1994-05-26-PEDC - Laserfiche WebLink

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41 SECTION 3. Comoensations PEDC and CHAMBER shall pay VEST a salary, before required deductions, of not less than $5,416.67 per month, payable monthly. ALl such compensation shall be subject to the customary withholding tax, Social Security tax, and other employment or payroll taxes as may be required and provided by the United States of America or the State of Texas. SECTION 4. Term Except to the extent otherwise stated in this Paragraph, VEST serves at the will of PEDC and CHAMBER. In the event that VEST is terminated from his employment for any reason other than for cause, in accordance with Section 13, PEDC and CHAMBER agree to continue to pay and provide to VEST all salary and benefits due hereunder for a period of 150 days from the effective date of termination. Should VEST's employment be terminated for cause, in · accordance with Section 13, then this Agreement shall automatically cease and be of no further force and effect. All VEST's fights to salary or other benefits shall cease at the time VEST is terminated for cause. SECTION 5. Insurance CHAMBER shall provide VEST with the following insurance coverage: A. Health/Major Medical Insurance coverage under the Texas Chamber of Commerce Executive Plan, or comparable plan, with VEST's portion of the premium to be paid by CHAMBER. VEST may pay for dependent coverage, if he elects to do so: and, B. Term life insurance coverage on VEST's life for a face amount equal to I 1/2 (one and a half times VEST's base annual compensation (monthly pay x 12). SECTION 6. Sick Leave VEST shall be allowed one (1) day sick leave per month of employment, such sick leave may be accumulated up to a minimum of sixty (60) days. Sick leave credit will begin sixty (60) days after employment, or effective January 1, 1989, whichever is the latest effective date.