VERP Sample Clauses

VERP. (a) Effective as of the Effective Time, Washington or Alpha will have established a new voluntary early retirement program (the "Washington VERP"), the purpose of which will be to provide benefits to Washington Participants who participate in the Conexant VERP immediately prior to the Time of Distribution, and a trust related thereto (the "Washington VERP Trust"). The Washington VERP will be substantially similar in all material respects to the Conexant VERP. The Washington VERP will credit each Washington Participant thereunder for purposes of eligibility to participate and benefit accruals and all other plan purposes with all service which has been credited to such participant for such purposes under the Conexant VERP immediately prior to the Time of Distribution (except to the extent that such crediting would result in the duplication of benefits).
Sample 1Sample 2
AutoNDA by SimpleDocs
VERP. As of and after the Time of Distribution, Conexant will retain sponsorship of the Conexant VERP and will retain all assets thereof and all rights therein. Effective as of the Time of Distribution, each Mindspeed Participant set forth on Schedule 5.07 who was eligible to participate in the Conexant VERP prior to the Time of Distribution will be treated as having terminated employment with Conexant and the Conexant Subsidiaries for purposes of determining his or her eligibility to participate in the Conexant VERP and will be paid his or her benefit pursuant to the terms of the plan. Accordingly, none of Mindspeed, any other member of the Mindspeed Group or Affiliates of the foregoing will have or acquire any interest in or right to any of the assets of the Conexant VERP Trust or will have any Liabilities with respect to such plan, and Conexant will have full power and authority with respect to the amendment and termination of the Conexant VERP and the investment and disposition of assets held in the Conexant VERP Trust.
Sample 1Sample 2
VERP. Commencing on October 1, 2002, the company shall take all steps reasonably available to it to ensure that Executive shall be eligible to draw a combined monthly "Rockwell Pension" (also known as the Rockwell Vested Terminated Pension Benefit) and Conexant Systems, Inc. Voluntary Early Retirement Program ("VERP") benefit of $10,439.93, until he reaches age 62, and $10,070.93 thereafter for the term of these benefits. The combined Rockwell pension and VERP benefit amounts shall be payable to Executive in parallel with and in addition to this Base Salary. Executive will remain on active employee health care benefit coverage until February 25, 2004 at which time he and his eligible dependents will be covered by the Conexant Retiree Medical Plan.
Sample 1
VERP. Commencing on October 1, 2002, the Company shall take all steps reasonably available to it to ensure that Executive shall be eligible to draw a combined monthly "Rockwell pension" (also known as the Rockwell Vested Terminated Pension Benefit) and Conexant Systems. Inc. Voluntary Early Retirement Program ("VERP") benefit of $10,439.93, until he reaches age 62, and $10,070.93 thereafter for the term of these benefits. The combined Rockwell pension and VERP benefit amounts shall be payable to Executive in parallel with and in addition to this Base Salary.
Sample 1

Related to VERP

  • Retirement, Welfare and Fringe Benefits During the Period of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s employees generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time.

  • One Benefit Only Despite anything to the contrary in this Agreement, the Executive and Beneficiary are entitled to one benefit only under this Agreement, which shall be determined by the first event to occur that is dealt with by this Agreement. Except as provided in section 2.5 or Article 3, subsequent occurrence of events dealt with by this Agreement shall not entitle the Executive or Beneficiary to other or additional benefits under this Agreement.

  • Other Fringe Benefits During the Employment Period, Executive shall be entitled to receive such of the Company’s other fringe benefits as are being provided to other Executives of the Company on the Senior Executive Team.

  • Standard Company Benefits Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.

  • Fringe Benefits During the Employment Period, the Executive shall be entitled to fringe benefits, including, without limitation, tax and financial planning services, payment of club dues, and, if applicable, use of an automobile and payment of related expenses, in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies.

  • DEFINED BENEFIT PLAN LIMITATION If the Employer maintains a defined benefit plan, or has ever maintained a defined benefit plan which the Employer has terminated, then the sum of the defined benefit plan fraction and the defined contribution plan fraction for any Participant for any Limitation Year must not exceed 1.0. The Employer must provide in Adoption Agreement Section 3.18 the manner in which the Plan will satisfy this limitation. The Employer also must provide in its Adoption Agreement Section 3.18 the manner in which the Plan will satisfy the top heavy requirements of Code Section 416 after taking into account the existence (or prior maintenance) of the defined benefit plan.

  • Group Benefits The Executive will participate in the Company's Group Benefit Plan and any other group perquisites all as in effect from time to time.

  • Other Company Benefits Executive and, to the extent applicable, Executive’s spouse, dependents and beneficiaries, shall be allowed to participate in all benefits, plans and programs, including improvements or modifications of the same, which are now, or may hereafter be, available to other executive employees of Company. Such benefits, plans and programs shall include, without limitation, any profit sharing plan, thrift plan, health insurance or health care plan, life insurance, disability insurance, pension plan, supplemental retirement plan, vacation and sick leave plan, and the like which may be maintained by Company. Company shall not, however, by reason of this paragraph be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such benefit plan or program, so long as such changes are similarly applicable to executive employees generally.

  • Certain Employees (a) Each of the following is included in the list of agreements set forth in the Disclosure Schedule: all collective bargaining agreements, employment and consulting agreements, bonus plans, deferred compensation plans, employee pension plans or retirement plans, employee profit-sharing plans, employee stock purchase and stock option plans, hospitalization insurance, and other plans and arrangements providing for employee benefits of employees of the Seller.

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.