Common use of Position and Compensation Clause in Contracts

Position and Compensation. The Executive currently is serving as an executive officer of the Company and is receiving the following compensation (the "Compensation") for his services: (a) the base salary in effect on the date hereof (which amount may be increased as the Company may determine and such increased rate of base salary shall thereafter constitute the Executive's base salary for all purposes of this Agreement), (b) deferred compensation equal to the percentage (in effect on the date hereof) of the Executive's base salary and annual performance bonus, (c) an annual performance bonus under the Company's Senior Management Incentive Compensation Plan equal to the percentage (in effect on the date hereof) of the Executive's base salary, and (d) participation in all of the Company's employee benefits plans, including without limitation, retirement and pension plans, life insurance plans, dental plans, medical plans and automobile allowance plans which are, from time to time, made available by the Company to its executive officers, subject to the terms of such plans, with the Executive's participation to be on terms no less favorable to the Executive than the terms provided to other similar executives.