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This Accrued Salary And Car Allowance clause is from the contract involving . RealDealDocs contains millions of easily searchable legal documents and clauses from top law firms. Search our Legal Agreements or our Contract Clause Library for free.

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The Employee will not be paid his salary and auto allowance from March 19, 2007 until the Employer receives funding from investors of at least one million dollars (the "funding"). The salary and car allowance will accrue on the accounting records of the Employer. Employees vacation and sick pay benefit will continue to accrue. Within one week of the funding date the Employer will pay the Employee all unpaid wages and car allowances since March 19, 2007. After the funding date the Employee will be activated and paid through the Employers payroll systems and will be paid the car allowance on a monthly basis until item 4 above. 8 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. * Defined as net sales recognized in accordance with generally accepted accounting principles and cash is collected from the customers. 9