Employee Benefits Clause Example with 28 Variations from Business Contracts

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive Employee shall be eligible entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, and except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's Employee's participation will be subject to the terms of the appli...cable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. (b) VACATIONS. VACATION TIME. During the Employment Term, the Executive Employee shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of unused vacation time from any calendar year to any future calendar year. Vacation may be taken at such times and intervals as the Executive determines, subject to the business needs of the Company. time. 3 (c) BUSINESS AND TRAVEL EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and travel expenses incurred and paid by the Executive Employee during the Employment Term and in connection with the performance of the Executive's Employee's duties hereunder. (d) ADDITIONAL BENEFITS. (i) In addition to the benefits described above in this Section 5, during the Employment Term, the Company shall (i) pay for the premium payments incurred in providing the Employee with a term life insurance policy during the Employment Term in the amount of $3,500,000 and (ii) pay or reimburse the Employee for actual, properly substantiated expenses incurred by the Employee in connection with an annual physical examination in an amount not to exceed $2,000 annually. (ii) The Company will also reimburse Employee for legal and compensation consultant fees and expenses incurred in connection with the review and negotiation of this Agreement and its Exhibits, such reimbursement not to exceed $50,000. (iii) The Employee's indemnification agreement with the Company dated as of September 7, 2016 remains in full force and effect; provided that the Company also acknowledges that the Employee is also relying on such agreement to serve as a member of the Board. View More

Employee Benefits. (a) BENEFIT (a)BENEFIT PLANS. During the Employment Term, the Executive Employee shall be eligible entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, and except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's Employee's participation will be subject to the terms o...f the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. (b) VACATIONS. (b)VACATION TIME. During the Employment Term, the Executive Employee shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of unused vacation time from any calendar year to any future calendar year. Vacation may be taken at such times and intervals as the Executive determines, subject to the business needs of the Company. (c) BUSINESS time. (c)BUSINESS AND TRAVEL EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and travel expenses incurred and paid by the Executive Employee during the Employment Term and in connection with the performance of the Executive's Employee's duties hereunder. (d)ADDITIONAL BENEFITS. (i)In addition to the benefits described above in this Section 5, during the Employment Term, the Company shall (i) pay for the premium payments incurred in providing the Employee with a term life insurance policy during the Employment Term in the amount of $1,000,000 and (ii) pay or reimburse the Employee for actual, properly substantiated expenses incurred by the Employee in connection with an annual physical examination in an amount not to exceed $2,000 annually. 3 US-DOCS\128769458.1 (ii)The Company will also reimburse Employee for legal fees and expenses incurred in connection with the review and negotiation of this Agreement and its Exhibits, such reimbursement not to exceed $10,000. (iii)The Company shall provide Employee with an indemnification agreement containing terms and conditions comparable to those provided to similarly-situated executives. View More

Employee Benefits. (a) BENEFIT (a)BENEFIT PLANS. During the Employment Term, the Executive Employee shall be eligible entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, and except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's Employee's participation will be subject to the terms o...f the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. (b) VACATIONS. (b)VACATION TIME. During the Employment Term, the Executive Employee shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of unused vacation time from any calendar year to any future calendar year. Vacation may be taken at such times and intervals as the Executive determines, subject to the business needs of the Company. (c) BUSINESS time. (c)BUSINESS AND TRAVEL EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and travel expenses incurred and paid by the Executive Employee during the Employment Term and in connection with the performance of the Executive's Employee's duties hereunder. (d)ADDITIONAL BENEFITS. (i)In addition to the benefits described above in this Section 5, during the Employment Term, the Company shall (i) pay for the premium payments incurred in providing the Employee with a term life insurance policy during the Employment Term in the amount of $1,000,000 and (ii) pay or reimburse the Employee for actual, properly substantiated expenses incurred by the Employee in connection with an annual physical examination in an amount not to exceed $2,000 annually. (ii)The Company will also reimburse Employee for legal fees and expenses incurred in connection with the review and negotiation of this Agreement and its Exhibits, such reimbursement not to exceed $10,000. 3 US-DOCS\128774742.1 (iii)The Company shall provide Employee with an indemnification agreement containing terms and conditions comparable to those provided to similarly-situated executives. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive Employee shall be eligible entitled to participate in any employee benefit plan that the Company has adopted or may determine in its sole discretion to adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, and except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's Employee's participation in su...ch employee benefit plans will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. (b) VACATIONS. During In addition, the Employment Term, Company provides no assurance as to the Executive shall be entitled to four (4) weeks adoption or continuance of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual any particular employee benefit plan or program. The Employee understands and use applicable to executives acknowledges that as of the Start Date, the Company as in effect from time to time, without carryforward of unused vacation time from has not adopted any calendar year to any future calendar year. Vacation may be taken at such times and intervals as the Executive determines, subject to the business needs of the Company. (c) employee benefit plans. (b) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, policy for all reasonable out-of-pocket business expenses incurred and paid by the Executive Employee during the Employment Term and in connection with the performance of the Executive's Employee's duties hereunder. Any exceptions or deviations from the Company's expense reimbursement policy shall be approved in advance by the Board. (c) INSURANCE. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on the Employee in any amount or amounts considered advisable. The Employee agrees to cooperate in any medical or other examination, at the Company's expense, and to supply any information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive shall be eligible entitled to participate in any employee benefit plan that the Company Company, Parent or any of their direct or indirectly controlled subsidiaries (each an "Affiliate") has adopted or may adopt, maintain or contribute to for and 3 which benefit any of the benefit senior executives of its employees generally, the Company, Parent or any Affiliate, on a basis no less favorable than that applicable to any such senior exec...utives, where such basic company paid element (medical, dental, life insurance and disability insurance) shall be effective as of the Effective Date and any additional options elected by the Executive shall be subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's participation will in any such employee benefit plan shall be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. time, if and to the extent allowed pursuant to the terms of such plan, provided that any such amendment may have no more adverse effect on the Executive than on any other participant in such plan. The Company may provide perquisites to the Executive at the discretion of the Board. (b) VACATIONS. During the Employment Term, the Executive shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of unused time based; provided that the Executive's vacation time from any calendar year to any future calendar year. Vacation may accrual shall be taken at such times and intervals calculated as if the Executive determines, subject to the business needs had thirty (30) years of employment with the Company. (c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy, policies as in effect from time to time, for all reasonable out-of-pocket business expenses incurred and paid by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder. (d) CASH SIGNING BONUS. In consideration of the forfeiture by the Executive of certain compensation at the Executive's prior employer, the Company shall pay to the Executive a one-time lump sum cash payment in the amount of $538,244 gross (the "Cash Signing Bonus") which shall be payable as an advance on or before the three (3) month anniversary of the Effective Date and shall become fully vested after two (2) years from the Effective Date, subject to the Executive's continued and non-terminated employment with the Company. In the event that the Executive's employment with the Company terminates as a result of a termination by the Company for Cause or by the Executive without Good Reason at any time within a period of two (2) years following the Effective Date, the Executive shall be required to repay the pro-rata unvested portion of the advanced Cash Signing Bonus to the Company calculated using the number of months remaining in the two (2) years following the Effective Date. For example, the Executive would be required to repay $269,122 in the event his employment with the Company terminates on the twelve-month anniversary of the Effective Date as a result of a termination by the Company for Cause or by the Executive without Good Reason. Such amount shall be repaid to the Company no later than thirty (30) days following such termination date and, at the Company's election, the Company may offset such amount against any amount owed by the Company to the Executive. (e) RELOCATION. The Executive agrees to relocate to the Philadelphia, Pennsylvania metropolitan area as soon as practicable following the Effective Date and the Company will provide relocation services in line with the Company's Guidelines for Relocating External New Hires to/within the United States. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive Employee shall be eligible entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's Employee's participation will be subject to the terms of the applicabl...e A-2 *Portions of this exhibit have been excluded because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed. plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. The Company shall obtain, at the Company's expense, key man life and disability insurance for the Employee that includes payments to beneficiaries designated by the Employee of at least $1.5 Million. (b) VACATIONS. During the Employment Term, the Executive Employee shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of time. Accrued but unused vacation time carried from any calendar one year to any future calendar year. the next shall be capped at two (2) weeks. Vacation may be taken at such times and intervals as the Executive Employee determines, subject to the business needs of the Company. (c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business expenses incurred and paid by the Executive Employee during the Employment Term and in connection with the performance of the Executive's Employee's duties hereunder. (d) LEGAL FEES. Upon presentation of appropriate documentation, the Company shall pay the Employee's reasonable counsel fees (based on the standard hourly rate of such counsel) incurred in connection with the negotiation and documentation of this Agreement, up to a maximum of $20,000 which shall be paid within sixty (60) days following the Effective Date, provided that the Employee is still employed at the time of such payment. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's participation will be subject to the terms of the applicable plan documents and generall...y applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. (b) VACATIONS. BUSINESS EXPENSES. During the Employment Term, the Company shall reimburse the Executive promptly for all expenses reasonably incurred by the Executive in the performance of the Executive's duties hereunder, in accordance with policies which may be adopted from time to time by the Company, following presentation by the Executive of an itemized account, including reasonable substantiation, of such expenses. (c) VACATION. During the Employment Term, the Executive shall be entitled to four (4) weeks of unlimited paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable time off, to executives of the Company as in effect from time to time, without carryforward of unused vacation time from any calendar year to any future calendar year. Vacation may be taken at such times and intervals used as the Executive determines, reasonably deems appropriate consistent with past practice and subject to the business needs of the Company. (c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation Company and documentation as the Company may specify from time to time, the Executive shall be reimbursed in accordance planning with the Company's expense reimbursement policy, for all reasonable out-of-pocket business expenses incurred and paid by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder. supervisor. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive shall be eligible entitled to participate in any employee benefit plan that the Company Company, Parent or any of their direct or indirectly controlled subsidiaries (each an "Affiliate") has adopted or may adopt, maintain or contribute to for and which benefit any of the benefit senior executives of its employees generally, the Company, Parent or any Affiliate, on a basis no less favorable than that applicable to any such senior execut...ives, where such basic company paid element (medical, dental, life insurance and disability insurance) shall be effective as of the Effective Date and any additional options elected by the Executive shall be subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's participation will in any such employee benefit plan shall be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. time, if and to the extent allowed pursuant to the terms of such plan, provided that any such 3 amendment may have no more adverse effect on the Executive than on any other participant in such plan. The Company may provide perquisites to the Executive at the discretion of the Board. (b) VACATIONS. During the Employment Term, the Executive shall be entitled to four (4) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of unused time based; provided that the Executive's vacation time from any calendar year to any future calendar year. Vacation may accrual shall be taken at such times and intervals calculated as if the Executive determines, subject to the business needs had twenty (25) years of employment with the Company. (c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy, policies as in effect from time to time, for all reasonable out-of-pocket business expenses incurred and paid by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive shall will be eligible to participate in any employee benefit plan that adopted by the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's participation in any such program will be subject to the terms of the ap...plicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. time without violation of this Agreement. 2 (b) VACATIONS. During the Employment Term, the Executive shall will be entitled eligible to four (4) weeks of paid take vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company vacation policies as in effect from time to time, without carryforward of unused vacation time from any calendar year to any future calendar year. Vacation may be taken at such times and intervals as the Executive determines, subject to the business needs of the Company. time. (c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the The Company may specify from time to time, will reimburse the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable and necessary out-of-pocket business and travel expenses incurred and paid by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder. hereunder in accordance with the Company's expense reimbursement policy. View More

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive shall be eligible entitled to participate in any employee benefit plan that the Company Company, Parent or any of their direct or indirectly controlled subsidiaries (each an " Affiliate ") has adopted or may adopt, maintain or contribute to for and which benefit any of the benefit senior executives of its employees generally, the Company, Parent or any Affiliate, on a basis no less favorable than that applicable to any such senior exec...utives, where such basic company paid element (medical, dental, life insurance and disability insurance) shall be effective as of the Effective Date and any additional options elected by the Executive shall be subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive's participation will in any such employee benefit plan shall be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. time, if and to the extent allowed pursuant to the terms of such plan, provided that any such amendment may have no more adverse effect on the Executive than on any other participant in such plan. The Company may provide perquisites to the Executive at the discretion of the Board. (b) VACATIONS. During the Employment Term, the Executive shall be entitled to four (4) weeks twenty-eight (28) days of paid vacation per calendar year (as prorated (pro-rated for partial years) in accordance with the Company's policy on accrual and use applicable to executives of the Company employees as in effect from time to time, without carryforward of unused vacation time from any calendar year to any future calendar year. Vacation may be taken at such times and intervals as the Executive determines, subject to the business needs of the Company. time. (c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy, policies as in effect from time to time, for all reasonable out-of-pocket business expenses incurred and paid by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder. View More