Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require): (a) Employee shall be entitled to three (3) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee. (b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employer. (c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 per annum. (d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability. (e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay to the Employee an automobile allowance of $500 per month. (f) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading. (g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder. (h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns. (i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing. (j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.
Appears in 2 contracts
Samples: Employment Agreement (Rhino Enterprises Group Inc), Employment Agreement (Rhino Enterprises Group Inc)
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee 3.5.1. Executive shall be entitled to three (3) weeks of paid vacation unlimited personal time per year, to be taken at times mutually acceptable to the Company and EmployeeExecutive.
(b) 3.5.2. The Company shall provide fully paid accident short term disability, long term disability, dental, vision, and health insurance for Employee Executive and his their family with limits and extent as approved by the Board, unless waived by Executive in writing. Any waiver of coverage similar to that provided such benefits may be revoked at any time by Employee's previous employerExecutive.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments3.5.3. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 per annum.
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability.
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's Executive’s services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Executive, at the Company’s sole cost and expense, one vehicle to be chosen by Executive in the Salt Lake Utah metropolitan region with an aggregate leasing cost to the Employee an automobile allowance Company for this vehicle of $500 not more than one thousand and 00/100 dollars per month. In addition, the Company shall bear reasonable expenses of insurance, fuel, and maintenance of said vehicle.
(f) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) Employee 3.5.4. Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him them (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees Executives of the Company) in performing services hereunder.
(h) The 3.5.5. Upon submission of travel and expense reports accompanied by proper vouchers, the Company shall will pay or reimburse Executive for all transportation, hotel, living, and related expenses incurred by Executive on business trips away from the reasonable costs Company’s principal office or Executive’s main place of preparationwork, and for all other business and entertainment expenses reasonably incurred by a professional them in connection with the business of Employee's choosing, the Company and its subsidiaries and affiliates during the term of Employee's annual and estimated federal income tax returnsthis Agreement.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee 3.5.6. Executive shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 3.4 as the Company shall establish or maintain for its employees Executives or executives generally.
3.5.7. During and following the Term of this Agreement, the Company shall indemnify and hold the Executive harmless to the maximum extent permitted under the Private Corporations Law of Utah for acts taken within the scope of their employment. To the extent that the Company obtains coverage under a director and officer indemnification policy, the Executive shall be entitled to such coverage on a basis that is no less favorable than the coverage provided to any other officer or director of the Company. This provision shall survive termination of this Agreement.
Appears in 2 contracts
Samples: Executive Employment Agreement (Kindly MD, Inc.), Executive Employment Agreement (Kindly MD, Inc.)
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three five (35) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of [$500,000 1,000,000] that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. [The Company shall not be obligated to pay premiums for such insurance in excess of $500 15,000 per annum].
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten one (101) month per year. [In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability.]
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Company's sole cost and expense, a car to be chosen by Employee with an aggregate leasing cost to the Employee an automobile allowance Company of not more than $500 Six Hundred ($600.00) per month.
(f) . In addition to the vacation provided pursuant to Section 3.04(a) hereofthereto, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.bear the expense of insurance, fuel and maintenance therefor. OR
Appears in 1 contract
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three four (34) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 per annum.[Intentionally Omitted]
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disabilitymonth per year.
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Employee an automobile allowance Company's sole cost and expense, a car to be chosen by Employee. In addition thereto, the Company shall bear the expense of $500 per monthinsurance, fuel and maintenance therefor.
(f) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay , including, without limiting the generality of the foregoing, $75,000 representing the reasonable costs of preparation, by a professional of cost and expenses associated with Employee's choosingmove to Seattle, of Employee's annual and estimated federal income tax returnsWashington.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.
Appears in 1 contract
Samples: Employment Agreement (Intracel Corp)
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three five (35) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of [$500,000 1,000,000] that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. [The Company shall not be obligated to pay premiums for such insurance in excess of $500 15,000 per annum].
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten one (101) month per year. [In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability.]
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Company's sole cost and expense, a car to be chosen by Employee with an aggregate leasing cost to the Employee an automobile allowance Company of not more than $500 n/a per month.
(f) . In addition to the vacation provided pursuant to Section 3.04(a) hereofthereto, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.bear the expense of insurance, fuel and maintenance therefor. OR
Appears in 1 contract
Specific Benefits. During Employee’s employment with the term of this Agreement (and thereafter to the extent this Agreement shall require):Company:
(a) Employee shall be entitled to three (3) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident health and health dental insurance for Employee and his family Employee’s spouse and children with limits and extent of coverage similar to such that provided by Employee's previous employerthe insurance would be considered platinum-level.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 per annum.
(d) Employee shall be entitled to sick leave benefits during the his employment period in accordance with the customary policies of the Company for its executive Employee officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disabilitymonth per year.
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay to the Employee an automobile allowance of $500 per month.
(fd) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(ge) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunderhereunder up to $500,000 per year.
(h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(jf) Employee shall be eligible to participate during the Employment Period his employment in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives Employees generally.
(g) The Company shall have the option to maintain and be the owner and beneficiary of a term life insurance policy payable on Employee’s death with a minimum policy limit of one million dollars ($1,000,000), and Employee agrees to submit to any physical examination, and otherwise to cooperate in any other procedures required to obtain such policy. Employee represents he has no reason to believe the Company cannot obtain such life insurance policy on an “unrated” basis.
(h) The Company shall have the option to maintain and be the owner and beneficiary of a disability insurance policy payable on Employee’s disability with a minimum policy limit of one million dollars ($1,000,000), and Employee agrees to submit to any physical examination, and otherwise to cooperate in any other procedures required to obtain such policy. Employee represents he has no reason to believe the Company cannot obtain such disability insurance policy on an “unrated” basis.
Appears in 1 contract
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) A. Employee shall be entitled to three five (35) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) B. The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided unless waived by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 per annum.
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability.
(e) C. In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's ’s services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Company’s sole cost and expense, a car to be chosen by Employee with an aggregate leasing cost to the Employee an automobile allowance Company of not more than one thousand dollars ($500 1,000) per month. In addition thereto, the Company shall bear the expense of insurance, fuel and maintenance.
(f) D. In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) E. Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The F. Upon submission of travel and expense reports accompanied by proper vouchers, the Company shall will pay or reimburse Employee for all transportation, hotel, living and related expenses incurred by Employee on business trips away from the reasonable costs Company’s principal office, and for all other business and entertainment expenses reasonably incurred by him in connection with the business of preparation, by a professional the Company and its subsidiaries during the term of Employee's choosing, of Employee's annual and estimated federal income tax returnsthis Agreement.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) G. Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.
Appears in 1 contract
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) A. Employee shall be entitled to three five (35) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) B. The Company shall provide fully paid accident and health insurance for Employee and his her family with limits and extent of coverage similar to that provided unless waived by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 per annum.
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability.
(e) C. In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's ’s services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Company’s sole cost and expense, a car to be chosen by Employee with an aggregate leasing cost to the Employee an automobile allowance Company of not more than one thousand dollars ($500 1,000) per month. In addition thereto, the Company shall bear the expense of insurance, fuel and maintenance.
(f) D. In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) E. Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him her (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The F. Upon submission of travel and expense reports accompanied by proper vouchers, the Company shall will pay or reimburse Employee for all transportation, hotel, living and related expenses incurred by Employee on business trips away from the reasonable costs Company’s principal office, and for all other business and entertainment expenses reasonably incurred by her in connection with the business of preparation, by a professional the Company and its subsidiaries during the term of Employee's choosing, of Employee's annual and estimated federal income tax returnsthis Agreement.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) G. Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.
Appears in 1 contract
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three four (34) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and limits, extent of coverage and Employee contributions similar to that those provided by Employee's previous employerXxxxxx & Xxxxx.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an a term insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 that provides it is fully funded after no more than five (5) years of premium payments1,500,000 or such lesser amount as shall be purchasable pursuant to such last sentence. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 15,000 per annum.
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disabilitymonth per year.
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay to the Employee an automobile allowance of $500 per month.
(f) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(gf) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(jg) Employee shall be eligible entitled to participate the following benefits to cover Employee's relocation from London to New York: (i) prompt reimbursement for all reasonable expenses incurred in the relocation of Employee and his family; (ii) prompt reimbursement for all reasonable travel and living costs for Employee and his family to search for suitable housing and to satisfactorily attend to personal affairs during the Employment Period in Benefits not inconsistent or duplicative transition; (iii) prompt reimbursement for the cost to move Employee's household goods; (iv) temporary housing for a reasonable period of those set forth in this Section 3.04 as time; (v) reasonable reimbursement to cover incidental relocation costs; and (vi) the Company shall establish or maintain for its employees or executives generally.will repurchase, at Employee's
Appears in 1 contract
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three five (35) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of [$500,000 1,000,000] that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. [The Company shall not be obligated to pay premiums for such insurance in excess of $500 15,000 per annum].
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten one (101) month per year. [In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disability.]
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Company's sole cost and expense, a car to be chosen by Employee with an aggregate leasing cost to the Employee an automobile allowance Company of not more than $500 ___n/a______________ per month.
(f) . In addition to the vacation provided pursuant to Section 3.04(a) hereofthereto, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.bear the expense of insurance, fuel and maintenance therefor. OR
Appears in 1 contract
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three four (34) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident accident, long term disability and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employeras presently offered to him.
(c) The Company shall obtain shall, at its expense expense, continue in effect and own (subject to Employee's ’s insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), Employee in the total face amount of $500,000 2,000.000, which shall be collaterally assigned by the Company for the benefit of the Employee; provided, that provides it is fully funded after no more than five the annual premium for such policy shall not exceed Three Thousand Dollars (5) years of premium payments$3,000.00). Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee and the Company shall not retain any benefit therein. The Upon the termination of Employee’s employment by the Company for whatever reason, such policy shall not be obligated to pay premiums for such insurance in excess the property of $500 per annumthe Employee. This policy shall be fully funded after no more than five years of premium payments.
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disabilitymonth per year.
(e) The Company will provide Employee with a new Company automobile of his choice every two (2) years provided that the cost of such automobile shall not, if purchased, exceed the list price or, if leased, exceed the leased price of a “fully equipped” new BMW 540 or equivalent. In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Companyaddition, the Company shall will pay for the insurance, maintenance, and expenses of operating the automobile reasonably incurred by him in connection with the business of the Company during the term of this Agreement. Upon the termination of this Agreement for any reason. Employee may purchase from the Company or its agent the automobile provided to Employee at that time for the Employee an net book value of the automobile allowance of $500 per monthat that time.
(f) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten seven (107) paid holidays (other than weekends) per year, generally on such days on which year in accordance with the New York Stock Exchange is closed to tradingCompany’s holiday schedule.
(g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay the reasonable costs of preparation, preparation by a professional of Employee's ’s choosing, of Employee's ’s annual and estimated federal income tax and Connecticut income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.
Appears in 1 contract
Samples: Employment Agreement (Drugmax Inc)
Specific Benefits. During the term of this Agreement (and thereafter to the extent this Agreement shall require):
(a) Employee shall be entitled to three six (36) weeks of paid vacation time per year, to be taken at times mutually acceptable to the Company and Employee.
(b) The Company shall provide fully paid accident and health insurance for Employee and his family with limits and extent of coverage similar to that provided by Employee's previous employer.
(c) The Company shall obtain at its expense (subject to Employee's insurability) an insurance policy on the life of Employee, subject to the last sentence of this Section 3.04(c), in the face amount of $500,000 2,000,000 that provides it is fully funded after no more than five (5) years of premium payments. Employee shall have the exclusive right to designate the beneficiaries of such policy and change such beneficiaries from time to time. Such policy and the proceeds and cash value thereof shall be the sole property of Employee Employee, and the Company shall not retain any benefit therein. The Company shall not be obligated to pay premiums for such insurance in excess of $500 15,000 per annum.
(d) Employee shall be entitled to sick leave benefits during the employment period in accordance with the customary policies of the Company for its executive officers, but in no event less than ten (10) per year. In the event of Employee's Disability, disability insurance shall provide for the payment of Employee's Minimum Annual Compensation for a period of not less than one (1) year from the date of Disabilitymonth per year.
(e) In recognition of the necessity of the use of an automobile to the efficient and expeditious performance of Employee's services, duties and obligations to and on behalf of the Company, the Company shall pay provide to Employee, at the Employee an automobile allowance Company's sole cost and expense, a car to be chosen by Employee. In addition thereto, the Company shall bear the expense of $500 per monthinsurance, fuel and maintenance therefor.
(f) In addition to the vacation provided pursuant to Section 3.04(a) hereof, Employee shall be entitled to not less than ten (10) paid holidays (other than weekends) per year, generally on such days on which the New York Stock Exchange is closed to trading.
(g) Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Company or the Board for the similarly situated employees of the Company) in performing services hereunder.
(h) The Company shall pay the reasonable costs of preparation, by a professional of Employee's choosing, of Employee's annual and estimated federal income tax returns.
(i) The Company shall pay the reasonable costs of Employee's personal financial planning by a professional of Employee's choosing.
(j) Employee shall be eligible to participate during the Employment Period in Benefits not inconsistent or duplicative of those set forth in this Section 3.04 as the Company shall establish or maintain for its employees or executives generally.
Appears in 1 contract
Samples: Employment Agreement (Intracel Corp)