DEFINED CONTRIBUTION PLAN - 401(K). The Company has a defined contribution plan (the Plan) under Internal Revenue Code Section 401(k) which became effective on January 1, 1995. All full-time employees who have completed six months of service and are over age 21 are eligible for participation in the Plan. Participants may elect to have up to 15 percent of compensation contributed to the Plan. Under the Plan, the Company's contributions are discretionary. During the years ended December 31, 1996 and 1995, no discretionary contributions were made. EXHIBIT B UNAUDITED GENVEC, INC. BALANCE SHEET AS OF APRIL 30,1997 Current Period Current Period Actual Budget Variance ----------------------------------------------------------- ASSETS Current Assets: Cash and cash equivalents 3,087,307 2,356,978 730,329 Short term investments 1,296,606 2,579,124 (1,282,518) Accounts receivable 51,162 103,712 (52,550) Inventory - - - Prepaids and other current assets 378,819 164,928 213,891 ----------------------------------------------------------- Total current assets 4,813,894 5,204,742 (390,848) Property, plant and equipment: Building and improvements 176,311 176,311 - Research equipment 1,569,575 1,496,000 73,575 Office equipment 85,260 70,091 15,169 Furniture and fixtures 62,234 58,256 3,978 Production equipment - - - Assets under financing agreements - - - Construction In Process - - - ----------------------------------------------------------- Gross property, plant and equipment 1,893,380 1,800,658 92,722 Accumulated depreciation (1,361,735) (1,327,560) (34,175) Net property, plant and equipment 531,645 473,098 58,547 Other assets: Investments - - - Other long term assets 37,950 37,950 - Intangible assets - - - ----------------------------------------------------------- Total other assets 37,950 37,950 - Total assets 5,383,489 5,715,790 (332,301) =========================================================== GENVEC, INC. UNAUDITED BALANCE SHEET AS OF APRIL 30,1997 Current Period Current Period Actual Budget Variance ------------------------------------------ LIABILITIES AND EQUITY Current Liabilities: Accounts payable 234,797 264,011 (29,214) Payroll liabilities 53,742 54,593 (851) Accrued expenses 311,379 883,226 (571,847) Unearned revenue - - - Current portion of notes payable - - - Current portion of capital leases 339,344 339,344 - Deferred taxes - - - Other current liabilities - - - ------------------------------------------ Total current liabilities 939,262 1,541,174 (601,912) Long Term Liabilities: Long ...
DEFINED CONTRIBUTION PLAN - 401(K). The Employer agrees to become a Contributing Employer to the Mechanics’ Local No.701 Defined Contribution 401(k) Plan for all its employees who are working under this Agreement.
DEFINED CONTRIBUTION PLAN - 401(K). 1. The BH Media 401k plan, as provided for bargaining unit employees shall be maintained unchanged until bargaining unit employees are included under the Xxx Enterprises 401k Plan. Such transition to the Xxx 401k plan is expected to occur no later than January 1, 2021.
DEFINED CONTRIBUTION PLAN - 401(K). All employees covered by this Contract shall be eligible to participate in the IUE-CWA 401k Plan. JWJ shall contribute an amount equal to 3% of the employee’s salary to the plan on behalf of each employee.
DEFINED CONTRIBUTION PLAN - 401(K). 1. As soon as administratively possible after implementing this Contract, COPA/CPA shall become a participating employer in the IUE-CWA 401(k) Plan. All employees covered by this Contract shall be eligible to participate. COPA/CPA will match employee contributions to their retirement account dollar-for-dollar, up to 3%. Employees may contribute beyond 3% of their salary, but such contributions beyond 3% will not be matched by COPA/CPA.
DEFINED CONTRIBUTION PLAN - 401(K). The Plan will be revised in order for the Hospital to provide its match on a monthly basis effective July 1, 2007.
