Common use of Use of Automobile Clause in Contracts

Use of Automobile. The Executive shall have the use of an automobile titled in the Employer’s name for carrying out the Executive’s duties, the insurance and maintenance expenses of which shall be paid by the Employer. As additional compensation, the Executive may use the automobile for personal purposes, provided that the Executive renders an accounting of business and personal use in accordance with regulations under the Internal Revenue Code of 1986, as amended. The provisions of this paragraph shall not be construed to permit use of the vehicle by the Executive’s family members.

Appears in 4 contracts

Samples: Employment Agreement (BNC Bancorp), Employment Agreement (BNC Bancorp), Employment Agreement (BNC Bancorp)

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Use of Automobile. The Executive shall have the use of an automobile leased or titled in the Employer’s name for carrying use by the Executive to carry out the Executive’s dutiesduties for the Employer, the insurance and maintenance expenses of which shall be paid by the Employer. As additional compensation, the Executive may use the such automobile for personal purposes, provided that the Executive renders an accounting of business and personal use to the Employer in accordance with regulations under the Internal Revenue Code of 1986, as amended. The provisions of this paragraph shall not be construed to permit use of the vehicle by the Executive’s family members.

Appears in 4 contracts

Samples: Employment Agreement (Tidelands Bancshares Inc), Employment Agreement (Oak Ridge Financial Services, Inc.), Employment Agreement (Oak Ridge Financial Services, Inc.)

Use of Automobile. The Executive shall have the use of an automobile titled in the Employer’s name for carrying use by the Executive to carry out the Executive’s duties, the insurance and maintenance expenses of which shall be paid by the Employer. As additional compensation, the Executive may use the such automobile for personal purposes, provided that the Executive renders an accounting of business and personal use to the Employer in accordance with regulations under the Internal Revenue Code of 1986, as amended. The provisions of this paragraph shall not be construed to permit use of the vehicle by the Executive’s family members.

Appears in 3 contracts

Samples: Amended Employment Agreement (First Reliance Bancshares Inc), Employment Agreement (First Reliance Bancshares Inc), Employment Agreement (Silver State Bancorp)

Use of Automobile. The Executive shall have the use of an automobile titled in the Employer’s name for carrying use by the Executive to carry out his duties for the Executive’s dutiesEmployer, the insurance and maintenance expenses of which shall be paid by the Employer. As additional compensation, the Executive may use the such automobile for personal purposes, provided that the Executive renders an accounting of his business and personal use to the Employer in accordance with regulations under the Internal Revenue Code of 1986, as amended. The provisions of this paragraph shall not be construed to permit use of the vehicle by the Executive’s family members.

Appears in 2 contracts

Samples: Employment Agreement (Southern Community Financial Corp), Employment Agreement (Southern Community Financial Corp)

Use of Automobile. The During the Employment Period, the Executive shall have the use of an automobile titled in the EmployerCompany’s name for use by the Executive in carrying out his duties for the Executive’s dutiesCompany, the insurance and maintenance expenses of which shall be paid by the EmployerCompany. As additional compensation, the Executive may use the such automobile for personal purposes, provided that the Executive renders an accounting of his business and personal use to the Company in accordance with regulations under the Internal Revenue Code of 1986, as amended. The provisions of this paragraph shall not be construed to permit use of amended (the vehicle by the Executive’s family members“Code”).

Appears in 2 contracts

Samples: Employment Agreement (BNC Bancorp), Employment Agreement (BNC Bancorp)

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Use of Automobile. The Executive shall have the use of an automobile titled in the Employer’s name for use by the Executive in carrying out the Executive’s dutieshis duties hereunder, the insurance and maintenance expenses of which shall be paid by the Employer. As additional compensation, the Executive may use the such automobile for personal purposes, provided that the Executive renders an accounting of his business and personal use to the Employer in accordance with regulations under the Internal Revenue Code of 1986, as amendedamended (“Code”). The provisions of this paragraph shall not be construed to permit the regular use of the such vehicle by family members of the Executive’s family members.

Appears in 1 contract

Samples: Employment Agreement (Paragon Commercial CORP)

Use of Automobile. The Executive shall have the use of an automobile titled in the Employer’s 's name for carrying use by the Executive to carry out the Executive’s 's duties, the insurance and maintenance expenses of which shall be paid by the Employer. As additional compensation, the Executive may use the such automobile for personal purposes, provided that the Executive renders an accounting of business and personal use to the Employer in accordance with regulations under the Internal Revenue Code of 1986, as amended. The provisions of this paragraph shall not be construed to permit use of the vehicle by the Executive’s family members.

Appears in 1 contract

Samples: Employment Agreement (First South Bancorp Inc)

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