Common use of Flexible Perquisites Clause in Contracts

Flexible Perquisites. Executive shall be paid an annual flexible perquisite in the gross amount reflected next to his/her name in the attached Exhibit A, less customary and statutory withholdings and deductions (provided, however, that business use of the auto and club shall be treated as direct reimbursement and thus non-taxable, unless current tax law changes and requires the Company to treat it otherwise). This flexible perquisite shall be paid and administered in accordance with the Company’s written flexible perquisite plan (attached hereto as Exhibit C), as amended by the Company from time to time. This program provides reimbursement for expenses, such as company auto, country club membership or other memberships, financial counseling, auxiliary life insurance, and a short list of other allowable expenses.