Common use of Automobile Program Clause in Contracts

Automobile Program. The Executive shall be entitled to participate in the Company's Executive Automobile Program, pursuant to which the Company, at the Executive's election, shall either: (i) provide the Executive with an automobile (which automobile shall be replaced every (2) years) for his use with a value, when new, of up to $33,000 and shall reimburse the Executive for all costs and expenses associated with such automobile (including, but not limited to, automobile insurance, repairs, and gas), or (ii) provide the Executive with a monthly automobile allowance, which allowance shall be based upon the annualized imputed value of the automobile to which the Executive is entitled under such program. The value of the automobile to which the Executive is entitled shall be subject to an annual review and may be increased at the discretion of the Board, in accordance with the terms of the Company's Executive Automobile Program; provided, however, the Executive shall be entitled to receive any benefit to which participants in the Company's Executive Automobile Program may from time to time hereafter generally become entitled thereunder that is broader or greater than the benefits to which participants are currently generally entitled (e.g., an across-the-board increase in the value of automobiles received under such Program).

Appears in 1 contract

Samples: Employment Agreement (Talbots Inc)

AutoNDA by SimpleDocs

Automobile Program. The Executive shall be entitled to participate in the Company's ’s Executive Automobile Program, pursuant to which the Company, at the Executive's ’s election, shall either: (i) provide the Executive with an automobile (which automobile shall be replaced every two (2) years) for his use with a value, when new, of up to $33,000 38,500.00 and shall reimburse the Executive for all costs and expenses associated with such automobile (including, but not limited to, automobile insurance, repairs, and gas), or (ii) provide the Executive with a monthly automobile allowance, which allowance shall be based upon the annualized imputed value of the automobile to which the Executive is entitled under such program. The value of the automobile to which the Executive is entitled shall be subject to an annual review and may be increased at the discretion of the Board, in accordance with the terms of the Company's ’s Executive Automobile Program; provided, however, the Executive shall be entitled to receive any benefit to which participants in the Company's ’s Executive Automobile Program may from time to time hereafter generally become entitled thereunder that is broader or greater than the benefits to which participants are currently generally entitled (e.g., an across-the-board increase in the value of automobiles received under such Programprogram).. (D)

Appears in 1 contract

Samples: Employment Agreement                  employment Agreement (Talbots Inc)

Automobile Program. The Executive shall be entitled to participate in the Company's Executive Automobile Program, pursuant to which the Company, at the Executive's election, shall either: (i) provide the Executive with an automobile (which automobile shall be replaced every (2) years) for his use with a value, when new, of up to $33,000 31,700 and shall reimburse the Executive for all such costs and expenses associated with such automobile (including, but not limited to, automobile insurance, repairs, and gas), or (ii) provide the Executive with a monthly automobile allowance, which allowance shall be based upon the annualized imputed value of the automobile to which the Executive is entitled under such program. The value of the automobile to which the Executive is entitled shall be subject to an annual review and may be increased at the discretion of the Board, in accordance with the terms of the Company's Executive Automobile Program; provided, however, the Executive shall be entitled to receive any benefit to which participants in the Company's Executive Automobile Program may from time to time hereafter generally become entitled thereunder that is broader or greater than the benefits to which participants are currently generally entitled (e.g., an across-the-board increase in the value of automobiles received under such Program).

Appears in 1 contract

Samples: Employment Agreement (Talbots Inc)

Automobile Program. The Executive shall be entitled to participate in the Company's ’s Executive Automobile Program, pursuant to which the Company, at the Executive's ’s election, shall either: (i) provide the Executive with an automobile (which automobile shall be replaced every (2) years) for his use with a value, when new, of up to $33,000 36,720.00 and shall reimburse the Executive for all costs and expenses associated with such automobile (including, but not limited to, automobile insurance, repairs, and gas), or (ii) provide the Executive with a monthly automobile allowance, which allowance shall be based upon the annualized imputed value of the automobile to which the Executive is entitled under such program. The value of the automobile to which the Executive is entitled shall be subject to an annual review and may be increased at the discretion of the Board, in accordance with the terms of the Company's ’s Executive Automobile Program; provided, however, the Executive shall be entitled to receive any benefit to which participants in the Company's ’s Executive Automobile Program may from time to time hereafter generally become entitled thereunder that is broader or greater than the benefits to which participants are currently generally entitled (e.g., an across-the-board increase in the value of automobiles received under such Program).

Appears in 1 contract

Samples: Employment Agreement         employment Agreement (Talbots Inc)

AutoNDA by SimpleDocs

Automobile Program. The Executive shall be entitled to participate in the Company's ’s Executive Automobile Program, pursuant to which the Company, at the Executive's ’s election, shall either: (i) provide the Executive with an automobile (which automobile shall be replaced every two (2) years) for his use with a value, when new, of up to $33,000 42,800 and shall reimburse the Executive for all costs and expenses associated with such automobile (including, but not limited to, automobile insurance, repairs, and gas), or (ii) provide the Executive with a monthly automobile allowance, which allowance shall be based upon the annualized imputed value of the automobile to which the Executive is entitled under such program. The value of the automobile to which the Executive is entitled shall be subject to an annual review and may be increased at the discretion of the BoardCompensation Committee, in accordance with the terms of the Company's ’s Executive Automobile Program; provided, however, the Executive shall be entitled to receive any benefit to which participants in the Company's ’s Executive Automobile Program may from time to time hereafter generally become entitled thereunder that is broader or greater than the benefits to which participants are currently generally entitled (e.g., an across-the-board increase in the value of automobiles received under such Programprogram).

Appears in 1 contract

Samples: Employment Agreement (Talbots Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.