Company convenience leave of absence clause samples

3.Company Convenience Leave of Absence.From July 1, 2017 through June 30, 2018, Employee will be placed on Company Convenience Leave of Absence, without pay (the “CCLOA Period”).Subject to the terms and conditions of the applicable health insurance plans and Employee’s payment of required fees, health benefits will be provided to the Employee during the CCLOA Period.In that regard, Employee authorizes Jacobs to record ten (10) hours of his accrued paid time off PTO each week to cover his benefits costs during the CCLOA Period. Equity vesting shall continue during the CCLOA Period, and Employee shall be able to make 401(k) contributions through payroll deductions to the extent the amount of recorded PTO exceeds his benefits costs.During the CCLOA Period, Employee shall not be eligible to receive any additional incentive compensation, such as cash bonuses or new equity awards, nor shall he be eligible to accrue additional paid time off.Life insurance benefits also will not be available. PTO accrued by Employee prior to June 1, 2016 shall be valued as if Employee’s base salary was $625,000, which was Employee’s base salary at the Effective Date.