The Executive may be eligible to receive additional discretionary annual equity incentive grants in amounts and on terms and conditions determined by the Parent Board in its sole discretion.
2.4 Benefits and Insurance. The Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to participate in benefits under any benefit plan or arrangement that may be in effect from time to time and made available to similarly situated Company executives (including, but not limited to, being named as an officer for purposes of the Companys Directors & Officers insurance policy). The Company reserves the right in its sole discretion to modify, add or eliminate benefits at any time. All benefits shall be subject to the terms and conditions of the applicable plan documents, which may be amended or terminated at any time. The Executive shall be entitled to vacation each year, in addition to sick leave and observed holidays in accordance with the policies and practices of the Company. Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.
2.5 Expense Reimbursements. The Company will reimburse the Executive for all reasonable and documented business expenses that the Executive incurs in conducting the Executives duties hereunder, pursuant to the Companys usual expense reimbursement policies.
2.6 Relocation. It is expected that the Executive will relocate to a residence near the Companys offices, to be located in or near New York City, within nine (9) months of the Start Date. At any time prior to incurring any expenses related to such relocation, the Executive may elect, in writing, to have the Company pay out one (and only one) of the following: (i) the Reimbursement Payment, (ii) the Low-Bid Payment or (iii) the Revised Relocation Payment. The option selected by the Employee pursuant to the previous sentence shall be the Relocation Payment and the date the Employee notifies the Company of her election of an option shall be the Relocation Payment Notification Date.
For purposes of this Section, the following terms shall have the meanings set forth below:
Reimbursement Payment shall mean, subject to the terms of the Companys travel and relocation policies, relocation reimbursements for actual costs incurred in the Executives relocation, subject to a maximum reimbursement of $75,000 in actual costs incurred. Any relocation reimbursement shall be subject to a gross-up for applicable taxes (exclusive of the $75,000 cap).
Low-Bid Payment shall mean, subject to the terms of the Companys travel and relocation policies, direct payment for the lowest bid to relocate the Executive, from among three relocation vendors approved by the Company, such approval not to be unreasonably withheld.
Revised Relocation Payment shall mean, subject to the terms of the Companys travel and relocation policies, if, at any time prior to the Relocation Payment Notification Date, the Company adopts a new policy to address the costs associated with relocation for executive officers of the Company, the reimbursement or other payment of relocation expenses subject to such new policy.
If the Executive resigns from employment with the Company without Good Reason or the Company terminates the Executives employment for Cause, in each case on or prior to the first anniversary of the Relocation Payment Notification Date, the Executive must repay the Relocation Payment in full to the Company. If any repayment is due to the Company pursuant to this Section, the Executive agrees that the amount of the repayment due is payable in full immediately and the Executive agrees to permit the Company to deduct this amount from any monies or benefits due to the Executive including wages, bonuses, reimbursements and/or expenses and any remaining amounts are the Executives responsibility.