Common use of 401(k) Program Clause in Contracts

401(k) Program. (a) The WNBA shall cause to be maintained for each Season during the term of this Agreement, a multi-employer profit sharing plan (the “Retirement and 401(k) Savings Plan”) qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”). During each Season covered by this Agreement, the Retirement and 401(k) Savings Plan will: (i) permit elective deferrals by each player of a portion of her Base Salary not in excess of the legal limit set forth in Section 402(g) of the Internal Revenue Code (“401(k) Deferrals”); (ii) provide for employer matching contributions equal to twenty-five percent (25%) of the 401(k) Deferrals contributed to the 401(k) Plan by each player during that Season (“Matching Contributions”); and (iii) provide for employer contributions for each Season on behalf of each eligible player for such Season (“Regular Contributions”) equal to an amount to be determined as follows: (1) players with two years of WNBA playing service as of the end of that Season — two percent (2%) of the player’s Base Salary for that Season; (2) players with three years of WNBA playing service as of the end of that Season — three percent (3%) of the player’s Base Salary for that Season; and (3) players with four years or more of WNBA playing service as of the end of that Season — four percent (4%) of the player’s Base Salary for that Season. (b) For purposes of subsection (a) above: (i) the Base Salary of a player shall be as set forth in Exhibit 1 to her Contract; (ii) a player shall be credited with a year of WNBA playing service if the player was on the Regular Season roster of any WNBA Team(s) for fifty percent (50%) or more of the total Regular Season games of the applicable Season; and (iii) a player shall be an eligible player for a Season if that player is credited with a year of WNBA playing service for that Season. (c) The 401(k) Deferrals, Matching Contributions and Regular Contributions shall be subject to all applicable limitations under the Internal Revenue Code. (d) The total amount of 401(k) Deferrals, Matching Contributions and Regular Contributions shall be limited to an amount that will result in all of such deferrals and contributions being fully deductible under the Internal Revenue Code for the year in which contributed to the Retirement and 401(k) Savings Plan. (e) In the event that the players are not, or cease to be considered, collectively bargained employees under the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, as amended, or the regulations under either, with respect to the Retirement and 401(k) Savings Plan, then any obligation to maintain and/or make contributions to the Retirement and 401(k) Savings Plan pursuant to this Agreement shall terminate; provided, however, that any such termination shall not impair the legally binding effect (if any) of any other provision of this Agreement. In the event such termination results from any change or amendment made to the Internal Revenue Code or the Employee Retirement Income Security Act or from any regulation (whether final or temporary) or ruling issued thereunder (or from any judicial or administrative interpretation or enforcement of any of the foregoing), an alternative benefit or compensation arrangement, acceptable to both the WNBA and the Players Association, shall be established in lieu of the Retirement and 401(k) Savings Plan. The cost of such alternative benefit or compensation arrangement (excluding initial plan design and implementation costs) shall not exceed the annual cost that the WNBA would have incurred under the Retirement and 401(k) Savings Plan had it continued to be maintained.

401(k) Program. (a) The WNBA shall cause to be maintained for each Season during the term of this Agreement, a multi-employer multi­employer profit sharing plan (the “Retirement and 401(k) Savings Plan”) qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”). During each Season covered by this Agreement, the Retirement and 401(k) Savings Plan will: (i) permit elective deferrals by each player of a portion of her Base Salary not in excess of the legal limit set forth in Section 402(g) of the Internal Revenue Code (“401(k) Deferrals”);Deferrals”); (ii) provide for employer matching contributions equal to twenty-five twenty­five percent (25%) of the 401(k) Deferrals contributed to the 401(k) Plan by each player during that Season (“Matching Contributions”); Contributions”); and (iii) provide for employer contributions for each Season on behalf of each eligible player for such Season (“Regular Contributions”) equal to an amount to be determined as follows: (1) players with two years of WNBA playing service as of the end of that Season — two percent (2%) of the player’s Base Salary for that Season;Season; (2) players with three years of WNBA playing service as of the end of that Season — three percent (3%) of the player’s Base Salary for that Season; Season; and (3) players with four years or more of WNBA playing service as of the end of that Season — four percent (4%) of the player’s Base Salary for that Season. (b) For purposes of subsection (a) above: (i) the Base Salary of a player shall be as set forth in Exhibit 1 to her Contract;Contract; (ii) a player shall be credited with a year of WNBA playing service if the player was on the Regular Season roster (active or injured) of any WNBA Team(s) for fifty percent (50%) or more of the total Regular Season games of the applicable Season; Season; and (iii) a player shall be an eligible player for a Season if that player is credited with a year of WNBA playing service for that Season. (c) The 401(k) Deferrals, Matching Contributions and Regular Contributions shall be subject to all applicable limitations under the Internal Revenue Code. (d) The total amount of 401(k) Deferrals, Matching Contributions and Regular Contributions shall be limited to an amount that will result in all of such deferrals and contributions being fully deductible under the Internal Revenue Code for the year in which contributed to the Retirement and 401(k) Savings Plan. (e) In the event that the players are not, or cease to be considered, collectively bargained employees under the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, as amended, or the regulations under either, with respect to the Retirement and 401(k) Savings Plan, then any obligation to maintain and/or make contributions to the Retirement and 401(k) Savings Plan pursuant to this Agreement shall terminate; terminate; provided, however, that any such termination shall not impair the legally binding effect (if any) of any other provision of this Agreement. In the event such termination results from any change or amendment made to the Internal Revenue Code or the Employee Retirement Income Security Act or from any regulation (whether final or temporary) or ruling issued thereunder (or from any judicial or administrative interpretation or enforcement of any of the foregoing), an alternative benefit or compensation arrangement, acceptable to both the WNBA and the Players Association, shall be established in lieu of the Retirement and 401(k) Savings Plan. The cost of such alternative benefit or compensation arrangement (excluding initial plan design and implementation costs) shall not exceed the annual cost that the WNBA would have incurred under the Retirement and 401(k) Savings Plan had it continued to be maintained.

401(k) Program. (a) The WNBA shall cause to be maintained for each Season during the term of this Agreement, a multi-employer profit sharing plan (the “Retirement and 401(k) Savings Plan”) qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”). During each Season covered by this Agreement, the Retirement and 401(k) Savings Plan will: (i) permit elective deferrals by each player of a portion of her Base Salary not in excess of the legal limit set forth in Section 402(g) of the Internal Revenue Code (“401(k) Deferrals”); (ii) provide for employer matching contributions equal to twenty-five percent (25%) of the 401(k) Deferrals Xxxxxxxxx contributed to the 401(k) Plan by each player during that Season (“Matching Contributions”); and (iii) provide for employer contributions for each Season on behalf of each eligible player for such Season (“Regular Contributions”) equal to an amount to be determined as follows: (1) players with two years of WNBA playing service as of the end of that Season — two percent (2%) of the player’s Base Salary for that Season; (2) players with three years of WNBA playing service as of the end of that Season — three percent (3%) of the player’s Base Salary for that Season; and (3) players with four years or more of WNBA playing service as of the end of that Season — four percent (4%) of the player’s Base Salary for that Season. (b) For purposes of subsection (a) above: (i) the Base Salary of a player shall be as set forth in Exhibit 1 to her Contract; (ii) a player shall be credited with a year of WNBA playing service if the player was on the Regular Season roster of any WNBA Team(s) for fifty percent (50%) or more of the total Regular Season games of the applicable Season; and (iii) a player shall be an eligible player for a Season if that player is credited with a year of WNBA playing service for that Season. (c) The 401(k) Deferrals, Matching Contributions and Regular Contributions shall be subject to all applicable limitations under the Internal Revenue Code. (d) The total amount of 401(k) Deferrals, Matching Contributions and Regular Contributions shall be limited to an amount that will result in all of such deferrals and contributions being fully deductible under the Internal Revenue Code for the year in which contributed to the Retirement and 401(k) Savings Plan. (e) In the event that the players are not, or cease to be considered, collectively bargained employees under the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, as amended, or the regulations under either, with respect to the Retirement and 401(k) Savings Plan, then any obligation to maintain and/or make contributions to the Retirement and 401(k) Savings Plan pursuant to this Agreement shall terminate; provided, however, that any such termination shall not impair the legally binding effect (if any) of any other provision of this Agreement. In the event such termination results from any change or amendment made to the Internal Revenue Code or the Employee Retirement Income Security Act or from any regulation (whether final or temporary) or ruling issued thereunder (or from any judicial or administrative interpretation or enforcement of any of the foregoing), an alternative benefit or compensation arrangement, acceptable to both the WNBA and the Players Association, shall be established in lieu of the Retirement and 401(k) Savings Plan. The cost of such alternative benefit or compensation arrangement (excluding initial plan design and implementation costs) shall not exceed the annual cost that the WNBA would have incurred under the Retirement and 401(k) Savings Plan had it continued to be maintained.