Profit Sharing Plan. Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).
Profit Sharing Plan. If this is a profit sharing plan, unless the Adoption Agreement indicates otherwise, Forfeitures shall be allocated in the manner provided in Section 3.01(B) (for Employer Contributions) to the Individual Accounts of Qualifying Participants who are entitled to share in the Employer Contribution for such Plan Year. Forfeitures shall be allocated as of the last day of the Plan Year during which the Forfeiture arose (or any subsequent Plan Year if indicated in the Adoption Agreement).
Profit Sharing Plan. For profit-sharing for covered employees effective for 2014 profit sharing paid in 2015 and subsequent years of this agreement, the profit sharing plan for IAM represented employees shall be funded with five percent (5%) of pre-tax profit up to a pre-tax margin of six and nine-tenths percent (6.9%) plus ten percent (10%) of pre-tax profit in excess of a pre-tax margin of six and nine-tenths percent (6.9%). Special and unusual items shall be excluded from pre-tax profit when making these calculations. APPENDIX A – PLAN DESIGNS FOR CORE MEDICAL OPTIONS Core PPO Option Core EPO Option Core HDHP PLAN DESIGN In-Network Out-of- Network In-Network In-Network Out-of- Network Annual Deductibles $300 single/ $600 family $600 single/ $1200 family $200 single/ $400 family $2500 single only $5000 true family deductible* $5000 single only $10,000 true family deductible* HSA Seed Amount (pro- rated per paycheck) NA NA $750 single / $1500 family Annual Out-of- Pocket (OOP) Limits $2000 single/ $4000 family (includes medical coinsurance and deductible, but not copays) $4000 single/ $8000 family (includes medical coinsurance and deductible, but not copays) $1,500/$3,000 (includes medical coinsurance and deductible, but not copays) $3000 single only $6000 true family maximum* (includes deductible and coinsurance) $6000 single only $12000 true family maximum* (includes deductible and coinsurance) Cross Application Out-of-Network Deductibles and OOP to In- Network Yes NA Yes Office Visit PCP $25 co-pay Covered at 60% after deductible $25 co-pay Covered at 95% after deductible Covered at 60% after deductible Office Visit Specialist $40 co-pay $40 co-pay Preventive Services (comprehensive array; See Appendix C) 100% preventive 100% preventive 100% preventive APPENDIX A – PLAN DESIGNS FOR CORE MEDICAL OPTIONS Core PPO Option Core EPO Option Core HDHP PLAN DESIGN In-Network Out-of- Network In-Network In-Network Out-of- Network Laboratory, x-ray and diagnostic testing Covered at 80% after deductible Covered at 60% after deductible Included w/office visit Covered at 95% after deductible Covered at 60% after deductible Hospital/Inpatient Covered at 90% after deductible Outpatient Facilities/Surgical Covered at 90% after deductible Urgent Care Center $50 $50 co-pay Emergency Room $200 flat copay, waived if admitted $200 co-pay, waived if admitted Retail Generic Drugs $10 co-pay Mandatory Mail – Limit 3 retail fills for maintenance drugs* (Workaround for lower costs Rx at Target/Costco...
Profit Sharing Plan. During the term of this Agreement, Executive shall not participate in the Company's nonqualified cash profit sharing plan applicable to employees generally.
Profit Sharing Plan. The Employee will be entitled to participate in the Profit Sharing Plan now in force or as it is modified from time to time according to the eligibility requirements and benefits as set forth in that Plan.
Profit Sharing Plan. Executive will be entitled to continue to participate, consistent with past practices, for the CIC Severance Period in the Profit Sharing Plan (or any successor or replacement plan) as in effect as of his Date of Termination. Executive’s participation in such Profit Sharing Plan shall continue for the CIC Severance Period and the compensation payable to Executive under Sections 4.1 and 4.2(c) above shall be treated (unless otherwise excluded) as compenation under the plan as if it were paid on a monthly basis. Executive will receive an amount equal to the Company’s contributions to the Profit Sharing Plan, assuming Executive had participated in such plan at the maximum permissible contributions level. If continued participation in any plan is not permitted by the plan or by applicable law, the Company shall pay to Executive or, if applicable, his beneficiary, a supplemental benefit equal to the Present Value on the Date of Termination (calculated as provided in the plan) of the excess of (i) the benefit Executive would have been paid under such plan if he had continued to be covered for the CIC Severance Period (less any amounts Executive would have been required to contribute), over (ii) the benefit actually payable under such plan. The Company shall pay such additional benefits in a lump sum within 30 days of his Date of Termination.
Profit Sharing Plan. The Company and the Union agree to continue the existing profit sharing plan for all employees including non-bargaining unit employees. The formula to be used will be based on a percentage of annual income from the Company’s Sault Ste. Xxxxx operations adjusted for the effects of Purchase Accounting (“Adjusted Annual Income From Operations”) as outlined below: Adjusted Annual Income From Operations Profit Sharing Percentage On first $50 million 0% On income over $50 million to $100 million 6% On income over $100 million to $150 million 8% On income in excess of $150 million 10% Profit sharing will be made in two installments. 50% of the projected profit sharing payments will be paid within 30 days of the release of Q2 financials. The remaining profit sharing payment, if any, shall be paid within 90 days of the close of the fiscal year. 100% of the profit sharing pool will be paid out. Profit sharing and other special payments shall be excluded from the calculation of Vacation Pay. Profit sharing payments for the first two quarters of each calendar year shall be based on reported unaudited results. Fourth quarter and final annual calculations shall be based on audited financial statements of each fiscal year. The Company agrees to supply the United Steelworkers with a copy of each reported unaudited quarterly financial statement within 60 days of the end of each quarter as well as a copy of the audited annual financial statement within ninety days of the end of each fiscal year.
Profit Sharing Plan. Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the CEO tier under the Plan’s Responsibility Factors. Employer will recover from the Executive any incentive compensation required to be recovered by the Employer under the terms of the Clawback Policy (as defined in Section 12.i). Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer under the terms of the Clawback Policy (as defined in Section 12.i).
Profit Sharing Plan. During employment with Employer under this Agreement, the Employee is eligible to participate and receive 30% of 15% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006) of Employer (which such amount shall include any facility or plant manufacturing manufactured or mobile homes, including the proposed Sulligent location) (the “Profit Sharing Distribution”). The annual period used to measure the Profit Sharing Plan shall be Employer’s fiscal year (the “Profit Sharing Year”). The Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of Employer’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, Employer shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, Employer will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. The Employee must be employed by the Employer at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer with Cause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable.
Profit Sharing Plan. Executive shall be a participant in CPC's ------------------- 401(k) and Profit Sharing Plans, to the extent allowed by law and by the terms of those plans.
