Exchange for Perquisites Clause Samples

The "Exchange for Perquisites" clause defines the terms under which an employee or party may receive non-monetary benefits, such as company cars, housing, or club memberships, in lieu of or in addition to standard compensation. This clause typically outlines the types of perquisites available, eligibility criteria, and the process for electing or substituting these benefits. Its core function is to provide flexibility in compensation arrangements, allowing parties to tailor benefits to individual needs or preferences while ensuring clarity and consistency in how such exchanges are managed.
Exchange for Perquisites. An Employee who by agreement receives perquisites or accommodations in exchange for rendering standby or emergency duty in excess of the Employee's normal hours of work: a. Will not earn overtime for rendering scheduled standby duty; b. Will not earn overtime when called to perform emergency service during the Employee's scheduled hours of standby duty; c. Will earn overtime for each hour of work when called to emergency duty on the Employee's scheduled day off.
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Related to Exchange for Perquisites

  • Perquisites During the Employment Period, Executive shall be entitled to receive such perquisites as are generally provided to other senior officers of the Company in accordance with the then current policies and practices of the Company.

  • Customary Fringe Benefits Executive will be eligible for all customary and usual fringe benefits generally available to executives of Company subject to the terms and conditions of Company’s benefit plan documents. Company reserves the right to change or eliminate the fringe benefits on a prospective basis, at any time, effective upon notice to Executive.

  • Fringe Benefits and Perquisites During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent with those provided to similarly situated executives of the Company.

  • Executive Perquisites, Benefits and Other Compensation Executive shall be entitled to receive additional benefits and compensation from the Company in such form and to such extent as specified below: (i) Payment of all premiums for coverage for Executive and his dependent family members under health, hospitalization, disability, dental, life and other insurance plans that the Company may have in effect from time to time, benefits provided to Executive under this clause (i) to be at least equal to such benefits provided to Metals executives. (ii) Reimbursement for all business travel and other out-of-pocket expenses reasonably incurred by Executive in the performance of his services pursuant to this Agreement. All reimbursable expenses shall be appropriately documented in reasonable detail by Executive upon submission of any request for reimbursement, and in a format and manner consistent with the Company's expense reporting policy. (iii) The Company shall provide Executive with other executive perquisites as may be available to or deemed appropriate for Executive by the Board and participation in all other Company-wide employee benefits as are available from time to time.

  • Other Perquisites During his employment hereunder, Executive shall be afforded the following benefits as incidences of his employment: