Corporation 401(k) Plan Sample Clauses

Corporation 401(k) Plan. The Corporation currently has in place the Xxxxxx XxXxx Enterprises, Inc. Retirement Plan (the “401(k) Plan”) for the benefit of its employees and the Corporation’s Financial Statements have an accrued liability for the 2008 contribution to the 401(k) Plan. WCI shall, at its sole election, either cause the Corporation to continue the 401(k) Plan after Closing in accordance with its terms for the employees of the Corporation or request that the Shareholders (and, in such event, the Shareholders shall) cause the Corporation to terminate the 401(k) Plan effective as of the date immediately preceding the Closing Date (the “Plan Termination Date”). Such election by WCI shall be made within thirty (30) days after the Signing Date (or such later date prior to the Closing if a material liability is disclosed or discovered with respect to the 401(k) Plan). If WCI continues the 401(k) Plan, all amounts accrued in the Effective Date Current Liabilities for 2008 contributions to the 401(k) Plan shall be contributed to the 401(k) Plan to the extent permitted by the 401(k) Plan or, to the extent they are not contributed, removed from Effective Date Current Liabilities in the True-Up Calculations and, if WCI causes the Shareholders to terminate the 401(k) Plan immediately prior to Closing, WCI shall allow each employee to participate in WCI’s 401(k) plan and grant each employee credit for service with the Corporation from the date of his or her initial hiring by the Corporation for the purposes of such plan. If WCI elects to continue the 401(k) Plan, the Shareholders shall cause the Corporation to amend the 401(k) Plan prior to Closing to exclude any employees of WCI or its Affiliates from becoming eligible to participate in the 401(k) Plan on or after the Closing. If WCI requests that the 401(k) Plan be terminated effective as of the Plan Termination Date, (i) all amounts accrued in the Effective Date Current Liabilities for contribution to the 401(k) Plan shall be contributed to WCI’s 401(k) plan, to the extent permitted under such plan, or paid to the employees, to the extent any amounts exceed the contributions permitted under WCI’s 401(k) plan, and no such amounts shall appear as Effective Date Current Liabilities, (ii) effective the day after the Closing Date, WCI shall grant each employee credit for service with the Corporation from the date of his or her initial hiring by the Corporation for the purposes of such employee’s participation in WCI’s 401(k) plan and, ...
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Related to Corporation 401(k) Plan

  • 401(k) Plan The Company presently offers its employees a 401k plan with a Company match to be determined annually by the Compensation Committee of the Board of Directors. You may elect to contribute pre-tax deferrals through payroll deduction pursuant to the terms of the 401k plan.

  • Corporation, etc The Buyer is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership, or charitable organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

  • Compensation Plan As compensation for the Executive's services under this Agreement, Executive shall be entitled to receive during his employment the base salary and fringe benefits in accordance with this Section 3 and in accordance with the compensation plan fixed for each fiscal year of the Company, commencing with the current fiscal year, and bonuses in accordance with Section 4 and stock options in accordance with Section 5.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • 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).

  • Retirement Plan Employee shall participate, after meeting eligibility requirements, in any qualified retirement plans and/or welfare plans maintained by the Company during the term of this Agreement.

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • Executive Compensation Plans Executive shall be entitled during the Term to participate, without discrimination or duplication, in executive compensation plans and programs intended for general participation by senior executives of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation any stock option plans, plans under which restricted stock/restricted stock units, performance-based restricted stock/restricted stock units or performance-accelerated restricted stock/restricted stock units (collectively, “stock plans”) may be awarded, other annual and long-term cash and/or equity incentive plans, and deferred compensation plans. The Bank makes no commitment under this Section 5(a) to provide participation opportunities to Executive in all plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive.

  • Incentive Compensation Plans The occurrence of any of the following: (i) a material reduction by the Corporation in the Executive’s (A) annual incentive compensation target or maximum opportunity, or (B) long-term incentive compensation target or maximum opportunity (measured based on grant date fair value of any equity-based awards), in each case, as in effect immediately prior to the Change in Control, or (ii) a change in the performance conditions, vesting, or other material terms and conditions applicable to annual and/or long-term incentive compensation awards granted to Executive after the Change in Control which would have the effect of materially reducing the Executive’s aggregate potential incentive compensation from the level in effect immediately prior to the Change in Control; or

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

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