executive shall pay the Company shall, at the standard Company expense, make available to the Executive Company or other private aircraft charges for the Executive's personal use and that of his spouse, for the purpose of weekly transportation between Detroit, Michigan and the New York City Metropolitan Area or his residence in Floridasuch aircraft. It is recognized that the Executive's travel by Company or other private aircraft is required for security purposes and, as such, all reasonable uses by the Executive (including uses with his family) will constitute business use of the aircraft aircraft.
(d) The Executive shall relocate his permanent residence from Rhode Island to Michigan. The Executive shall be entitled to a reimbursement payment from the Company equal to his relocation expenses (determined in accordance with the Company's relocation policy) incurred in connection with the Executive's relocation and shall to the extent not be covered thereby will reimburse him for any loss up to an aggregate of $1 million on the sale of his East Greenwich, Rhode Island properties, subject to reimbursement by the Executiveproviding reasonable documentation thereof. The Company shall provide additional payments to pay the Executive on a fully grossed up basis to cover applicable an additional payment in an amount such that the net amount retained by the Executive, after deduction for all federal, state and local income tax and excise taxesany employment tax on the reimbursement payments, when and to shall equal the extent, if any, that such taxes are payable by amount of the Executive with respect to the foregoing aircraft usagereimbursement payment.
(e) The Executive acknowledges that he currently is receiving certain medicalshall be entitled to a reimbursement payment from the Company equal to any reasonable expenses incurred by the Executive for temporary housing for the Executive and his family in the Troy, dental and hospitalization benefits from Michigan area for a former employer. For the period of the Term commencing on up to six months following the Effective Date and ending on December 31, 2003, in lieu of medical, dental and hospitalization benefits under the Company's benefit plans, the Company will reimburse the Executive in cash for the Executive's (and his spouse's) out-of-pocket health expenses not covered by the benefits provided by his former employer, subject to the submission of appropriate documentation of such expensesDate.
(f) During In all events, during the TermTerm of Employment, the Company shall:
: (i) make available to the Executive a car and a driver for his use in Michigan and in the New York City Metropolitan Area and for his use in transportation between his Florida residence and the airport with respect to the travel described in the second sentence of paragraph 8(d) aboveMichigan;
(ii) at the Company's expense, make available to reimburse the Executive and his spouse full-for personal financial (including tax) counseling (other than legal fees) by a firm or firms to be chosen by the Executive, such reimbursement to be no more than the amount authorized under Company policy in effect from time leased housing, reasonably satisfactory to time; and
(iii) provide the Executive and commensurate with a residential security system in his position, residence in the Detroit metropolitan area through and pay the Restructuring Date or maintenance of such later date as may be approved by system including the Board and, until such full-time housing is made available, will continue to make available to the Executive and his spouse appropriate temporary housing in the Townsend Hotel and, subject to receipt from the Executive of xxxxxxxxation in accordance with the Company's policy, will reimburse the Executive for reasonable living expenses incurred by the Executive while residing at the Townsend Hotel;
(iii) reimburse txx Xxxxxtive, in accordance with the Company's relocation policy for senior executives, for reasonable expenses incurred in connection with relocating his residence to the Detroit, Michigan metropolitan area;
(iv) subject to receipt from the Executive of documentation in accordance with the Company's policy, reimburse the Executive for financial and tax counseling that is reasonable and commensurate with the Executive's position; and
(v) make to the Executive additional payments on a fully grossed-up basis to cover applicable taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to benefits provided under this Section 8(f)monthly service charges.
(g) During the Term, the Executive shall be entitled to six weeks' paid vacation per year.
(h) The Company acknowledges and agrees that the Inducement Payment shall no longer be subject to the repayment provisions contained in the second sentence of Section 9(b) of the Prior Agreement.
Appears in 1 contract
Samples: Employment Agreement (Kmart Corp)
Reimbursement of Business and Other Expenses: Perquisites; Vacations. (a) The Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the Company's policy.
(b) . The Company shall pay to the Executive's financial advisor and attorneys all reasonable financial advisor consultant and legal expenses incurred in connection with the preparation of both the Prior Agreement fees and this Agreement, up to an aggregate maximum of $200,000. During the Term, the Company shall reimburse the Executive for all reasonable legal expenses incurred by the Executive in connection with the negotiation of the Executive's employment and compensation arrangements with the Company.
(cb) During the TermTerm of Employment, the Executive shall be entitled to participate in all each of the Company's executive fringe benefits perquisites in accordance with the terms and conditions of such arrangements as they are in effect from time to time for the Company's seniorchief executive officer, including without limitation security protection, automobile, club dues, tax preparation and financial counseling, use of corporate aircraft and limousine services.
(c) The Executive shall be entitled to reimbursement of his relocation expenses in accordance with the Company's Management Relocation Plan. In connection with establishing a new principal residence in the Morristown, New Jersey area, the Executive shall in all events be entitled to reimbursement of expenses incurred in moving his family and personal belongings to that area. The Executive shall be entitled to reimbursement for reasonable expenses in the form of real estate listings, commissions, legal costs and similar expenses in disposing of his residence in the Manhattan Beach, California area as well as any similar expenses incurred in acquiring a residence in the Morristown, New Jersey area. The Executive shall also be entitled to protection against any loss on the Manhattan Beach residence, which will be based on his cost (acquisition cost plus costs of improvement) less (i) market appraisal (as described below) or, if greater, (ii) the actual sale price. The Company's obligation to protect the Executive against loss as described above is subject to the following condition: The Executive shall have 15 calendar days following receipt of an appraisal as described in the following sentence to sell the Manhattan Beach residence to the Company. The appraisal shall be based on an appraisal by a nationally recognized appraiser agreed upon by the Parties, the cost of the appraisal to be paid by the Company. If the Parties do not agree upon an appraiser, each shall designate an appraiser and the two appraisers shall select from among nationally recognized appraisers a third appraiser who shall make the appraisal. If the Executive does not agree to sell the residence to the Company based on the appraisal, the Company shall have no further obligation except to pay the Executive the difference between the cost of the residence as described above and the appraisal, assuming that this results in a loss to the Executive. The Company also shall pay the Executive's temporary living expenses in New Jersey and provide assistance in connection with financing the purchase of a new home there in accordance with its regular practices. To the extent the Company's reimbursement of the Executive's relocation expenses results in taxable income to the Executive, the Company shall gross up such expenses so that the Executive is not out of pocket for any Federal, state or local income, employment, excise or other taxes on such reimbursement including the gross-level executivesup amounts.
(d) The Company acknowledges its obligation to provide the Executive with transportation during the Term that provides him with reasonable security to address bona fide business-oriented security concerns, and shall, at Company expense, make available to the Executive (and his spouse when traveling with him) Company or other private aircraft for business and personal use at his reasonable discretion, provided that any such personal use shall be limited to travel within the United States. In addition, the Company shall, at Company expense, make available to the Executive Company or other private aircraft for the Executive's use and that of his spouse, for the purpose of weekly transportation between Detroit, Michigan and the New York City Metropolitan Area or his residence in Florida. It is recognized that the Executive's travel by Company or other private aircraft is required for security purposes and, as such, all reasonable uses by the Executive (including uses with his family) will constitute business use of the aircraft and shall not be subject to reimbursement by the Executive. The Company shall provide additional payments to the Executive on a fully grossed up basis to cover applicable federal, state and local income and excise taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to the foregoing aircraft usage.
(e) The Executive acknowledges that he currently is receiving certain medical, dental and hospitalization benefits from a former employer. For the period of the Term commencing on the Effective Date and ending on December 31, 2003, in lieu of medical, dental and hospitalization benefits under the Company's benefit plans, the Company will reimburse the Executive in cash for the Executive's (and his spouse's) out-of-pocket health expenses not covered by the benefits provided by his former employer, subject to the submission of appropriate documentation of such expenses.
(f) During the Term, the Company shall:
(i) make available to the Executive a car and driver for his use in Michigan and in the New York City Metropolitan Area and for his use in transportation between his Florida residence and the airport with respect to the travel described in the second sentence of paragraph 8(d) above;
(ii) at the Company's expense, make available to the Executive and his spouse full-time leased housing, reasonably satisfactory to the Executive and commensurate with his position, in the Detroit metropolitan area through the Restructuring Date or such later date as may be approved by the Board and, until such full-time housing is made available, will continue to make available to the Executive and his spouse appropriate temporary housing in the Townsend Hotel and, subject to receipt from the Executive of xxxxxxxxation in accordance with the Company's policy, will reimburse the Executive for reasonable living expenses incurred by the Executive while residing at the Townsend Hotel;
(iii) reimburse txx Xxxxxtive, in accordance with the Company's relocation policy for senior executives, for reasonable expenses incurred in connection with relocating his residence to the Detroit, Michigan metropolitan area;
(iv) subject to receipt from the Executive of documentation in accordance with the Company's policy, reimburse the Executive for financial and tax counseling that is reasonable and commensurate with the Executive's position; and
(v) make to the Executive additional payments on a fully grossed-up basis to cover applicable taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to benefits provided under this Section 8(f).
(g) During the Term, the Executive shall be entitled to six weeks' five weeks paid vacation per year.
(h) The Company acknowledges year of employment, which shall accrue and agrees that the Inducement Payment shall no longer otherwise be subject to the repayment provisions contained in the second sentence of Section 9(b) of the Prior AgreementCompany's vacation policy for senior executives.
Appears in 1 contract
Samples: Employment Agreement (At&t Corp)
Reimbursement of Business and Other Expenses: Perquisites; Vacations. (a) The Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all reasonable business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the Company's policy.
(b) The Company shall pay to the Executive's financial advisor and attorneys all reasonable financial advisor and legal expenses incurred in connection with the preparation of both the Prior Agreement and this Agreement, up to an aggregate maximum of $200,000. During the TermTerm of Employment, the Company shall reimburse the Executive for all reasonable personal financial (including tax) counseling (other than legal expenses fees) by a firm or consultant to be chosen by the Executive, such reimbursement to be no more than the amount authorized under Company policy in effect from time to time. The Company shall pay to or reimburse the Executive $75,000 for legal fees incurred by the Executive in connection with the negotiation and preparation of the Executive's employment and compensation arrangements with the Companythis Agreement.
(c) During the Term, the The Executive shall be entitled to participate in all of the Company's executive fringe benefits in accordance with the terms and conditions of such arrangements as are in effect from time to time for the Company's senior-level executivesfour weeks' paid vacation per year.
(d) The Company acknowledges its obligation to provide the Executive with transportation during During the Term that provides him with reasonable security to address bona fide business-oriented security concerns, and shall, at Company expense, make available to the Executive (and his spouse when traveling with him) Company or other private aircraft for business and personal use at his reasonable discretion, provided that any such personal use shall be limited to travel within the United States. In addition, the Company shall, at Company expense, make available to the Executive Company or other private aircraft for the Executive's use and that of his spouse, for the purpose of weekly transportation between Detroit, Michigan and the New York City Metropolitan Area or his residence in Florida. It is recognized that the Executive's travel by Company or other private aircraft is required for security purposes and, as such, all reasonable uses by the Executive (including uses with his family) will constitute business use of the aircraft and shall not be subject to reimbursement by the Executive. The Company shall provide additional payments to the Executive on a fully grossed up basis to cover applicable federal, state and local income and excise taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to the foregoing aircraft usage.
(e) The Executive acknowledges that he currently is receiving certain medical, dental and hospitalization benefits from a former employer. For the period of the Term commencing on the Effective Date and ending on December 31, 2003, in lieu of medical, dental and hospitalization benefits under the Company's benefit plans, the Company will reimburse the Executive in cash for the Executive's (and his spouse's) out-of-pocket health expenses not covered by the benefits provided by his former employer, subject to the submission of appropriate documentation of such expenses.
(f) During the TermEmployment, the Company shall:
(i) make available to the Executive a car and driver for his use in Michigan and in the New York City Metropolitan Area and a leased automobile of a quality appropriate for his use in position or reimburse the Executive for a lease on such an automobile;
(ii) following submission to the Company of appropriate documentation, reimburse the Executive for the reasonable costs of business class airfare incurred by him and his spouse for the purpose of periodic transportation during the six-month period commencing on the Effective Date, between his Florida residence Detroit, Michigan and their California residence;
(iii) following submission to the airport Company of appropriate documentation, reimburse the Executive for the reasonable costs of ground transportation to and from the airports with respect to the travel described in the second sentence of paragraph 8(dclause (ii) above;
(iiiv) at the Company's expense, make available to the Executive and his spouse full-time leased housing(or, reasonably satisfactory following submission to the Company of appropriate documentation, reimburse the Executive and commensurate with his position, for the costs of) appropriate temporary housing in the Detroit Detroit, Michigan metropolitan area through the Restructuring Date or such later date as may be approved by the Board and, until such full-time housing is made available, will continue to make available to for the Executive and his spouse appropriate temporary housing in for a period of six months after the Townsend Hotel and, subject to receipt from the Executive of xxxxxxxxation in accordance with the Company's policy, will Effective Date and reimburse the Executive for reasonable living expenses incurred by in connection therewith during such period and, thereafter, reimburse the Executive while residing at the Townsend Hotel;
(iii) reimburse txx XxxxxtiveExecutive, in accordance with the Company's relocation policy for senior executives, for reasonable expenses incurred in connection with relocating his residence to the Detroit, Michigan metropolitan area;
(iv) subject to receipt from the Executive of documentation in accordance with the Company's policy, reimburse the Executive for financial and tax counseling that is reasonable and commensurate with the Executive's position; and
(v) make to the Executive additional payments on a fully grossed-up basis to cover applicable taxes, when and to the extent, if any, that such taxes are payable by the Executive with respect to benefits provided under this Section 8(f9(d).
(g) During the Term, the Executive shall be entitled to six weeks' paid vacation per year.
(h) The Company acknowledges and agrees that the Inducement Payment shall no longer be subject to the repayment provisions contained in the second sentence of Section 9(b) of the Prior Agreement.
Appears in 1 contract
Samples: Employment Agreement (Kmart Corp)
