Employee Benefit. 1.1. Eligibility for this benefit begins following the successful completion of the Employee Introductory Period in a status position see Article V. Employment, Section D.
Employee Benefit. (i) (S) 4(x) of the Disclosure Schedule lists each Employee Benefit Plan that the Company and each Subsidiary maintains or to which either contributes.
(A) Each such Employee Benefit Plan (and each related trust, insurance contract, or fund) complies in form and in operation in all respects with the applicable requirements of ERISA, the Code, and other applicable laws.
(B) All required reports and descriptions (including Form 5500 Annual Reports, Summary Annual Reports, PBGC-1's, and Summary Plan Descriptions) have been filed or distributed appropriately with respect to each such Employee Benefit Plan. The requirements of Part 6 of Subtitle B of Title I of ERISA and of Code Sec. 4980B have been met with respect to each such Employee Benefit Plan which is an Employee Welfare Benefit Plan.
(C) All contributions (including all employer contributions and employee salary reduction contributions) which are due have been paid to each such Employee Benefit Plan which is an Employee Pension Benefit Plan and all contributions for any period ending on or before the Closing Date which have been paid to each such Employee Pension Benefit Plan or accrued in accordance with past custom and practice. All premiums or other payments for all periods ending on or before the Closing Date have been paid with respect to each such Employee Benefit Plan which is an Employee Welfare Benefit Plan.
(D) Each such Employee Benefit Plan which is an Employee Pension Benefit Plan meets the requirements of a "qualified plan" under Code Sec. 401(a) and has received, within the last four years, a favorable determination letter from the Internal Revenue Service.
(E) The market value of assets under each such Employee Benefit Plan which is an Employee Pension Benefit Plan equals or exceeds the present value of all vested and nonvested Liabilities thereunder determined in accordance with PBGC methods, factors, and assumptions applicable to an Employee Pension Benefit Plan terminating on the date for determination.
(F) The Principal Sellers have delivered or made available to the Buyer correct and complete copies of the plan documents and summary plan descriptions, the most recent determination letter received from the Internal Revenue Service, the most recent Form 5500 Annual Report, and all related trust agreements, insurance contracts, and other funding agreements which implement each such Employee Benefit Plan.
(ii) With respect to each Employee Benefit Plan that the Company or any Subsidiar...
Employee Benefit. Unless Employee's employment is terminated prior to a Change in Control by (i) the Company for Cause, or (ii) Employee without Good Reason, then within five days following a Change in Control the Company shall pay to Employee a cash, lump sum payment of $700,000 (the "Incentive Payment"), less applicable income and FICA tax withholdings. Except as provided in Section 7 hereof, the Incentive Payment shall not be payable under this Agreement unless there shall have been a Change in Control.
Employee Benefit any retirement, pension, profit-sharing, health, welfare or any other employee benefit fund, trust scheme or plan.
Employee Benefit. PLANS NONE -------------- ------------------------ ----
Employee Benefit. Salary Sacrifice Novated Lease Vehicle
Employee Benefit. Short-term employment benefits The Company and its subsidiary recognize salary, overtime, bonus, social securities and welfares as expenses when incurred. Post-employment benefits (Defined benefit plans) The Company and its subsidiary have obligations in respect of the severance payments that it must pay to the employees upon retirement under the labor law and other employee benefit plans. The Company and its subsidiary treat these severance payment obligations as a defined benefit plan. The obligation under the defined benefit plan is calculated based on the actuarial principles by a qualified independent actuary using the projected unit credit method. Such estimates are made based on various assumptions, including discount rate, future salary increase rate, staff turnover rate, mortality rate, and inflation rate. Actuarial gains and losses for post-employment benefits of the employees are recognized immediately in comprehensive income.
Employee Benefit. The Company agrees to seek to have Mr. Schroeder included and covered by the Company's medical and other xxxxxxxx xxxefit plans to the extent he satisfies the eligibility requirements of the applicable plans and insurers.
Employee Benefit. The Company agrees to seek to have Mr. Xxxxxxxxx xxxluded and covered by the Company's medical and other employee benefit plans to the extent he satisfies the eligibility requirements of the applicable plans and insurers.
