Amendments to Employee Plans Sample Clauses

Amendments to Employee Plans. No amendments to the Employee Plans or written promises of benefit improvements under the Employee Plans will be made prior to the Time of Closing by the Vendor, except as required by the terms of such Employee Plans or Applicable Laws. Prior to the Time of Closing, the Vendor shall advise the Purchaser in writing of any amendments to the Employee Plans required to be made pursuant to the terms thereof or under Applicable Law.
Sample 1Sample 2
AutoNDA by SimpleDocs
Amendments to Employee Plans. In June 2001, the Corporation introduced a global hours reduction program ("Global Hours Reduction Program") which resulted in a reduction in hours of one-half day per week. After October 11, 2002, the Corporation introduced a modified hours reduction program, under which the total number of hours reduction was reduced from 10% to 6.7%. The modified hours reduction program introduced "designated" or "alternate" days on which employees were not required to work. The modified hours reduction program was terminated on December 30, 2002 and the Global Hours Reduction Program was re-instated. Such program was discontinued in March 2004. In December 2001, the Corporation introduced a pension reduction program affecting all its employees in North America, other than those employees who are members of the International Brotherhood of Electrical Workers and, as such, subject to the Collective Agreement disclosed in section 4.22 of this Disclosure Schedule. The pension reduction programs was effective December 15, 2001 in Canada and January, 2003 in the US. Under this program, the Corporation's contribution to its pension plan is reduced by a total of 1% of the enrolled and affected employee's earnings. The pension reduction program is still in force. As described in Section 4.21(b) of this Disclosure Schedule, Mitel Networks, Inc. is in the process of amending certain portions of the Employee Plan in order to address the points raised by the IRS. Termination Agreements were issued by the Corporation to certain key employees, as a retention strategy, to increase entitlement upon lay off.
Sample 1

Related to Amendments to Employee Plans

  • Employee Plans Except as provided in Section 4.12, the Assuming Institution shall have no liabilities, obligations or responsibilities under the Failed Bank’s health care, bonus, vacation, pension, profit sharing, deferred compensation, 401K or stock purchase plans or similar plans, if any, unless the Receiver and the Assuming Institution agree otherwise subsequent to the date of this Agreement.

  • International Employee Plans Each International Employee Plan has been established, maintained and administered in compliance in all material respects with its terms and conditions and with the requirements prescribed by any applicable laws. Furthermore, no International Employee Plan has material unfunded liabilities that as of the Effective Time will not be offset by insurance or fully accrued. Except as required by applicable law, no condition exists that would prevent the Company or any of its Subsidiaries from terminating or amending any International Employee Plan at any time for any reason without material liability to the Company or its Subsidiaries (other than ordinary notice and administration requirements and expenses or routine claims for benefits).

  • Amendments to Employment Agreement Effective as of the date hereof, the Employment Agreement shall be amended as provided in this Section 1.

  • Notices Regarding Plans and Benefit Arrangements (i) Promptly upon becoming aware of the occurrence thereof, notice (including the nature of the event and, when known, any action taken or threatened by the Internal Revenue Service or the PBGC with respect thereto) of:

  • Employee Plan Section 4.17.5(a) Environmental and Safety Requirements...........................Section 4.19 ERISA......................................................Section 4.17.5(b) Excluded Assets................................................Section 7.1.4 Excluded Liabilities...........................................Section 7.1.4

  • Benefit Arrangements Each Benefit Arrangement has been maintained in compliance, in all material respects, with its terms and with the requirements prescribed by any and all statutes, orders, rules and regulations which are applicable to such Benefit Arrangement, including without limitation, the Code, and with all plan documents. Except as set forth in SCHEDULE 4.8 and except as provided by law, the employment of all persons presently employed or retained by the Company is terminable at will.

  • Benefit Plans The Executive shall be eligible to participate in any employee benefit plan of the Company, including, but not limited to, equity, pension, thrift, profit sharing, medical coverage, education, or other retirement or welfare benefits that the Company has adopted or may adopt, maintain or contribute to for the benefit of its senior executives, at a level commensurate with his positions, subject to satisfying the applicable eligibility requirements. The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement for any reason in its sole discretion.

  • Compensation Program Amendments Each of the Company’s compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to you is hereby amended to the extent necessary to give effect to provisions (1) and (2). For reference, certain affected Benefit Plans are set forth in Appendix A to this letter. In addition, the Company is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Company. To the extent any such review requires revisions to any Benefit Plan with respect to you, you and the Company agree to negotiate such changes promptly and in good faith.

  • ERISA Liabilities; Employee Plans The Credit Parties shall: (i) keep in full force and effect any and all Employee Plans which are presently in existence or may, from time to time, come into existence under ERISA, and not withdraw from any such Employee Plans, unless such withdrawal can be effected or such Employee Plans can be terminated without liability to the Credit Parties; (ii) make contributions to all of such Employee Plans in a timely manner and in a sufficient amount to comply with the standards of ERISA, including the minimum funding standards of ERISA; (iii) comply with all material requirements of ERISA which relate to such Employee Plans; (iv) notify Lender immediately upon receipt by the Credit Parties of any notice concerning the imposition of any withdrawal liability or of the institution of any Proceeding or other action which may result in the termination of any such Employee Plans or the appointment of a trustee to administer such Employee Plans; (v) promptly advise Lender of the occurrence of any “Reportable Event” or “Prohibited Transaction” (as such terms are defined in ERISA), with respect to any such Employee Plans; and (vi) amend any Employee Plan that is intended to be qualified within the meaning of Section 401 of the Internal Revenue Code of 1986 to the extent necessary to keep the Employee Plan qualified, and to cause the Employee Plan to be administered and operated in a manner that does not cause the Employee Plan to lose its qualified status.

  • International Employee Plan Each International Employee Plan has been established, maintained and administered in material compliance with its terms and conditions and with the requirements prescribed by any and all statutory or regulatory laws that are applicable to such International Employee Plan. Furthermore, no International Employee Plan has unfunded liabilities, that as of the Effective Time, will not be offset by insurance or fully accrued. Except as required by law, no condition exists that would prevent Company or Parent from terminating or amending any International Employee Plan at any time for any reason.

Time is Money Join Law Insider Premium to draft better contracts faster.