Employee Benefits Clause Example from Business Contracts

Employee Benefits. (a) BENEFIT PLANS. During the Employment Term, the Executive shall be entitled to participate in any employee benefit plans that the Company maintains or contributes 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 hereunder. The Executive's participation will be subject to the terms of the applicable plan documents and generally applicable Company polic...ies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time, according to the terms of such employee benefit plan. 2 (b) VACATIONS. During the Employment Term, the Executive shall be entitled to paid vacation per calendar year (as prorated for partial years) in accordance with the Company's policy on accrual and use applicable to employees as in effect from time to time, but in no event shall the Executive accrue less than four (4) weeks of vacation per calendar year (pro-rated for any partial year of service). (c) 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, for all reasonable out-of-pocket business and entertainment 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