TREATMENT OF FRINGE BENEFITS The fringe benefits are charged using the rate(s) listed in the Fringe Benefits Section of this Agreement. The fringe benefits included in the rate(s) are listed below. TREATMENT OF PAID ABSENCES Vacation, holiday, sick leave pay and other paid absences are included in salaries and wages and are claimed on grants, contracts and other agreements as part of the normal cost for salaries and wages. Separate claims are not made for the cost of these paid absences.
Medical Coverage The Executive shall be entitled to such continuation of health care coverage as is required under, and in accordance with, applicable law or otherwise provided in accordance with the Company’s policies. The Executive shall be notified in writing of the Executive’s rights to continue such coverage after the termination of the Executive’s employment pursuant to this Section 3(d)(iv), provided that the Executive timely complies with the conditions to continue such coverage. The Executive understands and acknowledges that the Executive is responsible to make all payments required for any such continued health care coverage that the Executive may choose to receive.
Compensation and Fringe Benefits (a) The Company shall, during the Term of Employment, pay to the Executive as compensation for the performance of his duties and obligations a salary of $240,000 per annum. This compensation is subject to annual review and adjustment, as appropriate in the judgment of the Company. The compensation payable pursuant to this Section 5(a) shall be payable in equal semi-monthly installments on the last day of each such pay period.
WAGES AND FRINGE BENEFITS The minimum hourly rate of Wages and Benefits shall be as per Attachment “A”. Wages at the established rates specified herein shall be paid weekly in the shop or on the job at or before quitting time on any day, Monday through Friday, of each week, and no more than five (5) calendar days pay will be withheld. Alternative payroll procedures, i.e., electronic and/or automatic deposit may be utilized by the Employer. Employees laid off through no fault of their own shall be paid in full ½ hour prior to quitting time or if the employee is signed up for electronic transfer, the money shall be transferred to his or her account within 24 hours. Employees who were discharged or voluntarily quit shall be paid their wages per the Site Local Union’s Agreement. Assessments or Penalties for late pay or non-payment of wages shall be as per the Site Local Inside Collective Bargaining Agreement. Holidays and vacations shall comply with the terms of the Site Local Inside Collective Bargaining Agreement.