Pension Arrangement Sample Clauses

Pension Arrangement. Executive is entitled to contributions to a pension arrangement of his choice (the "Pension Arrangement"), at the following monthly rates: 2.6.1. The Company currently contributes: (a) 8.33% of the Base Salary towards the severance pay component; and (b) 6.5% of the Base Salary towards the pension component. In the case Executive is insured in a mangers insurance policy or a provident fund (which is not a pension fund), the said rate shall include the rate of contributions towards the disability insurance (ביטוח אבדן כושר עבודה), ensuring loss of earning payment of 75% of the Base Salary but no less than 5% towards the pension component, all subject to the terms of the Extension Order regarding the Increase of Pension Contributions - 2016 (the "Pension Order 2016"). In accordance with the terms of the Pension Order 2016, if the said rate shall not be sufficient to insure Executive in disability insurance, the total rate of contributions shall increase up to 7.5% of the Base Salary. 2.6.2. The Company shall also deduct 6% of the Base Salary to be paid on Executive's account towards the Pension Arrangement. 2.6.3. In addition to any payments specified in Section 6 of the Agreement, the Company and Executive agree to adopt the provisions of the "General Approval Regarding the Payments by Employers to Pension Funds and to Insurance Funds in Lieu of Payment of Severance Compensation", which was issued in accordance with the Severance Compensation Law, 1963 ("General Approval"). The General Approval (translated in English) is attached to this Agreement as Exhibit B. Executive represents, confirms and undertakes that under the provisions of the General Approval, all payments, which were made by the Company to Executive’s Pension Arrangement shall be in lieu of payment of severance pay, if Executive shall be entitled to such, according to Section 14 of the Severance Compensation Law, 1963 and in accordance with the General Approval. 2.6.4. The Company waives all rights to have its payments refunded, unless Executive’s right to severance pay is denied by a judgment according to sections 16 or 17 of the Severance Pay Law or in the event that Executive withdraws monies from the Pension Arrangement in circumstances other than an Entitling Event, where an “Entitling Event” means death, disablement or retirement at the age of 60 or over.
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Pension Arrangement. This Clause shall apply where the Executive loses rights to future payments pursuant to clauses Seventh, Eighth or Ninth of the Senior Executive Contract dated 29 April 2009 between Banco Santander, S.A. and the Executive. In recognition that the Executive will by reason of accepting employment with the Employer, suffer significant loss in relation to future payments on retirement by virtue of his loss of rights as referred to in this Clause, the Employer has agreed to establish for the Executive as soon as reasonably practicable an unfunded pension arrangement for and in respect of the Executive (in terms to be agreed with the Executive and subject to complying with any requirements of the FSA, including its Remuneration Code, as amended from time to time) to compensate him in part for the loss of future payments under his existing arrangements.
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Pension Arrangement. As of the Employment Starting Date, the Company shall insure the Employee under a pension fund and/or managers’ insurance and/or provident fund and/or a combination of several types of such arrangements (the “Pension Arrangement"), according to the Employee’s selection regarding the pension product as well as the pension provider. For avoidance of any doubt it is hereby clarified that in any event the Company’s overall contributions will not be made from an amount exceeding the Employees’ Monthly Salary. Out of the Monthly Salary, Company shall contribute 6.5% to the Company remuneration (“Tagmulim”) component, provided the Employee contributes 6% for the Employee remuneration component. If the Employee has elected manager’s insurance and/or provident fund for his/her pension arrangement, it is hereby clarified that the Company’s contributions to the remuneration component to managers’ insurance and/or provident fund shall include a contribution of 5% for the remuneration component as well as payment for acquiring loss of ability to work insurance to insure 75% of the Monthly Salary. Notwithstanding, in the event that in order to acquire the aforementioned loss of ability to work insurance, the Company shall be required to increase the percentage of its contributions, in such case the Company’s contributions shall be increased up to 7.5% of the Monthly Salary. In addition, and for the avoidance of any doubt, the Company’s contributions percentages to the remuneration component for managers’ insurance and/or provident fund shall not be lower than 5% of the Monthly Salary, and the total amount of the Company’s contributions, including loss of ability to work insurance shall not be higher than 7.5% of the Monthly Salary.
Sample 1
Pension Arrangement. The Company shall insure the Executive under a pension arrangement at the Executive’s choice (Managers Insurance, pension fund or a combination of both). The Company shall contribute, on a monthly basis, the amounts set forth below (the “Company Contributions”) and the Executive shall contribute, on a monthly basis, the amounts set forth below (the “Executive Contributions”), which amounts shall be deducted from the Salary: (i) If for pension fund: severance - 8.33% of the Salary; pension - 6.5% of the Salary. (ii) If for managers insurance: severance - 8.33% of the Salary; disability insurance - up to 2.5% of the Salary (for insurance of 75% of the Salary); pension - the difference between 6.5% of the Salary and the actual percentage contributed for disability insurance, provided that the contributions for pension shall not be less than 5% of the Salary or more than 7.5% of the Salary. Executive Contributions: 6% of the Salary towards pension.
Sample 1
Pension Arrangement. 12.1. The Employee shall continue to be entitled to contributions to a Managers Insurance Policy (hereinafter: the “Policy”) or to a comprehensive pension plan (hereinafter: the “Pension Plan”), or a combination of the two, as may be selected by him, at the following monthly rates: 12.1.1. In the event that the Employee chose a Policy: (i) 8.33% towards severance pay component; and (ii) 5% of towards the savings and risk component. In addition, the Company shall also make provision for the loss of the earning capacity component at the lower of, 2.5% of the Salary or a rate which is required to ensure 75% of the Salary. The Company shall also deduct 5% to be paid on the Employee’s account towards the Policy. 12.1.2. In the event that the Employee chose a Pension Plan: (i) 8.33% towards severance pay component; and (ii) 6% towards the savings and risk component. The Company shall also deduct 5.5% to be paid on the Employee’s account towards the Pension Plan. 12.2. The contributions towards the severance pay component of either the Policy or the Pension Plan (as applicable) shall be made out of the entire Salary. 12.3. At the request of the Employee, it is agreed that the contributions towards the savings and risk component (in either the Policy or the Pension Plan, as applicable, and on behalf of both the Employee and the Company’s contributions) shall only be made out of the Salary up to the ceiling recognized by the income tax authorities from time to time, but not otherwise (hereinafter the “Exempted Salary”). In addition, the Employee shall be entitled to receive an increment that will paid together with the Salary in an amount equal to the Company’s contributions to the savings and risk component out of the portion of the Salary above the Exempted Salary (hereinafter: the “Pension Increment”). The Pension Increment shall not constitute a salary component for any purpose, including for the purpose of calculating any fringe benefits (such as severance pay). Without derogating from the generality of the above, and for the sake of caution only, it is hereby mutually agreed that any Pension Increment paid includes within it payment of severance pay on account of it. It is agreed that the Parties will file a request to the Minister of Economy to approve this arrangement according to Section 28 of the Severance Pay Law, 1963. If the Ministry of Economy’s approval is not obtained, and the Employee demands severance pay on the basis of any of the Pension Increme...
Sample 1
Pension Arrangement. (a) Upon the Effective Date, AMO Germany agrees to provide Executive with full service credit under the Allergan GmbH Pension Plan for all periods beginning January 1, 1985 continue the additional "deferred compensation" pension arrangement of Pharma Allergan dated March 2001. (b) In accordance with the additional "deferred compensation" pension arrangement of Pharma Allergan dated March 2001 the Company and AMO Germany shall pay jointly and severally to Executive half of the maximum contribution to the State Scheme for Retirement and Unemployment of Germany as long as Executive is exempt from payment of contributions into the German State Scheme for Retirement and Unemployment.
Sample 1
Pension Arrangement. 6.1. The Manager shall continue to receive insurance coverage in a provident fund and/or a pension fund and/or senior employees’ insurance and/or a combination thereof at his discretion, both with respect to the type of the pension product and with respect to the pension insurer (the “Pension Arrangement”) according to the rates and conditions as stated hereunder. For the avoidance of doubt, at the Manager’s request, and for tax considerations, the parties agreed that the deposits for benefits within the framework of the Pension Arrangement shall be performed only for a salary in the amount of ILS 22,000 (the “Pension Salary”). In accordance with the said provisions, the parties agreed that the amount in lieu of the deposits to benefits if the deposits for the benefits had been performed for the full amount of the Salary and not just for the Pension Salary will be paid each month to the Manager as Salary differentials. If the Manager or anyone acting on his behalf commences legal action against the Company and anyone acting on its behalf on the grounds of making pension deposits for benefits up to the amount of the Pension Salary only and not for the entire amount of the Salary, the Manager shall be obligated to return to the Company promptly the amount of the Salary differentials paid to the Manager during the entire term of the legal action, with the addition of linkage differentials to the increases in the consumer price index and maximum interest in arrears in accordance with the instructions of the Bank of Israel.
Sample 1
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Pension Arrangement. The Company encourages the Executive to tailor a pension arrangement, a Managers' Insurance Policy (the “Policy”) and/or Pension Fund (the “Pension Fund”) and/or alike, or a combination of plans that best suit the Executive's anticipated future needs. Therefore, the Executive shall be entitled to a pension arrangement in accordance with his/her choose. For the avoidance of doubt, in the event the Executive elects to combine plans, the contributions percentages will relate to such portion of the Determined Salary that the Executive has allocated towards each benefit plan as follows: 8.1 The Company shall contribute for severance compensation (the “Severance Contribution”) as set forth in Exhibit A.
Sample 1
Pension Arrangement. 13.1. From the date of commencement of his employment the company shall insure the manager in a pension fund in accordance with his request, in accordance with and subject to the terms and rates stated in the Extension Order for Comprehensive Pension Insurance in the Economy, with the contributions being made on the basis of the monthly salary as defined above, at the rates set out in the table below: _____ 6 % 5.5 % 8.33 % Commencement of employment 13.2. It is clarified and agreed that the employer’s contributions to severance pay as stated above shall be in place of the employer’s obligation to pay 100% severance pay, as stated in clauses 7 and 9 of the abovementioned extension order and in accordance with Section 14 of the Severance Pay Law, 5723.
Sample 1

Related to Pension Arrangement

  • Pension Plan Employers and/or individuals who manage, operate, assist or own, either partially or wholly, a company or companies working non-union in the construction industry on Mainland Nova Scotia within the craft jurisdiction of xxx Xxxxxxxxxx Local 83 shall not be eligible to be appointed to serve, or to continue to serve, as trustees on any trust fund referred to within this Collective Agreement. This provision shall apply to management trustees and union trustees alike. 29.01 It is agreed that the employer shall pay into the established Pension Fund an amount per hour for each hour paid as per the wage tables in Craft Schedule “A”, “B”, “S” and Appendix “MIP”. Pension contributions shall be calculated based on the base hourly rate and vacation pay, and no premium shall affect this. For the purposes of this Article, overtime rates payable in accordance with Article 16 are not premiums. Such contributions shall be paid to the Trustees of the Pension Fund on or before the fifteenth (15th) day of the month following the month such hours were worked and shall be accompanied by a remittance report form for each employee on a form prescribed by the Trustees of the Fund. Each monthly report and contributions shall include all obligations arising from hours worked up to the preceding calendar month. 29.02 It is agreed that provisions for an increase in the Pension Plan (other than those increases listed above) will be implemented if so desired by the Local, with the employer contribution to be deducted from the wages rates contained herein, provided the employer receives sixty (60) days notice of such change. 29.03 The Pension Plan shall be professionally administered. 29.04 Neither the United Brotherhood of Carpenters and Joiners of America, Local 83, nor the Nova Scotia Construction Labour Relations Association shall incur any legal liability with regard to claims arising from the Pension Plan. 29.05 Employers bound by, or subject to the Agreement, shall be required to maintain for a two (2) year period, a complete set of employment records including: • employee’s name, address, and S.I.N. • number of hours worked by the employee in each week • employee’s wage rate and gross earnings, amount(s) and description of deductions from the employee’s wages • particulars of pay allowances or other payments or benefits to which the employee is entitled.

  • Unfunded Arrangement The Executive and beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Company to which the Executive and beneficiary have no preferred or secured claim.

  • Pension All present employees enrolled in the Hospital's Pension Plan shall maintain their enrolment in the Plan subject to its terms and conditions. New employees and employees employed but not yet eligible for membership in the Plan shall, as a condition of employment, enrol in the Plan when eligible in accordance with its terms and conditions.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan (a) the institution of any steps by the Borrower, any member of its Controlled Group or any other Person to terminate a Pension Plan if, as a result of such termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably expect to incur a liability or obligation to such Pension Plan, in excess of $10,000,000; or (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA.

  • Benefit Arrangements Each Benefit Arrangement has been maintained in compliance, in all material respects, with its terms and with the requirements prescribed by any and all statutes, orders, rules and regulations which are applicable to such Benefit Arrangement, including without limitation, the Code, and with all plan documents. Except as set forth in SCHEDULE 4.8 and except as provided by law, the employment of all persons presently employed or retained by the Company is terminable at will.

  • Compensation Arrangements (a) Following receipt of an RoU Claim Notice in respect of a Type 2 Restriction of Use, Network Rail and the Train Operator shall (if they have not already done so) commence negotiations in respect of the RoU Direct Costs compensation to be paid by one party to the other in respect of such Type 2 Restriction of Use and, subject to paragraph 10, shall continue such negotiations in good faith until they are concluded. (b) Once the compensation referred to in paragraph 6.1(a) has been agreed or determined (and has been compared against any amounts calculated under paragraph 4 together with any other amounts paid or due to the Train Operator from Network Rail in relation to such Restriction of Use) then, in the event of: (i) a shortfall for the Train Operator, the compensation to be paid by Network Rail to the Train Operator shall be the full amount of the RoU Direct Costs actually incurred by the Train Operator less any amounts calculated under paragraph 4 which have already been paid or are due for such Restriction of Use and any other amounts in respect of any RoU Direct Costs received by the Train Operator from Network Rail in respect of such Restriction of Use; or (ii) an overpayment by Network Rail to the Train Operator, the compensation to be paid by the Train Operator to Network Rail shall be the difference between the amount received by the Train Operator which was calculated under paragraph 4 and the RoU Direct Costs actually incurred by the Train Operator in respect of such Restriction of Use. (c) Network Rail shall include in the statement provided by it in respect of each Period under paragraph 13.1(a) details of the compensation agreed or determined under this paragraph 6 and paragraph 10 to be payable in respect of any Type 2 Restriction of Use taken in that Period and that compensation shall be due and payable by the relevant party to the other in accordance with paragraph 13.1.

  • 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.

  • Pension and Welfare Plans During the twelve-consecutive-month period prior to the Closing Date and prior to the date of any Credit Extension hereunder, no steps have been taken to terminate any Pension Plan, and no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA. No condition exists or event or transaction has occurred with respect to any Pension Plan which might reasonably be expected to result in the incurrence by the Borrowers or any member of the Controlled Group of any material liability, fine or penalty. Except as disclosed in Item 6.11 of the Disclosure Schedule, neither any Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

  • Employment Arrangements (a) Except as required by Law, Seller has no obligation, contingent or otherwise, under any employment agreement, collective bargaining or other labor agreement, any agreement containing severance or termination pay arrangements, retainer or consulting arrangements, or purchase plan or other employee contract or non-terminable (whether with or without penalty) arrangement with respect to any person employed by Seller in connection with the businesses operated at the Restaurants (including but not limited to district managers) (collectively “Subject Employees”). (b) Except as set forth on Schedule 2.11(b), within the last five (5) years Seller has not experienced any labor disputes, union organization attempts or any work stoppage due to labor disagreements. Except as set forth on Schedule 2.11(b), (i) Seller is in substantial compliance with all applicable Laws, including all Federal and state labor laws, rules and regulations, respecting employment and employment practices, terms and conditions of employment and wages and hours, and is not engaged in any unfair labor practice; (ii) there is no unfair labor practice, charge or complaint against Seller pending or threatened before the National Labor Relations Board; (iii) there is no labor strike, dispute, request for representation, slowdown or stoppage actually pending or threatened against or affecting Seller; (iv) no question concerning representation has been raised or is threatened respecting the employees of Seller; and (v) no grievance which might have an adverse effect on Seller or the conduct of its business nor any arbitration proceeding arising out of or under collective bargaining agreements is pending and no claims therefor exist. (c) Schedule 2.11(c) sets forth a true and complete list of (i) the names of all manager and assistant managers employed by Seller at the Restaurants as of the date hereof, including both salaried and hourly managers, the date such individuals were first employed by Seller, how long such individuals have been at the particular Restaurants and the salary or hourly wage payable to such persons; (ii) the names of all other persons employed by Seller at the Restaurants as of the date hereof, and the salary or hourly wage payable to each such person; and (iii) the total number of vacation days earned and/or accrued by all persons employed by Seller and the total monetary value of such accrued vacation for all such persons (“Accrued Vacation Pay”). As of the Closing, Seller shall have terminated all Subject Restaurant Employees and no additional payments shall be due and owing to any Subject Restaurant Employee with respect to any period prior to and including the Closing Date (except for any amount claimed by any Subject Restaurant Employee but which has being denied or contested by the Seller in good faith, which shall be an Excluded Liability) or amounts that Seller shall be obligated to pay (including, without limitation, payments relating to such employees' Accrued Vacation). Seller has complied with all requirements of the Worker Adjustment and Retraining Notification Act of 1988 and has not incurred, nor is reasonably expected to incur, any Losses under such Act. (d) Except as set forth on Schedule 2.11(d): (1) no charge against Seller or any of the employees of the Restaurants is pending before the Equal Employment Opportunity Commission, the National Labor Relations Board, or any other Governmental Authority responsible for the prevention of unlawful employment practices related to the Restaurants; (2) no actions relating to employment or loss of employment from Seller, directly or indirectly, are pending in any Governmental Authority and no such Actions have been threatened against Seller related to the Restaurants; and (3) no notice of intent of any Governmental Authority responsible for the enforcement of labor or employment regulations to conduct an investigation has been received, and no such investigation is in progress. (e) Each of the employees at the Restaurants is employed at will and may be terminated at any time by Seller without the payment of any severance or other penalty and without any requirement that any advance notice be given in connection with such termination. (f) The Accrued Vacation has been earned and accrued in the ordinary course of Seller's business consistent with past practices. (g) Seller is not, and has not been, a party to, bound by, or negotiating any collective bargaining agreement or other Contract with a union, works council or labor organization (collectively, "Union"), and there is not, and has not been, any Union representing or purporting to represent any employee of Seller, and no Union or group of employees is seeking or has sought to organize employees for the purpose of collective bargaining. There has never been, nor has there been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar labor disruption or dispute affecting Seller or any employees of the Business. Seller has no duty to bargain with any Union.

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

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