Distribution on Termination and Partial Termination Sample Clauses

Distribution on Termination and Partial Termination. Upon termination or partial termination of the Plan, all benefits under the Plan will continue to be paid in accordance with Section 6, as that section may be amended from time to time, and in accordance with applicable IRS regulations.
Sample 1
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Distribution on Termination and Partial Termination. If, on termination of the Plan as applied to any Employer, a Participant remains an employee of an Employer or Related Company, the amount of the Participant’s benefits shall be retained in the Trust until after the Participant’s termination of employment with all of the Employers and Related Companies and shall be paid to the Participant or, in the event of the Participant’s death, to the Participant’s Beneficiary, in accordance with the provisions of Section 11. That portion of the assets in the Trust attributable to the Participants directly affected by the partial termination (as defined in Rev. Rul. 2007-43 or other applicable guidance issued by the Internal Revenue Service) or total termination or permanent discontinuance (except such part thereof as is used for the payment of expenses) shall become nonforfeitable and fully vested and shall be distributed as though all Participants directly affected by the partial or total termination or permanent discontinuance had retired on the date of such partial termination or total termination or permanent discontinuance. The benefits payable to a Participant whose employment with all of the Employers and Related Companies is terminated coincident with the termination of the Plan as applied to the Participant’s Employer (and the benefits payable to an affected Participant on partial termination of the Plan) shall be paid to the Participant in a lump sum. All appropriate accounting provisions of the Plan will continue to apply until the benefits of all affected Participants have been distributed to them.
Sample 1Sample 2
Distribution on Termination and Partial Termination. If, on termination of the Plan as applied to any Employer, a Participant remains an employee of an Employer or Related Company, the amount of his benefits shall be retained in the Trust until after his termination of employment with all of the Employers and Related Companies and shall be paid to him or, in the event of his death, to his Beneficiary, in accordance with the provisions of Section 11. The benefits payable to a Participant whose employment with all of the Employers and Related Companies is terminated coincident with the termination of the Plan as applied to his Employer (and the benefits payable to an affected Participant on partial termination of the Plan) shall be paid to him in a lump sum. All appropriate accounting provisions of the Plan will continue to apply until the benefits of all affected Participants have been distributed to them.
Sample 1

Related to Distribution on Termination and Partial Termination

  • Resignation on Termination On termination of Executive’s employment, regardless of the reason for such termination, Executive shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Executive may hold in the Company or any affiliate, unless otherwise agreed in writing by the Parties.

  • Termination and Termination Benefits Notwithstanding the provisions of Section 3, the Executive's employment under this Agreement shall terminate under the following circumstances set forth in this Section 6.

  • Compensation on Termination (a) If the term of Executive’s employment hereunder is terminated pursuant to Section 4.01 hereof, Company shall pay to the executors or administrators of Executive’s estate or Executive’s heirs or legatees (as the case may be) all compensation accrued and unpaid up to the date of Executive’s death.

  • Term; Termination; Rights on Termination The term of this Agreement shall begin on the date hereof and continue for three (3) years, and, unless terminated sooner as herein provided, shall continue thereafter on a year-to-year basis on the same terms and conditions contained herein in effect as of the time of renewal (such initial three year period and any extensions thereof being referred to herein as the "Term"). This Agreement and Employee's employment may be terminated in any one of the following ways:

  • Effect of Termination; Termination Fee (a) In the event of the termination and abandonment of this Agreement pursuant to Section 10.1, the Agreement shall terminate and have no effect, except as otherwise provided herein and except that the provisions of this Section 10.2, Section 10.5 and Article 11 of this Agreement shall survive any such termination and abandonment.

  • Term; Termination of Agreement This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

  • MERGER ON TERMINATION The voluntary or other surrender of this Lease by Tenant, or a mutual termination of this Lease, shall terminate any or all existing subleases unless Landlord, at its option, elects in writing to treat the surrender or termination as an assignment to it of any or all subleases affecting the Premises.

  • Termination and Termination Pay Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances:

  • ARTICLE IX TERMINATION 37 9.01. Termination..........................................................................37 9.02.

  • TERMINATION OF EMPLOYMENT; EFFECT OF TERMINATION (a) The Term of Employment may be terminated by the Company at any time:

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