Effect on Plan Rights Sample Clauses

Effect on Plan Rights. Distributions made from the Trust Fund to a Participant in respect of Plan benefits shall satisfy the Company's contractual obligation to pay benefits to such Participant under the respective Plan to the extent of the sum of (i) any payments received by the Participant from the Trust under Subsection 2.02(a) or 2.02(b) hereof and (ii) the amounts withheld by the Trustee in accordance with Subsection 2.02(c) hereof; provided, however, that in the event of a distribution upon a Determination of Taxability, the amount of such distribution which is equivalent to the sum of (x) all Tax Penalties and (y) all additional federal, state and local taxes which would be owed by the Participant with respect to a reimbursement payment for such Tax Penalties, shall not satisfy the Company's obligation to pay benefits to such Participant under the Plans unless and until the Company pays to such Participant, in addition to Plan benefits, the amounts described in clauses (x) and (y) above from the Trust Fund or from its general assets. The payment of Plan benefits to a Participant from the Trust Fund on a reduced basis because of the insufficiency of the Trust Fund at the time of such payment or payments, as provided in Section 2.04 hereof, shall not alter, affect or detract in any way from the Participant's right to receive the remainder of his Plan benefits from, and to enforce said right against, the Company. Except for payments made as a result of a Determination of Taxability, the payment of benefits from this Trust shall be as provided for in the Plans and payments from this Trust shall be consistent with the Plans as to timing and maximum amount.
Sample 1
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Related to Effect on Plan Rights

  • 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:

  • No Effect on Employment Rights Nothing contained herein will confer upon the Executive the right to be retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal with the Executive without regard to the existence of the 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 Shares At the Effective Time, by virtue of the Merger and without any action on the part of the Company, Parent, Merger Sub or the holder of any securities of the Company, Parent 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.

  • 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.

  • Effect on Employment Agreement Except as specifically amended in the manner and to the extent provided in Section 1 above, the Employment Agreement shall remain unchanged and the Employment Agreement shall continue, as and to the extent amended by this Amendment, in full force and effect.

  • 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.

  • Effect on Prior Agreement Upon the effectiveness of this Agreement, the Prior Agreement automatically shall terminate and be of no further force and effect and shall be amended and restated in its entirety as set forth in this Agreement.

  • 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.

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