Expense Allowance. Out of the proceeds of each Closing, the Company also agrees to pay Wainwright # $35,000 for non-accountable expenses (to be increased to $50,000 in case of a public Offering); # up to $50,000 for fees and expenses of legal counsel and other out-of-pocket expenses (to be increased to $100,000 in case of a public Offering); plus the additional amount payable by the Company pursuant to Paragraph D.3 hereunder and, if applicable, the costs associated with the use of a third-party electronic road show service (such as NetRoadshow); provided, however, that such amount in no way limits or impairs the indemnification and contribution provisions of this Agreement.
Severance Allowance. Provided the Employee timely executes, returns, and does not revoke this Agreement and continues to provide services to the Company up to and including the Termination Date (also referred to in this Agreement as a “Separation Date”), the Company shall provide the following consideration:
Retirement Allowance. Employee will be granted a retirement allowance commencing on the first of the month following the Separation Date. The retirement allowance will be based on the Employee's pensionable service through the Separation Date and compensation history as of the Separation Date and will be on the terms and conditions as set forth by the Company. The Employee understands and agrees that he is responsible for his share of Social Security and Medicare taxes and for any federal and/or state income taxes and any other taxes that may apply. Following the Separation Date, the Employee shall be eligible for those health and other welfare benefits under the Company's employee benefit plans on the same basis as a similarly situated individual who elected optional retirement from the Company. Contributions are subject to change, and no GE-sponsored medical coverage is available after attainment of age 65. Notwithstanding the above, the Company reserves the right to terminate, amend, eliminate and/or replace those health and other welfare benefits at its sole discretion and at any time. The Employee's eligibility for, and benefits under, such plans shall be subject to any changes to those plans.
Automobile Allowance. Executive shall be provided an Automobile Allowance of One Thousand Five Hundred Dollars ($1,500.00) per month. The allowance shall be used at Executive’s discretion toward the purchase/lease of a vehicle of Executive’s choice. Executive understands that the allowance will be treated as taxable income and will be paid regardless of the amount of Executive’s monthly automobile payment.
Severance Allowance. The Company shall provide Employee [the applicable Severance Benefits described in Section 4.1 of the Executive Severance Plan, as amended], subject to such deductions as required by law including, if applicable, repayment of the pay advance made to Employee on or about April 12, 2001, that is not deducted from other amounts paid or payable to Employee.
Expense Allowance. During the term of this Agreement and any extension thereof, the Company shall provide the President and CEO an annual expense allowance (the “Expense Allowance”)in the amount of eighty five thousand dollars ($85,000) from which the President and CEO shall pay his # car-related expenses; # membership expenses for social, business or professional organizations (all such membership(s) shall be maintained in the name of the President and CEO); and # any other expenses which, in his judgment, are reasonably appropriate for the performance of his duties under this Agreement.
Commercial Auto Liability Insurance. Commercial auto liability insurance with a combined limit of not less than One Million Dollars ($1,000,000) for bodily injury and property damage for each accident. Such insurance shall cover liability relating to any auto (including owned, hired and non-owned autos).
Space Planning Allowance. In addition to the ES Allowance, and as a further inducement to Tenant’s entering into this Fourth Amendment, Landlord shall, subject to this [Section 5], provide to Tenant a special tenant improvement allowance equal to Nine Hundred Sixteen and 56/100 Dollars ($916.56) (the “Space Planning Allowance”) to be used by Tenant solely for design and architectural costs incurred by Tenant for space planning the Expansion Space. Provided there is no Event of Default or event which, with the passage of time and/or the giving of notice would constitute an Event of Default, Landlord shall pay the Space Planning Allowance to Tenant within thirty (30) days after the later to occur of # Landlord’s receipt of the draft ES Design/Development Plans, and # Landlord’s receipt of a reasonably detailed invoice therefor, which invoice must be delivered to Landlord on or before the date which is sixty (60) days after the ES Commencement Date; provided, however, that if Tenant cures any default prior to the expiration of applicable cure periods set forth in [Article 20] of the Lease, then Landlord’s obligation to pay the Space Planning Allowance shall be reinstated. Tenant shall not be entitled to any unused portion of the Space Planning Allowance.
Tenant Improvement Allowance. The Work Letter shall be modified as follows: Landlord shall provide Tenant with an allowance in an amount equal to $8,422,350.00 (based on $75.00 per 112,298 rentable square feet) (the "Allowance") to be applied towards the hard and soft cost of designing, permitting, managing and constructing Tenant Improvements (as that term is defined in the Work Letter). The Allowance shall be paid as follows:
Financial Planning Allowance. The Company shall provide for the Executive an allowance for reimbursement of any expense incurred by the Executive in the preparation of taxes, estate planning or financial counseling in the amount of $5,000.00 per calendar year, or such other annual amount designated by the Board. Such reimbursement shall not be grossed up for taxes and shall be paid on or before December 31st of the applicable calendar year and any unused amount shall not be carried over to subsequent years, but shall be forfeited.
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