EMPLOYEE BENEFIT PAYMENTS. During the period from the date of this Agreement to the Closing Date, the Company, by action and at the discretion of its Compensation Committee, shall have the right but not the obligation to make the following payments and allocations with respect to all individuals employed by the Company or any of its subsidiaries on July 1, 1996, including the employees identified on Section 5.6 of the Disclosure Schedule whose employment with the Company or any of its subsidiaries terminated with the Company's approval prior to the date of this Agreement and any employee whose employment may be terminated with the Company's approval prior to the Closing Date (collectively, the "Eligible Employees"):
(i) The Company's profit sharing contribution to the Washington National Corporation Profit Sharing Plan for calendar year 1996, in the amount of 3% of compensation as defined in the Plan (which Plan shall be amended prior to the Closing Date to permit contributions to be made on behalf of any Eligible Employee who is not a current employee of the Company or any of its subsidiaries), may, in the discretion of the Compensation Committee and to the extent permitted by such Plan, be allocated to the accounts maintained under such Plan for the Eligible Employees on the earlier of the Closing Date and March 15, 1997.
(ii) Each Eligible Employee may be paid a lump sum payment under the Washington National Corporation Annual Pay At Risk Plan for the period that such Eligible Employee was employed by the Company or any of its subsidiaries in calendar year 1996, with such payments to be made on or prior to the Closing Date, provided that such payments shall not in the aggregate exceed $5,003,610.
(iii) Each Eligible Employee may be paid a lump sum payment under the Washington National Corporation Annual Pay At Risk Plan for the period that such Eligible Employee was employed by the Company or any of its subsidiaries in calendar year 1997, with such payments to be made on the Closing Date, provided that such payments shall not in the aggregate exceed $238,455 per month, including a prorated amount for the month in which the Closing Date occurs.
(iv) Each Eligible Employee may be paid a lump sum payment under the Washington National Corporation Long Term Pay At Risk Plan for the 1994-1996 performance period for the period that such Eligible Employee was employed by the Company or any of its subsidiaries during the 1994-1996 performance period, with such payments to be made on or pr...
EMPLOYEE BENEFIT PAYMENTS. Consignee shall and does accept full and exclusive liability for the payment of any and all premiums, contributions, and taxes for workers' compensation insurance, unemployment insurance, and for pensions, annuities, and retirement benefits, now or later imposed by or pursuant to federal and state laws, which are measured by the wages, salaries, or other remuneration paid to persons employed by consignee in connection with the performance of this agreement. Consignee shall indemnify principal against any and all liability for any premiums, taxes, or contributions respecting consignee's employees that may be assessed against principal. Consignee shall enter into any agreement that has been or may later be prescribed by any federal or state governmental body or authority to effectuate the above-stated purposes.
EMPLOYEE BENEFIT PAYMENTS. Leave of Absence
EMPLOYEE BENEFIT PAYMENTS. Consignee shall and does accept full and exclusive liability for the payment of any and all premiums, contributions, and taxes for workers’ compensation insurance, unemployment insurance, and for pensions, annuities, and retirement benefits, now or later imposed by or pursuant to federal and state laws, which are measured by the wages, salaries, or other remuneration paid to persons employed by consignee in connection with the performance of this agreement. Consignee shall indemnify principal against any and all liability for any premiums, taxes, or contributions respecting consignee’s employees that may be assessed against principal. Consignee shall enter into any agreement that has been or may later be prescribed by any federal or state governmental body or authority to effectuate the above-stated purposes. SECTION EIGHT TERMINATION This agreement is not assignable and may be terminated by either party on days’ written notice to the other. [If appropriate, add: On termination, principal shall have the right, for a period not to exceed months following the date of termination, to: (1) use storage facilities located on consignee’s premises at
EMPLOYEE BENEFIT PAYMENTS
