Tax-Qualified Retirement Plans. During 2006, the Executive shall continue to participate in the Company’s Savings and Retirement Plan. For at least twenty-four (24) months following the Effective Date, the Executive shall participate in a defined contribution retirement plan the terms of which shall be at least as favorable to the Executive as the terms in the Company’s Savings and Retirement Plan as of the date of this Agreement.
Tax-Qualified Retirement Plans. Upon the occurrence of a Covered Termination, the Executive's benefits under any pension, profit sharing, or stock bonus plan intended to satisfy the requirements of Section 401(a) of the Internal Revenue Code, specifically including, but not limited to, the Silicon Valley Bank 401(k) and Employee Stock Ownership Plan and the Silicon Valley Bank Money Purchase Pension Plan, shall become fully vested.
Tax-Qualified Retirement Plans. (a) Prior to the Closing Date, Vertical/Trigen shall take all steps as are necessary to terminate its U.S. tax-qualified retirement plan and to permit distributions to all participants of such plan. Osmotica shall cause its U.S. tax-qualified retirement plan to accept direct rollovers from the terminated plan.
(b) Prior to the Closing Date, Vertical/Trigen shall (i) use its reasonable best efforts to take (or cause to be taken) all steps as are necessary to correct all operational errors relating to the Vertical Pharmaceuticals, Inc. 401(k) Plan as described in Section 4.15(d) of the Vertical/Trigen Disclosure Schedule, which shall include the obligation to pay prior to the Closing any and all amounts required to be paid in order to correct such errors (collectively, the “Corrective Payment Amount”), which amounts shall be estimated in good faith upon consultation with Vertical/Trigen’s third party advisors (and such estimated Corrective Payment Amount shall be paid by Vertical/Trigen prior to Closing), and (ii) provide to the Osmotica Shareholders’ Representative copies of the submission under the IRS’s Voluntary Correction Program (which shall have been filed with the IRS before the Closing Date) and of such other documentation as is required in order to correct such operational errors.
Tax-Qualified Retirement Plans. You will not be entitled to continue to participate in the Avon Personal Savings Account Plan after the Separation Date. You are 100% vested in your Avon Products, Inc. Personal Retirement Account Plan (“PRA”) benefit. You will be considered a terminated participant for purposes of the PRA at the end of the Continuation Period.
Tax-Qualified Retirement Plans. Simultaneously with the execution of this Agreement, the Company will deliver to Fiscxxx xxxtribution election forms whereby she may elect the form, timing and manner of distribution of her benefits under the Company's tax-qualified retirement plans. The Company shall cause the Company's tax-
Tax-Qualified Retirement Plans. MRI currently maintains the Xxxxxxxx ------------------------------ Restaurants Inc. Salary Deferral Plan (the "Salary Deferral Plan") and the Xxxxxxxx Restaurants Inc. Retirement Plan (the "Retirement Plan")(collectively, the "Tax-Qualified Retirement Plans"). As soon as practicable, but no later than the day before the effective date of the Distributions (the "Spinoff Date"), MFCI and MHCI shall adopt both Tax-Qualified Retirement Plans. Prior to the Spinoff Date, MRI shall amend the Tax-Qualified Retirement Plans, as necessary, to clarify that the Distributions will not constitute a termination of employment for benefit distribution or other related purposes under the Tax- Qualified Retirement Plans so long as a participant remains continuously employed by RTI, MFCI or MHCI from and after the Spinoff Date and, with respect to the Salary Deferral Plan, to clarify further that no contributions shall be made for periods of service after the Spinoff Date by or on behalf of those participants who do not continue in the employ of RTI thereafter. Effective as of the Spinoff Date, MFCI and MHCI shall withdraw from the Salary Deferral Plan. With respect to the maintenance and operation of the Tax- Qualified Retirement Plans following the Spinoff Date, the parties agree as follows:
Tax-Qualified Retirement Plans. Each Employee Plan that is intended to be tax-qualified under Section 401(a) of the Code is either (i) the recipient of a favorable determination letter from the IRS, or (ii) a volume submitter or master and prototype plan as to which the adopter is entitled to rely on the advisory or opinion letter issued by the IRS with respect to the qualified status of such plan under Section 401 of the Code to the extent provided in Revenue Procedure 2005-16, and no event has occurred that could reasonably be expected to result in the loss of tax-qualified status of such Employee Plan.
Tax-Qualified Retirement Plans. During the Severance Period, the Executive shall be eligible to continue to participate in the Company's Profit Sharing Retirement Plan and Employee Savings Plan, based on the continuation of his salary, to the extent permitted under the terms of those plans.
Tax-Qualified Retirement Plans. Upon the occurrence of a Change in Control (and regardless of whether a Covered Termination occurs), the Employee's benefits under the First Republic 401(k) and Employee Stock Ownership Plans shall become fully vested (to the extent not already fully vested).
Tax-Qualified Retirement Plans
