Executive Benefit Plan Clause Samples

Executive Benefit Plan. The administration of the E.B.P. contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as set out in this Article. 8.01 The Executive Benefit Plan for employees shall be equivalent to 6.5% of an employee's basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for 26 pay periods starting in January of the following year. 8.02 An employee may choose one or a combination of the following benefits, to the extent of earned E.B.P. entitlements. (a) Direct Monetary Payment An employee may elect to receive a cash payout on a pay period basis of all or part of the E.B.P. benefit.
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Executive Benefit Plan. The administration of the E.B.P. contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as setout in this Article.
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Executive Benefit Plan. During the term of Employee's employment ---------------------- hereunder, Employee shall be entitled to participate fully in all benefit plans made available generally to executive officers of cti.
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Executive Benefit Plan. If financial conditions permit, the Company agrees to implement an executive benefit plan, which will include life and disability insurance benefits. The Company may, at the sole discretion of the Board of Directors, make contributions to an executive benefit plan.
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Executive Benefit Plan. The Company and Employee acknowledge that they have entered into an Agreement setting forth an Executive Benefit Plan dated March 9, 1984, as amended ("the Executive Benefit Plan"). In connection therewith, the parties agree that this Agreement shall not in any manner modify, alter or change the terms and conditions of the Executive Benefit Plan. It is further agreed that: (i) The Employee's benefits shall not be reduced on account of paragraph seven (7) of the Executive Benefit Plan. (ii) All other provisions of the Executive Benefit Plan as amended, shall remain in full force and effect. (iii) The Employee shall be provided an annual report on the status of the Executive Benefit Plan and his account therein. (iv) The Company will fully fund the financing of the Executive Benefit Plan by January 30, 1990, and transfer ownership of such funding vehicles to a trust to be established by mutual consent between the Company and the Employee.
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Executive Benefit Plan. The administration of the contained herein is subject to the Policies and Procedures as set out by the Employer. It is understood that these Policies and Procedures will not alter the Benefit Plan as set out in this Article. The Executive Benefit Plan for employees shall be equivalent to of an employee's basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for pay periods starting in January of the following year. An employee may choose one or a combination of the following benefits, to the extent of earned entitlements. Direct Monetary Payment An employee may elect to receive a cash payout on a pay period basis of all or part of the benefit. Time Bank An employee may elect to transfer all or part of the benefit earned into a Time Bank which shall have a maximum accumulation of fifteen (1 5) days. The purpose of the Time Bank is to enable the employee to take a leave of absence from work with pay. The scheduling of such time off is subject to departmentalrequirements. If a Transit Supervisor or Transit Communications Supervisor selects time off, may be scheduled off for time that has not earned. The will be administered in conjunction with the payroll system. Selected options, e.g., time off or cash, will be recorded or paid on each pay.
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Executive Benefit Plan. You shall be entitled to a lump sum pension benefit in accordance with the Company's Executive Benefit Plan in effect as of October 1, 1996; provided that, for purposes of determining the pension benefit to which you are entitled in accordance with such Executive Benefit Plan, you shall be deemed (i) to be a "Vested Participant"; (ii) to continue to be a "Tier I Participant"; to have a "Final Average Pay" equal to $1,101,971; and (iv) to continue to accrue additional "Credited Service" (without regard to the 10 year limit in Section 4.2(a) of the Executive Benefit Plan). Such benefit shall be paid on or about January 15, 1998. The estimated amount of such benefit is $5.8 million.
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Executive Benefit Plan. The Purchaser intends to continue in effect the Company's Executive Benefit Plan, as evidenced by separate Executive Benefit Agreements with each participating employee of the Company (the "Executive Benefit Agreements"), the separate Trust Agreement dated January 31, 1994, with NBD Bank, N.A., as Trustee, as amended by that certain Amendment to Trust Under Fabwel, Inc. Executive Benefit Plan adopted prior to the execution of this Agreement (collectively, the "Trust") and the separate life insurance policies owned by the Company on the lives of each participating employee (the "Life Insurance"). The Purchaser agrees to cause the Company to assume the obligations and liabilities under the separate Executive Benefit Agreements with the participating employees as of the Closing Date for as long as the Executive Benefit Agreements, or any of them, remain in full force and effect. The Purchaser further agrees to cause the Company to provide sufficient funding, whether through the funds held in the Trust, the Life Insurance or otherwise, for timely payment of any and all financial obligations under the Executive Benefit Agreements, or any of them, for as long as the Executive Benefit Agreements, or any of them, remain in full force and effect. Nothing herein shall be construed so as to prohibit the Purchaser or the Company from exercising any rights of the Company under the Executive Benefit Agreements after Closing, nor shall the Purchaser or the Company be required to continue funding obligations under any of the Executive Benefit Agreements once said Agreements have been terminated and all benefits paid in accordance with their respective terms.
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Related to Executive Benefit Plan

  • Executive Benefit Plans The Executive shall be entitled to participate in all plans or programs sponsored by the Company for employees in general, including without limitation, participation in any group health, medical reimbursement, or life insurance plans.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.

  • Employees; Benefit Plans (a) During the period commencing at the Effective Time and ending on the date which is FIVE (“5”) months from the Effective Time (or if earlier, the date of the employee's termination of employment with Parent and its Subsidiaries), Parent shall cause the Surviving Corporation and each of its Subsidiaries, as applicable, to provide the employees of the Company and its Subsidiaries who remain employed immediately after the Effective Time (collectively, the "Company Continuing Employees") with base salary, target bonus opportunities (excluding equity-based compensation), and employee benefits that are, in the aggregate, no less favorable than the base salary, target bonus opportunities (excluding equity-based compensation), and employee benefits provided by the Company and its Subsidiaries on the date of this Agreement. (b) With respect to any "employee benefit plan" as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding both any retiree healthcare plans or programs maintained by Parent or any of its Subsidiaries and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, "Parent Benefit Plans") in which any Company Continuing Employees will participate effective as of the Effective Time, Parent shall, or shall cause the Surviving Corporation to, recognize all service of the Company Continuing Employees with the Company or any of its Subsidiaries, as the case may be as if such service were with Parent, for vesting and eligibility purposes (but not for (i) purposes of early retirement subsidies under any Parent Benefit Plan that is a defined benefit pension plan or (ii) benefit accrual purposes, except for vacation, if applicable) in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; (iii) Continuing Company shall honor all consulting or advisory agreement previously entered into, or employment pending equity awards stock options or warrants to purchase equity based upon performance. provided, that such service shall not be recognized to the extent that (A) such recognition would result in a duplication of benefits or (B) such service was not recognized under the corresponding Company Employee Plan. (c) This Section 5.07 shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing in this Section 5.07, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Section 5.07. Nothing contained herein, express or implied (i) shall be construed to establish, amend or modify any benefit plan, program, agreement or arrangement or (ii) shall alter or limit the ability of the Surviving Corporation, Parent or any of their respective Affiliates to amend, modify or terminate any benefit plan, program, agreement or arrangement at any time assumed, established, sponsored or maintained by any of them. The parties hereto acknowledge and agree that the terms set forth in this Section 5.07 shall not create any right in any Company Employee or any other Person to any continued employment with the Surviving Corporation, Parent or any of their respective Subsidiaries or compensation or benefits of any nature or kind whatsoever. (d) With respect to matters described in this Section 5.07, the Company will not send any written notices or other written communication materials to Company Employees without the prior written consent of Parent.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • ERISA; Benefit Plans Schedule 3.22 (i) lists (A) each ERISA Pension Benefit Plan (1) the funding requirements of which (under Section 302 of ERISA or Section 412 of the Code) are, or at any time during the six-year period ended on the date hereof were, in whole or in part, the responsibility of the Company or (2) respecting which the Company is, or at any time during that period was, a "contributing sponsor" or an "employer" as defined in Sections 4001(a)(13) and 3(5), respectively, of ERISA (each plan this clause (A) describes being a "Company ERISA Pension Plan"), (B) each other ERISA Pension Benefit Plan respecting which an ERISA Affiliate is, or at any time during that period was, such a "contributing sponsor" or "employer" (each plan this clause (B) describes being an "ERISA Affiliate Pension Plan") and (C) each other ERISA Employee Benefit Plan that is being, or at any time during that period was, sponsored, maintained or contributed to by the Company (each plan this clause (C) describes and each Company ERISA Pension Plan being a "Company ERISA Benefit Plan"), (ii) states the termination date of each Company ERISA Benefit Plan and ERISA Affiliate Pension Plan that has been terminated and (iii) identifies for each ERISA Affiliate Pension Plan the relevant ERISA Affiliates. The Company has provided Buyer with true, complete and correct copies of (i) the Company ERISA Benefit Plan and ERISA Affiliate Pension Plan, (ii) each trust agreement related thereto and (iii) all amendments to those plans and trust agreements. Except as Schedule 3.22 sets forth, (i) the Company is not, and at no time during the six-year period ended on the date hereof was, a member of any ERISA Group that currently includes, or included when the Company was a member, among its members any Person other than the Company and (ii) no Person is an ERISA Affiliate of the Company.