Executive Officer Automobile Plan Description

Summary

This document outlines the Company's Automobile Plan for executive officers. Under the plan, executives may use a company car for business and personal use, including taking it home after work and on weekends. Alternatively, executives can opt to receive a taxable automobile allowance instead of a company car. Any personal use or allowance received is considered taxable income for the executive officer.

EX-10.1 3 d13772exv10w1.txt DESCRIPTION OF AUTOMOBILE PLAN Exhibit 10.1 Description of Automobile Plan The Company maintains an Automobile Plan for its executive officers. Under the terms of the Plan, an executive officer may be given the use of a Company automobile for their use during business hours. The executive officer is permitted to take the automobile home at night and on weekends. The amount of compensation to the executive officer as a result of the personal use of the automobile is taxable income to the officer. Alternatively, an executive officer may choose to receive an automobile allowance, which is taxable income to the officer.