Effect on Pension Rights Sample Clauses

Effect on Pension Rights. In the event of a termination of employment providing for payment of benefits under Subparagraph 6.1, the Employee shall accrue an additional, fully vested benefit under the Company’s nonqualified pension plan (which shall be paid at the time and in the form determined under the nonqualified pension plan and shall be determined in all respects pursuant to the terms of the applicable defined benefit pension plan(s)) equal to the difference between: (a) the benefit that the Employee would have accrued under all defined benefit pension plans of the Company or its Affiliates in which the Employee participated immediately prior to the Change in Control (whether tax qualified or nonqualified), assuming: (i) the Employee remained continuously employed by the Company until the third anniversary of the Change in Control, (ii) the Employee’s compensation for purposes of calculating benefits under such defined benefit pension plan increased at a rate of four percent per year for the period of imputed service described above in Subparagraph 7.1.2(a)(i), and (iii) the terms of all such defined benefit pension plans remained identical to those in effect immediately prior to the Change in Control; and (b) the actual benefit due to the Employee under all defined benefit pension plans of the Company and its Affiliates in which the Employee participated immediately prior to the Change in Control.
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Effect on Pension Rights. In the event of a termination of employment providing for payment of benefits under subparagraph 10.1, the Employee will accrue an additional, fully vested benefit under the Company’s non-qualified pension plan equal to the difference between: (a) the benefit that the Employee would have accrued under all defined benefit pension plans of the Company or its Affiliates in which the Employee participated immediately prior to the Change in Control, assuming: (i) the Employee remained continuously employed by the Company until the third anniversary of the Change in Control, (ii) the Employee’s compensation for purposes of calculating benefits under such pension plans increased at a rate of four percent per year for the period of imputed service described above in subparagraph 11.1.3(a)(i), and (iii) the terms of all such pension plans remained identical to those in effect immediately prior to the Change in Control; and (b) the actual benefit due to the Employee under all defined benefit pension plans of the Company and its Affiliates.
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Effect on Pension Rights. In the event of a termination of employment providing for payment of benefits under Subparagraph 10.1, the Employee shall accrue an additional, fully vested benefit under the Company’s non-qualified pension plan (which shall be paid at the time and in the form determined under the nonqualified pension plan and shall be determined in all respects pursuant to the terms of the applicable defined benefit pension plan(s)) equal to the difference between: (a) the benefit that the Employee would have accrued under all defined benefit pension plans of the Company or its Affiliates in which the Employee participated immediately prior to the Change in Control (whether tax qualified or non-qualified), assuming: (i) the Employee remained continuously employed by the Company until the third anniversary of the Change in Control, (ii) the Employee’s compensation for purposes of calculating benefits under such defined benefit pension plan increased at a rate of four percent per year for the period of imputed service described above in Subparagraph 11.1.2(a)(i), and (iii) the terms of all such defined benefit pension plans remained identical to those in effect immediately prior to the Change in Control; and (b) the actual benefit due to the Employee under all defined benefit pension plans of the Company and its Affiliates in which the Employee participated immediately prior to the Change in Control. 3. Section 11.2(e) is amended to add the following language to the end of existing text, as follows: To the extent necessary to eliminate an excess parachute payment, the amounts payable or benefits to be provided to the Executive shall be reduced such that the economic loss to the Executive as a result of the excess parachute payment elimination is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements of section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. 4. In all respects not amended by this Agreement, Employee hereby ratifies and confirms the Employment Agreement.
Sample 1

Related to Effect on Pension Rights

  • Effect on Benefits a. Employees on Family and Medical Leave shall be covered by District Life Insurance Group Coverage and Hospital-Medical, Dental, Vision Group Coverage as though they were in active service. b. No credit is allowed for any benefits for time spent on unpaid family illness leave. c. Time on leave with pay counts for step advance, retirement, and vacation; credit in full for step advance and vacation, and full or half (½), according to the pay allowed, for retirement. d. Time on Family and Medical Leave does count as service in meeting requirements for other types of leaves.

  • No Effect on Employment Subject to any employment contract with the Employee, the terms of such employment will be determined from time to time by the Company, or the Subsidiary employing the Employee, as the case may be, and the Company, or the Subsidiary employing the Employee, as the case may be, will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment of the Employee at any time for any reason whatsoever, with or without good cause. The transactions contemplated hereunder and the vesting schedule set forth on the first page of this Agreement do not constitute an express or implied promise of continued employment for any period of time. A leave of absence or an interruption in service (including an interruption during military service) authorized or acknowledged by the Company or the Subsidiary employing the Employee, as the case may be, shall not be deemed a Termination of Service for the purposes of this Agreement.

  • No Effect on Service Nothing in this Agreement or in the Plan shall be construed as giving the Participant the right to be retained in the employ or service of the Company or any Affiliate thereof. Furthermore, the Company and its Affiliates may at any time dismiss the Participant from employment or consulting free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly provided in the Plan, this Agreement or any other written agreement between the Participant and the Company or an Affiliate thereof.

  • Effect on Other Plans An election by the Executive to resign after a Change in Control under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 5 hereof, and except that the Executive shall have no rights to any severance benefits under any severance pay plan.

  • Effect on Stock At the Effective Time, by virtue of the Merger and without any action on the part of the Company, Merger Sub or the holders of any securities of the Company or Merger Sub:

  • Effect on Employment Neither the grant of the Stock Option, nor the issuance of Shares upon exercise of the Stock Option, will give the Optionee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time.

  • Effect on Obligations Termination of this Agreement pursuant to this Article shall terminate all obligations of the parties hereunder; provided, however, that termination pursuant to paragraph (b) of Section 8.01 shall not relieve any party that breached its covenants or agreements contained herein or in any related agreement from any liability to the other party hereto by reason of such breach.

  • No Effect on Other Rights This Agreement constitutes the entire agreement between the Employer and the Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. Nothing contained herein will confer upon the Executive the right to be retained in the service of the Employer nor limit the right of the Employer to discharge or otherwise deal with the Executive without regard to the existence hereof.

  • Effect on Lease (a) If the Premises are totally taken by Condemnation, this Lease shall terminate as of the Date of Condemnation. If a portion but not all of the Premises is taken by Condemnation, this Lease shall remain in effect; provided, however, that if the portion of the Premises remaining after the Condemnation will be unsuitable for Tenant's continued use, then upon notice to Landlord within thirty (30) days after Landlord notifies Tenant of the Condemnation, Tenant may terminate this Lease effective as of the Date of Condemnation. (b) If twenty-five percent (25%) or more of the Project or of the parcel(s) of land on which the Building is situated or of the Parking Facility or of the floor area in the Building is taken by Condemnation, or if as a result of any Condemnation the Building is no longer reasonably suitable for use as an office building, whether or not any portion of the Premises is taken, Landlord may elect to terminate this Lease, effective as of the Date of Condemnation, by notice to Tenant within thirty (30) days after the Date of Condemnation. (c) If all or a portion of the Premises is temporarily taken by a Condemnor for a period not extending beyond the end of the Term, this Lease shall remain in full force and effect.

  • Effect on Contract Except as specifically required to implement the purposes of this Section of the Contract, all other terms of the Contract shall remain in force and effect.

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