Canadian Deferred Profit Sharing Plan Sample Clauses

Canadian Deferred Profit Sharing Plan. Prior to the Distribution Effective Time, Biogen and Bioverativ shall cooperate to establish a registered retirement savings plan for Bioverativ Employees employed in Canada the terms of which shall comply with applicable Law and which shall, immediately prior to the Distribution Effective Time, be sponsored by a Bioverativ Group member (the “Bioverativ RRSP”). The other terms and conditions of the Bioverativ RRSP shall be reasonably determined by Biogen. Bioverativ Employees who, prior to the Distribution Effective Time, participated in the Biogen Deferred Profit Sharing Plan (the “Biogen DPSP”) and the Biogen Registered Retirement Savings Plan (the “Biogen RRSP”) shall, following the Distribution Effective Time, have the ability to (but shall not be required to) transfer balances in the Biogen DPSP and the Biogen RRSP to the Bioverativ RRSP in accordance with the terms of such plans and applicable Law. Upon the Distribution Effective Time, such Bioverativ Employees shall cease to participate in the Biogen DPSP and Biogen RRSP.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Canadian Deferred Profit Sharing Plan. (i) As soon as administratively feasible (but in no event later than 30 days) after the Closing Date, Buyer will establish, and will extend coverage to the Continued Employees who participated in the Rockwell Automation Canada Inc. Employee’s Savings Plan (the “Rockwell Canadian Deferred Profit Sharing Plan”) immediately prior to the Closing Date under, a new or existing deferred profit sharing plan (the “Buyer’s Canadian Deferred Profit Sharing Plan”). Effective as of the Closing Date, each Continued Employee who was a participant in the Rockwell Canadian Deferred Profit Sharing Plan immediately prior to the Closing Date will be credited under the Buyer’s Canadian Deferred Profit Sharing Plan for purposes of eligibility to participate (and vesting if applicable) with all service recognized for such purposes under the Rockwell Canadian Deferred Profit Sharing Plan immediately prior to the Closing Date.
Sample 1Sample 2

Related to Canadian Deferred Profit Sharing Plan

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Pension and Profit Sharing Plans Executive shall be entitled to participate in any pension or profit sharing plan or other type of plan adopted by Company for the benefit of its officers and/or regular employees.

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 10 of the Adoption Agreement after completing ________ (enter 0, 1, 2 or any fraction less than 2)

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • Nonqualified Deferred Compensation Plans Effective on or before the Distribution Date, Columbia shall adopt, establish and maintain nonqualified deferred compensation plans for the benefit of employees of the Columbia Parties (the “Columbia Deferred Compensation Plans”) and shall establish one or more grantor trusts to be a source of providing benefits thereunder (the “Columbia Rabbi Trusts”) that in each case shall be substantially similar to the NiSource Deferred Compensation Plans and the grantor trusts maintained by NiSource with respect to the NiSource Deferred Compensation Plans (the “NiSource Rabbi Trusts”). As of the Distribution Date, the Columbia Parties shall assume and thereafter be solely responsible for all existing and future liabilities relating to Business Employees’ (and Deceased Business Employee survivors’ and beneficiaries’) (a) benefits accrued under the NiSource Deferred Compensation Plans prior to the Distribution Date and (b) benefits that accrue under the Columbia Deferred Compensation Plans on and after the Distribution Date. All beneficiary designations made by Business Employees and by survivors and beneficiaries of Deceased Business Employees under the NiSource Deferred Compensation Plans shall, to the extent applicable, be transferred to, and be in full force and effect under, the Columbia Deferred Compensation Plans until such beneficiary designations are replaced or revoked by the Business Employee (or the survivor or beneficiary of the Deceased Business Employee) who made the beneficiary designation. Following the Distribution Date, the NiSource Parties shall have no liability or obligation with respect to the benefits accrued by such Business Employees or by such survivors or beneficiaries of Deceased Business Employees under any of the NiSource Deferred Compensation Plans or with respect to any benefits accrued under the Columbia Deferred Compensation Plans. As soon as administratively practicable after the Distribution Date, NiSource shall cause the NiSource Rabbi Trusts to transfer to the Columbia Rabbi Trusts cash, life insurance policies or other assets having an aggregate fair market value equal to (i) the aggregate fair market value of all assets held in the NiSource Rabbi Trusts as of the Distribution Date multiplied by (ii) a percentage, the numerator of which shall be the lump sum present value of the benefits assumed by the Columbia Deferred Compensation Plans pursuant to this Section 3.03 and the denominator of which shall be the lump sum present value of all benefits accrued under the NiSource Deferred Compensation Plans immediately prior to the Distribution Date.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Plan Year Any reference to “

  • Employer Contributions If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c).

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance.

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