Common use of Benefits Allowance Clause in Contracts

Benefits Allowance. For each fiscal year during the Period of Employment, commencing on the date hereof, the Company shall provide the Executive with an allowance of $20,000 to apply towards the purchase of additional benefits at the Executive’s discretion. Such allowance shall be paid in equal quarterly installments (unless a pro-rata payment is to be made) on the closest payroll date on or following January 1, April 1, July 1 and October 1 of each calendar year, provided that the Executive is employed with the Company on such date.

Benefits Allowance. For each fiscal year during the Period of Employment, commencing on the date hereof, the Company shall provide the Executive with an allowance of $20,000 50,000 to apply towards the purchase of additional benefits at the Executive’s discretion. Such allowance shall be paid in equal quarterly installments (unless a pro-rata payment is to be made) on the closest payroll date on or following January 1, April 1, July 1 and October 1 of each calendar year, provided that the Executive is employed with the Company on such date.