Common use of Fringe Benefit Clause in Contracts

Fringe Benefit. The benefits provided by this Agreement are granted by the Employer as a fringe benefit to the Executive and are not a part of any salary reduction plan or any arrangement deferring a bonus or a salary increase. The Executive has no option to take any current payments or bonus in lieu of the benefits provided by this Agreement. The benefits provided under this Agreement are in lieu of any benefits that otherwise would be provided to Executive under that certain Life Insurance Endorsement Method Split Dollar Plan Agreement between the Employer and the Executive, which the parties agree will be cancelled and thereunder be of no further force and effect.

Fringe Benefit. The benefits provided by this Agreement are granted by the Employer as a fringe benefit to the Executive and are not a part of any salary reduction plan or any arrangement deferring a bonus or a salary increase. The Executive has no option to take any current payments or bonus in lieu of the benefits provided by this Agreement. The benefits provided under this Agreement are in lieu of any benefits that otherwise would be provided to Executive under that certain Life Insurance Endorsement Method Split Dollar Plan Agreement between the Employer and the Executive, which the parties agree will be cancelled and thereunder thereafter be of no further force and effect.