Varian, Inc. Executive Officer Automobile Compensation Arrangements
Varian, Inc. provides its executive officers with either a leased or purchased automobile, subject to cost limits that differ by individual. The company covers all related expenses, including fuel, maintenance, repairs, registration, taxes, and insurance. Additionally, Varian reimburses executives for any taxes incurred due to the personal use of the vehicle. These arrangements are part of the company's compensation package for its executive officers.
Exhibit 10.27
DESCRIPTION OF CERTAIN COMPENSATORY ARRANGEMENTS
BETWEEN REGISTRANT AND EXECUTIVE OFFICERS
Varian, Inc. (“the Company”) leases or purchases an automobile for the each of its executive officers, subject to certain lease or purchase “cap” limitations that vary by executive officer. The Company reimburses the executive officer for all fuel, maintenance and repairs costs for the leased automobile, pays all registration fees, taxes and other costs relating to the automobile, and insures the automobile under its insurance programs. The Company also reimburses the executive officer (by way of a “gross-up” payment) for taxes on income that is imputed to the executive officer for the personal use of the automobile.
