Description of Compensatory Arrangements for Executive Officers – Leased Automobiles (Varian, Inc.)
Varian, Inc. provides its executive officers with leased automobiles, subject to specific lease cap limits for each officer. The company covers all fuel, maintenance, repair, and insurance costs for these vehicles. Additionally, Varian reimburses executives for any taxes incurred due to the personal use of the automobiles through a gross-up payment. These arrangements are part of the company's compensation package for its executive officers.
Exhibit 10.24
DESCRIPTION OF CERTAIN COMPENSATORY ARRANGEMENTS
BETWEEN REGISTRANT AND EXECUTIVE OFFICERS
Leased Automobiles
Varian, Inc. (“the Company”) leases an automobile for the each of its executive officers, subject to certain lease “cap” limitations that vary by executive officer. The Company reimburses the executive officer for all fuel, maintenance and repairs costs for the leased automobile, and the Company 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.
