Common use of Nature of Plan Clause in Contracts

Nature of Plan. (a) The Plan is an “employee welfare benefit plan” within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), providing separation pay and severance benefits. This document constitutes both the plan document and the summary plan description for the Plan. Your ERISA rights are described at the end of this document. This document is provided to you as required by XXXXX. You should read all parts of this description carefully so that you will not only understand the ways in which the Plan may benefit you, but also certain exclusions to coverage and limitations on the receipt of benefits which may apply to you. This Plan supersedes and replaces any and all prior Company-sponsored severance or retention plans, programs, policies or practices for the individuals covered hereunder. (b) It is the Company’s intention to operate the Plan in a manner consistent with the requirements applicable to “separation pay plans” providing benefits in the case of involuntary separation from service under Section 1.409A-1(b)(9) of the Treasury regulations such that the severance pay and other benefits available under the Plan will be exempt from Section 409A of the Internal Revenue Code, as amended (the “Code”) and shall be administered and operated in conformity with this intention; provided, however, that in the event and to the extent amounts payable under the Plan are or become subject to Section 409A of the Code, it is the Company’s intention that such amounts be payable in a manner consistent with the requirements of such Code section.

Nature of Plan. (a) The Plan is an “employee welfare benefit plan” within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), providing separation pay and severance benefits. This document constitutes both the plan document and the summary plan description for the Plan. Your ERISA rights are described at the end of this document. This document is provided to you as required by XXXXXEXXXX. You should read all parts of this description carefully so that you will not only understand the ways in which the Plan may benefit you, but also certain exclusions to coverage and limitations on the receipt of benefits which may apply to you. This Plan supersedes and replaces any and all prior Company-sponsored severance or retention plans, programs, policies or practices for the individuals covered hereunder. (b) It is the Company’s intention to operate the Plan in a manner consistent with the requirements applicable to “separation pay plans” providing benefits in the case of involuntary separation from service under Section 1.409A-1(b)(9) of the Treasury regulations such that the severance pay and other benefits available under the Plan will be exempt from Section 409A of the Internal Revenue Code, as amended (the “Code”) and shall be administered and operated in conformity with this intention; provided, however, that in the event and to the extent amounts payable under the Plan are or become subject to Section 409A of the Code, it is the Company’s intention that such amounts be payable in a manner consistent with the requirements of such Code section.

Nature of Plan. (a) The Plan is an “employee welfare benefit plan” within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), providing separation pay and severance benefits. This document constitutes both the plan document and the summary plan description for the Plan. Your ERISA rights are described at the end of this document. This document is provided to you as required by XXXXXEXXXX. You should read all parts of this description carefully so that you will not only understand the ways in which the Plan may benefit you, but also certain exclusions to coverage and limitations on the receipt of benefits which may apply to you. This Plan supersedes and replaces any and all prior Company-sponsored severance or retention plans, programs, policies or practices for the individuals covered hereunder. (b) Unless the Company acts to terminate this Plan prior to March 31, 2010, the Plan will automatically terminate on March 31, 2010 and no further benefits will be payable under the Plan with respect to events or circumstances arising on and after such date. (c) It is the Company’s intention to operate the Plan in a manner consistent with the requirements applicable to “separation pay plans” providing benefits in the case of involuntary separation from service under Section 1.409A-1(b)(9) of the Treasury regulations such that the severance pay and other benefits available under the Plan will be exempt from Section 409A of the Internal Revenue Code, as amended (the “Code”) and shall be administered and operated in conformity with this intention; provided, however, that in the event and to the extent amounts payable under the Plan are or become subject to Section 409A of the Code, it is the Company’s intention that such amounts be payable in a manner consistent with the requirements of such Code section.