Seller’s Savings Plan Sample Clauses

Seller’s Savings Plan. (i) Effective as of the Closing Date, the Seller shall cause each Employee to fully vest in his account balance under the Employees’ Savings and Retirement Plan of Credit Suisse First Boston (“Seller’s Savings Plan”) as of December 31, 2002, including any related employer contributions for the calendar year ending December 31, 2002. In consideration of the Seller’s agreement to fully vest Employees in their account balances under the Seller’s Savings Plan, the Purchaser agrees to pay to the Seller at Closing $500,000, in U.S. dollars, by wire transfer in immediately available funds to the Purchase Price Bank Account.
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Seller’s Savings Plan. With respect to Seller’s Savings Plan, Seller has provided Buyer complete and correct copies of: the Seller’s Savings Plan (including all amendments) and its related trust agreement; the most recent trust report relating to Employees; the most recent Form 5500 and all schedules thereto; the most recent IRS determination letter; and the current summary plan description.
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Seller’s Savings Plan. The term "Sellers' Savings Plan" shall have the meaning ascribed to such term in Section 3.4.d.
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Seller’s Savings Plan. Seller shall take all necessary and legally permissible actions in order to cause the Seller’s 401 (k) defined contribution plan with the Principal Financial Group (“Seller’s Savings Plan”) to distribute the account balances thereunder for each Transferred Employee who participated in Seller’s Savings Plan prior to the Closing Date, subject to the consent of such Transferred Employee, where required, including making any and all necessary amendments to Seller’s Savings Plan to effect such distribution, and Purchaser shall cause its 401(k) savings plan or other comparable plan sponsored by Purchaser (“Purchaser’s Savings Plan”) to accept a rollover of such account balances, if such Transferred Employees so elect.
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Seller’s Savings Plan. Upon the consummation of the transactions contemplated by this Agreement, Seller shall cause the Seller's Savings Plan to provide that any Transferred Employee who was a participant in the Seller's Savings Plan immediately prior to the Closing Date shall be entitled to receive a "lump sum distribution" as defined in, and in accordance with, the provisions of Section 401(k)(10) of the Code from the Seller's Savings Plan. Buyer shall cause a defined contribution plan or plans sponsored by Buyer to accept direct rollovers (described in Section 402(c) of the Code) of lump sum distributions to which Transferred Employees are entitled under the Seller's Savings Plan and participant loans transferred in kind. During the period following the Closing Date and preceding the rollover of lump sum distributions and participant loans pursuant to this Section 6.17(g), Buyer will cooperate with and assist Seller in collecting and remitting to the trustee of Seller's Savings Plan payroll deductions relating to any outstanding loans.
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Related to Seller’s Savings Plan

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Defined Contribution Plan A plan under which Employee accounts are maintained for each Participant to which all contributions, forfeitures, investment income and gains or losses, and expenses are credited or deducted. A Participant’s benefit under such plan is based solely on the fair market value of his or her account balance.

  • Retirement Plan Employee shall participate, after meeting eligibility requirements, in any qualified retirement plans and/or welfare plans maintained by the Company during the term of this Agreement.

  • 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).

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended.

  • Seller's Employees Purchaser will interview and evaluate in accordance with its normal employment procedures those Persons employed as field personnel in the capacity of pumper, foreman, operator, technician, mechanic, superintendent, repairman, utility man, or other similar field classifications by Seller in connection with the Subject Properties and identified by letter of even date herewith from Seller to Purchaser who desire to be considered for employment by Purchaser, and will offer in writing employment to those Persons for whom Purchaser in its sole discretion determines a need. If Purchaser fails to offer such employment to all of such Persons, Purchaser shall not, as a result of such failure, otherwise be in default under this Agreement, but shall be required to reimburse Seller for severance benefits paid by Seller to each such Person not offered employment by Purchaser; provided, that such reimbursement shall not exceed that amount determined by multiplying each such employee's normal weekly wage by twelve (12). Persons offered employment with Purchaser will be offered employment at their current work location with compensation and benefits comparable to those provided to Purchaser's current employees performing similar tasks, or, if none, with compensation and benefits comparable to those provided by Seller Such offers shall be made prior to Closing, but shall be contingent upon the occurrence of Closing and such employment shall not commence until Closing. If any such Person employed by Purchaser is terminated by Purchaser within six (6) months of Closing, Purchaser shall pay such Person a severance benefit equal to the amount determined by multiplying each such employee's normal weekly wage by ten (10). Purchaser shall have no obligation under this Section 13.19 with respect to Persons offered employment by Purchaser pursuant to this Section 13.19 who decline such employment, except that the foregoing provisions shall apply to the extent that such Person accepts employment with Purchaser or any of its Affiliates within twelve (12) months of Closing.

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