In further consideration of your employment, the Company will grant you 702,632 Class B Units (Profits Interest Units) of ATI Investment Parent, LLC, a Delaware limited liability company and ultimate parent of the Company (Holdings), upon your execution and delivery of a unit grant agreement (and the additional agreements contemplated therein) satisfactory to Holdings. Profits Interest Units will vest as follows: 175,657.9 Profit Interest Units (one fourth of the grant) on the first anniversary of the execution and delivery of the unit grant agreement, and 14,638.16 Profit Interest Units (one forty-eighth of the grant) each month over the subsequent 36 months, such that the Profits Interest Units will become fully vested by the end of the 48th month, provided, however, that no Profit Interest Units shall vest if you are no longer employed by the Company.
During your employment with the Company, you will be entitled to participate in each of the benefit plans made available by the Company to its salaried employees, on terms no less favorable than those applicable to other salaried employees. Participation in Company benefit plans will be governed by and subject to the terms, conditions and overall administration of such plans.
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Vacation: Paid Time Off
During your employment with the Company, you will be entitled to 20 days of paid time off per calendar year, accrued on a pro rata basis and available throughout a calendar year, and you shall be entitled to holidays normally paid by the Company, in each case in accordance with the Companys policies and subject to the Companys employee handbook, as the same may be modified from time to time. Nothing stated herein shall be interpreted to conflict with applicable wage laws requiring the payment of all accrued but unpaid paid time off at the time employment is terminated for any reason.
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Reimbursement of Expenses
During your employment with the Company, the Company will reimburse you for all reasonable travel and other expenses incurred in performing duties and responsibilities under this letter agreement which are consistent with the Companys policies in effect from time to time with respect to travel, entertainment and other business expenses. All of the Companys reimbursement obligations pursuant to this Section 7 shall be subject to the Companys requirements with respect to reporting and documentation of such expenses. In addition, Company shall reimburse you for up to $15,000 of documented, pre-approved moving expenses (grossed up to account for tax deductions, such that $15,000 shall be the net amount remitted to you).
We anticipate and are hopeful of a long and fruitful relationship. Your employment by the Company will be at will, meaning that you and the Company may terminate your services at any time for any reason or no reason and without prior notice, except as set forth herein.