Benefit Plan Termination Sample Clauses

Benefit Plan Termination. Except for any right you may have under the federal law known as "COBRA" (or any similar applicable state law) to continue participation in the Company's group health and dental plans at your cost, benefits will terminate in accordance with the terms of the applicable benefit plans based on the date of termination of your employment, without regard to any continuation of Base Salary or other payment to you following termination.
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Benefit Plan Termination. Notwithstanding anything to the contrary herein, First Ozaukee shall have fully funded and terminated the First Ozaukee Post-Retirement and Welfare Benefit Plan, the FOCC Option Plan and the First Ozaukee Incentive Plan, and First Ozaukee shall have provided evidence to the satisfaction of Buyer's counsel concerning same. First Ozaukee shall have fully funded the First Ozaukee Pension Plan and First Ozaukee and its representatives shall have used their best efforts to obtain a favorable Final Determination Letter from the IRS with regard to the termination of the First Ozaukee Pension Plan and First Ozaukee ESOP Plan. First Ozaukee shall have terminated any of its obligations to provide death benefits to employees, officers and/or directors, and no payments of any kind will be made on account of such termination, and each such covered employee, officer and/or director shall deliver a letter agreement acceptable to Buyer agreeing to the termination of any right to death benefits.
Sample 1
Benefit Plan Termination. Notwithstanding anything to the contrary herein, CFSI shall have fully funded the Citrus Bank 401(k) Plan and shall have, within thirty (30) days of this Agreement, filed for the Final Determination Letter, and CFSI shall have fully funded and terminated all other CFSI Benefit Plans, and provided evidence to the satisfaction of CIBM's counsel concerning same. CFSI shall have terminated any of its obligations to provide death benefits to employees, officers and/or directors, no payments of any kind will be required to be made on account of such termination after the Closing Date, and each such covered employee, officer and/or director shall have delivered a letter agreement acceptable to CIBM agreeing to the termination of any right to death benefits.
Sample 1
Benefit Plan Termination. Prior to the Closing Date, (i) the Group Companies shall take all actions as are necessary to terminate the Group Companies’ 401(k) plan, effective at least one day prior to the Closing Date, in compliance with its terms and the requirements of applicable Law and (ii) the Group Companies shall take all actions as are necessary to terminate, effective prior to the Closing, all other Employee Benefit Plans (other than any employment agreements outstanding as of the date hereof), in accordance with the requirements of such Employee Benefit Plans and the requirements of applicable Law; provided, however, that it shall be the obligation of the Surviving Entity and/or Parent to provide any required notices of such termination to the providers or administrators of such Employee Benefit Plans and the participants therein (other than any such notices that are expressly required by the terms of such Employee Benefit Plans to be provided prior to the Closing). Prior to the Closing the Group Companies shall present evidence to Parent in a form reasonably satisfactory to Parent of the Group Companies’ compliance with the requirements of this Section 5.7.
Sample 1
Benefit Plan Termination. The Company shall have terminated the Benefit Plan on terms reasonably satisfactory to Parent, shall have provided evidence reasonably satisfactory to Parent to ensure that no Employee or former Employee of any of the Acquired Corporations has any right under such plans and that all Liabilities of the Company under the Benefit Plan (including any Liabilities relating to services performed prior to the Closing) are fully extinguished at no cost, and with no Liability to any Acquired Corporation, the Surviving Corporation, Parent or any of its Affiliates.
Sample 1

Related to Benefit Plan Termination

  • Plan Termination The Plan Sponsor reserves the right to terminate this Plan in accordance with one of the following, subject to the restrictions imposed by Section 409A and authoritative guidance:

  • Plan Terminations Promptly and in any event within two Business Days after receipt thereof by any Loan Party or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan.

  • Plan Termination Generally This Agreement may be terminated only by a written agreement signed by the Bank and the Executive. The benefit shall be the Accrual Balance as of the date this Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

  • Benefits Upon Plan Termination In the event this Long-Term Disability Plan is terminated, the benefit payments shall continue to be paid in accordance with the provisions of this Plan to disabled employees who became disabled while covered by this Plan prior to its termination.

  • Termination of Employee Plans The Company shall have provided Parent with evidence, reasonably satisfactory to Parent, as to the termination of the benefit plans referred to in Section 5.12.

  • ERISA; Benefit Plans Schedule 5.13 sets forth a list of all material deferred compensation, profit-sharing, retirement and pension plans and all material bonus and other material employee benefit or fringe benefit plans maintained, or with respect to which contributions have been made, by Seller with respect to current or former employees employed in connection with the power generation operations of the Generating Plants and the Gas Turbines (collectively, "Benefit Plans"). Seller and each trade or business (whether or not incorporated) which are or have ever been under common control, or which are or have ever been treated as a single employer, with Seller under Section 414(b), (c), (m) or (o) of the Code (an "ERISA Affiliate") have fulfilled their respective obligations under the minimum funding requirements of Section 302 of ERISA, and Section 412 of the Code, with respect to each Benefit Plan which is an "employee pension benefit plan" as defined in Section 3(2) of ERISA and each such plan is in compliance in all material respects with the presently applicable provisions of ERISA and the Code, except for such failures to fulfill such obligations or comply with such provisions which would not, individually or in the aggregate, create a Material Adverse Effect. Neither Seller nor any ERISA Affiliate has incurred any liability under Section 4062(b) of ERISA, or any withdrawal liability under Section 4201 of ERISA, to the Pension Benefit Guaranty Corporation in connection with any Benefit Plan which is subject to Title IV of ERISA which liability remains outstanding, and there has not been any reportable event (as defined in Section 4043 of ERISA) with respect to any such Benefit Plan (other than a reportable event with respect to which the 30-day notice requirement has been waived by the PBGC). Neither Seller nor any ERISA Affiliate or parent corporation, within the meaning of Section 4069(b) or Section 4212(c) of ERISA, has engaged in any transaction, within the meaning of Section 4069(b) or Section 4212(c)

  • Executive Benefit Plans The Executive shall be entitled to participate in all plans or programs sponsored by the Company for employees in general, including without limitation, participation in any group health, medical reimbursement, or life insurance plans.

  • Employee Termination A) Regular employees other than those serving a probationary period, shall give twenty-eight (28) calendar days written notice of termination to a representative designated by the Employer with the authority to accept such written notice. B) In addition to the twenty-eight (28) calendar day notice, regular employees in positions above the level of general staff nurse shall inform the Employer of their intention to terminate as soon in advance as possible. C) The period of notice as set forth in (A) above must be for time scheduled to be worked and must not include accrued vacation, unless such vacation has been previously scheduled and approved in accordance with Article 45.03 -

  • Compensation and Benefit Plans 3.01. For all services rendered by the Executive to the Company in any capacity during the Period of Employment and any subsequent period of employment prior to the Involuntary Termination of Executive, including, without limitation, services as an executive officer, director or member of any committee of Mykrolis or of any subsidiary, division or affiliate thereof, the Executive shall be paid: (a) base compensation equal to the salary he is receiving immediately prior to the beginning of the Period of Employment, payable not less often than monthly. (b) the executive shall continue to be a participant in the Mykrolis Incentive Plan, and its 2001 Equity Incentive Plan as in effect immediately prior to the beginning of the Period of Employment, and any and all other incentive plans in which key employees of the Company participate that are in effect. (c) the Executive, his dependents and beneficiaries shall be entitled to all payments and benefits and service credit for benefits during the Period of Employment to which officers of Mykrolis, their dependents and beneficiaries are entitled immediately prior to the beginning of the Period of Employment under the terms of the then effective employee plans and practices of Mykrolis. 3.02. For the two year period commencing immediately after the Period of Employment, the Executive and his family shall be entitled to and receive all medical, dental and life insurance benefits to which they had been entitled immediately prior to the beginning of the Period of Employment. Notwithstanding the foregoing, to the extent the relevant Company plans or policies preclude the provision of the benefits outlined above to Executive following his/her termination from the Company, the Company shall, at its option, separately provide Executive with substantially equivalent benefits at the Company’s expense or provide Executive with a lump sum cash payment approximating, in the good faith judgment of the Board, the value of such benefits. 3.03. In consideration of the benefits provided under this Agreement, Executive expressly waives the application to Executive of the provisions of Section 7(a) of the 2001 Equity Incentive Plan and of Subsection 7.7.3 of the 2003 Employment Inducement and Acquisition Stock Option Plan relating to the acceleration of stock option and restricted stock awards and agrees that the provisions of Section 4.03 of this Agreement shall supersede such provisions.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.

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