Extended Disability Benefits Plan with the following provisions Sample Clauses

Extended Disability Benefits Plan with the following provisions i) Employees shall be eligible for benefits under the Plan upon exhaustion of Weekly Indemnity benefits; ii) Benefit levels under the Plan shall be $1,900.00 per month (effective July 29, 2002, $1,950.00). Current recipients to receive a benefit level of not less than $1,400 per month; iii) Benefits payable under the Plan shall be reduced by the amount of benefit payable under the disability provisions of the Canada Pension Plan and/or under Workers’ Compensation (WSIB) legislation in respect of the disability for which Extended Disability Benefits are payable; Notwithstanding the foregoing, reductions for the amount of benefit payable under the disability provisions of the Canada Pension Plan will only be made under the following conditions; The employee did not apply for CPP disability prior to the termination of weekly disability benefits, or; The employee is in receipt of CPP disability benefits; iv) Reductions under (iii) above shall be limited to the originally determined employee amounts and shall not include subsequent cost-of-living adjustments to such amounts; v) the maximum duration of benefits under the plan will be equal to the employee’s service at the time of his/her disability minus twelve (12) months, or if the employee’s service is ten (10) years or more at the time of his/her disability, until he/she attains age sixty-five (65);
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Extended Disability Benefits Plan with the following provisions i) Employees shall be eligible for benefits under the Plan upon exhaustion of Weekly Indemnity benefits; ii) Benefit levels under the Plan shall be $1,950.00 per month and be offset if the employee earns employment income during his time while on benefits. If an employee becomes employed elsewhere during his disability period, he must inform the company and if benefits or pension is being provided or accrued such benefits and/or pension accruals will be terminated on the date the employee started employment. If the employee becomes unemployed, the company will reinstate an employee's benefits and pension accrual effective the later of the date the employee informs the company in writing or the end date of his employment elsewhere and in accordance with the plan provisions and the terms of the CBA. iii) Benefits payable under the Plan shall be reduced by the amount of benefit payable under the disability provisions of the Canada Pension Plan and/or under Workers' Compensation (WSIB) legislation in respect of the disability for which Extended Disability Benefits are payable. Notwithstanding the foregoing, reductions for the amount of benefit payable under the disability provisions of the Canada Pension Plan will only be made under the following conditions: The employee did not apply for CPP disability prior to the termination of weekly disability benefits, or, The employee is in receipt of CPP disability benefits: iv) Reductions under (iii) above shall be limited to the originally determined employee amounts and shall not include subsequent cost-of-living adjustments to such amounts; v) The maximum duration of benefits under the plan will be equal to the employee's service at the time of his/her disability minus twelve (12) months, or if the employee's service is ten (10) years or more at the time of his/her disability, until he/she attains age 65.
Sample 1
Extended Disability Benefits Plan with the following provisions. Employees shall be eligible for benefits under the Plan upon exhaustion of Weekly Indemnity benefits; Benefit levels under the Plan shall be per month (effective Current recipients to receive a benefit level of not less than per Benefits payable under the Plan shall be reduced by the amount of benefit payable under the disability provisions of the Canada Pension Plan under Workers’ Compensation legislation in respect of the disability for which Extended Disability Benefits are payable. Notwithstanding the foregoing, reductions for the amount of benefit payable under the disability provisions of the Canada Pension Plan will only be made under the following conditions: The employee did not apply for disability prior to the termination of weekly disability benefits: or The employee is in receipt of disability benefits; Reductions under above shall be limited the originally determined employee amounts not include subsequent living adjustmentsto such amounts; The maximum duration of benefits under the plan will be equal to the employee’s service at the time of disability minus twelve (12) months, or if the employee’s service is ten years or more at the time of disability, until attains age 65;
Sample 1

Related to Extended Disability Benefits Plan with the following provisions

  • Compensation Following Termination In the event that Executive’s employment hereunder is terminated, Executive shall be entitled only to the following compensation and benefits upon such termination:

  • Employment Status Termination Following Change in Control (a) No benefits shall be payable under this Agreement unless there has been a Change in Control of the Company during the Term. You acknowledge that this Agreement does not constitute a contract of employment or impose on the Company any obligation to retain you as an employee. You may terminate your employment at any time, with or without Good Reason. If your employment with the Company terminates for any reason and subsequently a Change in Control shall have occurred, you shall not be entitled to any benefits hereunder. (b) Any termination of your employment by the Company or by you following a Change in Control of the Company during the Term shall be communicated by written notice of termination that indicates the specific provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated ("Notice of Termination"). A Notice of Termination shall be delivered to the other party hereto in accordance with Section 6.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Termination Following Change in Control In the event of the occurrence of Constructive Termination within twelve (12) months after the effective date of a Change in Control, Employee may, at Employee's option, terminate Employee's employment due to Constructive Termination unless Employee has entered into an employment agreement with Successor. Such termination shall be effective upon Employee giving notice to Successor. In the event of termination of Employee's employment (1) by Successor within twelve (12) months after the effective date of a Change of Control, or (2) by Employee within twelve (12) months after the effective date of a Change of Control as a result of a Constructive Termination, then (a) Successor shall pay Employee a lump sum cash payment equal to the Severance Amount within 10 business days after the termination of employment; (b) Successor shall make available to Employee, at Employee's cost and expense, medical and other insurance coverage at a level and to the extent required by COBRA; and (c) any outstanding options held by Employee that remain unvested as of the date of termination shall become fully vested and exercisable as of the date of termination of Employee's employment with Successor and prior to the occurrence of an event otherwise terminating the options. Notwithstanding the foregoing, in the event that any payments under this Section 2 will be deemed to constitute an "excess parachute payment" as defined in Section 280G(b)(i) of the Internal Revenue Code of 1986, as amended (an "Excess Parachute Payment"), then the payments to Employee under this Section 2 shall be limited to an amount equal to the maximum amount that could be paid to Employee so that no such amount, along with all other payments to Employee by Successor, will be deemed to constitute an Excess Parachute Payment. Subject to the terms of this Section 2, Employee shall not be entitled to receive any other compensation or benefits under this Agreement as a result of the termination of Employee's employment following a Change of Control or Constructive Termination.

  • Termination Following a Change in Control (a) If the Executive's employment is terminated by the Company or any Subsidiary during the Severance Period, the Executive shall be entitled to the benefits provided by Section 4 unless such termination is the result of the occurrence of one or more of the following events: (i) The Executive's death; (ii) If the Executive becomes permanently disabled within the meaning of, and begins actually to receive disability benefits pursuant to, the long-term disability plan in effect for, or applicable to, Executive immediately prior to the Change in Control; or

  • Termination After Change in Control Sections 9.2 and 9.3 set out provisions applicable to certain circumstances in which the Term may be terminated after Change in Control.

  • Termination of Employment Following Change in Control (a) If a Change in Control (as defined in Section 5(b) of this Agreement) shall occur and, thereafter, if at any time during the term of this Agreement there shall be: (i) any involuntary termination of Executive’s employment (other than for the reasons set forth in Section 3(c) of this Agreement; (ii) any reduction in Executive’s title, responsibilities, including reporting responsibilities, or authority, including such title, responsibilities or authority as such may be increased from time to time during the term of this Agreement; (iii) the assignment to Executive of duties inconsistent with Executive’s office on the date of the Change in Control or as the same may be increased from time to time after the Change in Control; (iv) any reassignment of Executive to a location greater than fifty (50) miles from the location of Executive’s office on the date of the Change in Control; (v) any significant reduction in Executive’s compensation as provided in Section 4 in effect on the date of the Change in Control or as the same may be increased from time to time after the Change in Control; (vi) any failure to provide Executive with benefits at least as favorable as those enjoyed by Executive under any of Corporation or Bank’s retirement or pension, life insurance, medical, health and accident, disability or other employee plans in which Executive participated at the time of the Change in Control, or the taking of any action that would materially reduce any of such benefits in effect at the time of the Change in Control; (vii) any requirement that Executive travel in performance of his duties on behalf of Corporation or Bank for a significantly greater period of time during any year than was required of Executive during the year preceding the year in which the Change in Control occurred; or (viii) any sustained pattern of interruption or disruption of Executive for matters substantially unrelated to Executive’s discharge of Executive’s duties on behalf of Corporation and Bank; then, at the option of Executive, exercisable by Executive within ninety (90) days of the Change in Control and occurrence of any of the foregoing events, Executive may resign from employment with Corporation and Bank (or, if involuntarily terminated, give notice of intention to collect benefits under this Agreement) by delivering a notice in writing (the “Notice of Termination”) to Corporation and Bank and the provisions of Section 6 of this Agreement shall apply. In addition, notwithstanding the payments to Executive contemplated by Section 6, if Executive is requested by the Corporation, Bank, or a successor thereto to remain in the employ of the Corporation, Bank, or a successor to the Corporation or Bank following the Date of Change of Control, Executive expressly agrees, subject to the condition set forth below, to remain in the employ of the Corporation, Bank, or a successor to the Corporation or Bank for not less than six months following the Date of Change of Control. The Corporation, Bank, or successor to the Corporation or Bank shall have the right to request Executive remain in the employ of the Corporation, Bank, or a successor to the Corporation or Bank for a period of less than six months following the Date of Change of Control. Executive agrees to remain an employee of the Corporation, Bank or successor to the Corporation or Bank pursuant to their request conditioned upon Executive being compensated in the same amount and on the same terms as he was compensated immediately prior to the Date of Change of Control, including participation in all employee benefit plans to which he would otherwise be entitled. (b) As used in this Agreement, “Change in Control” shall mean the occurrence of any of the following:

  • Termination of 401(k) Plan At Parent’s written request, delivered no later than fifteen (15) days prior to the Closing, the Company shall terminate the Furmanite Corporation 401(k) Savings and Investment Plan (the “Company 401(k) Plan”) effective immediately prior to the Closing Date and contingent upon the occurrence of the Closing, and upon such termination, shall cease all further contributions to the Company 401(k) Plan for pay periods beginning on and after the Closing Date and, to the extent the Company 401(k) Plan provides for loans to participants, and upon such termination, shall cease making any such additional loans effective immediately prior to the Closing Date. If Parent does not instruct the Company to terminate the Company 401(k) Plan, nothing herein shall be deemed to prevent the Surviving Corporation or Parent from terminating the Company 401(k) Plan following the Closing in accordance with applicable Law. In the event that Parent instructs the Company to terminate the Company 401(k) Plan, (a) prior to the Closing Date and thereafter (as applicable), the Company and Parent shall take any and all action as may be required, including amendments to the Company 401(k) Plan and/or the corresponding 401(k) plan sponsored or maintained by Parent or one of its Subsidiaries (the “Parent 401(k) Plan”) to comply with applicable Law, (b) subject to the receipt of a favorable IRS determination letter with respect to the termination of the Company 401(k) Plan, to permit each employee of the Company and its Subsidiaries who continues to be employed by Parent or its Subsidiaries (including, for the avoidance of doubt the Surviving Corporation and its Subsidiaries) immediately following the Effective Time (each, a “Continuing Employee”) to make rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code, including of loans) in cash or notes (in the case of loans) in an amount equal to the eligible rollover distribution portion of the account balance distributable to such Continuing Employee from the Company 401(k) Plan to the corresponding Parent 401(k) Plan, and (c) upon any termination of the Company 401(k) Plan in accordance with this Section 6.03, the Continuing Employees shall be eligible to participate, effective as of the Effective Time, in the Parent 401(k) Plan.

  • Termination After a Change in Control You will receive Severance Benefits under this Agreement if, during the Term of this Agreement and after a Change in Control has occurred, your employment is terminated by the Company without Cause (other than on account of your Disability or death) or you resign for Good Reason.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

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