NIC Election definition

NIC Election means an irrevocable election, in such form as is determined by the Trustees and approved in advance by the Board of the Inland Revenue, for the transfer to the Participant of the whole or any part of the Employing Company’s liability for Employer’s NICs pursuant to clause 2.10 and the arrangements made in such NIC Election for securing that the Participant will meet the liability transferred to him which shall have been approved in advance by the Board of the Inland Revenue;
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NIC Election means an election in the form envisaged in Paragraph 3B(1) of Schedule 1 to the Social Security Contribution and Benefits Act 1992 as a result of which the secondary NIC liability, if any, in respect of the exercise of the Option becomes the Participant’s liability;
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NIC Election means an election under paragraph 3B(1) of Schedule 1 to the Social Security Contributions and Benefits Axx 0000 or under paragraph 3B(1) of Schedule 1 to the Social Security Contributions and Benefits (Northern Ireland) Axx 0000.
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Examples of NIC Election in a sentence

  • The Participant agrees to enter into a NIC Election prior to the vesting of the RSUs. If the Participant does not enter into such election prior to vesting, or if the NIC Election is revoked at any time by HMRC, then unless the Company determines otherwise as provided below, the Participant will not be entitled to vest in the RSUs or receive shares of Stock, without liability to the Company, the Employer, the Parent, or any Subsidiary or Affiliate.

  • The Grantee agrees to enter into a NIC Agreement or a NIC Election prior to the date on which the Purchase Offer lapses if requested to do so by the Company.

  • Participant shall indemnify the Company and/or the Employer against any Employer NICs and, if the Company so determines, the Company shall allow vesting of the RSUs notwithstanding the absence of a valid NIC Election, and Participant agrees that, in such circumstances, the Company and/or the Employer may recover the amount of any Employer NICs by way of withholding in accordance with Section 6 of the Agreement.

  • The Participant agrees to enter into a NIC Election prior to the vesting of the PSUs. If the Participant does not enter into such election prior to vesting, or if the NIC Election is revoked at any time by HMRC, then unless the Company determines otherwise as provided below, the Participant will not be entitled to vest in the PSUs or receive shares of Stock, without liability to the Company, the Employer, the Parent, or any Subsidiary or Affiliate.

  • Participant shall indemnify the Company and/or the Employer against any Employer NICs and, if the Company so determines, the Company shall allow vesting of the PSUs notwithstanding the absence of a valid NIC Election, and Participant agrees that, in such circumstances, the Company and/or the Employer may recover the amount of any Employer NICs by way of withholding in accordance with Section 7 of the Agreement.


More Definitions of NIC Election

NIC Election means a joint national insurance contributions election pursuant to paragraph 3B(1) of Schedule 1 of SSCBA 1992 in respect of Exchange Shares to be issued by the Buyer; "OEM Agreement" means an agreement under which one party agrees to manufacture products for and to test, deliver and/or provide support and training to another party in respect of products to be resold by that other party or any similar agreement or arrangement; "Open Source Code" means any software code that is distributed as "free software" or "open source software" or is otherwise distributed publicly in source code form under terms that permit modification and redistribution of such software. Open Source Code includes software code that is licensed under the GNU General Public License, GNU Lesser General Public License, Mozilla License, Common Public License, Apache License, BSD License, Artistic License, or Sun Community Source License; "Option Exercise Notice" means the agreed form deed by which AS will exercise his option over the Option Shares immediately prior to Completion and pursuant to which he will, among other things, instruct the Buyer to pay to the Company the amounts prescribed in clause 3.5 of this agreement;
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Related to NIC Election

  • 10) Election has the meaning set forth in Section 6.05(a).

  • LCA Election has the meaning specified in Section 1.09(a).

  • LCT Election has the meaning assigned to such term in Section 1.06.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Primary election means any regular primary election held under the election

  • Safe Harbor Election has the meaning set forth in Section 10.2(d).

  • Investment Election means an election, made in such form as the Administrative Committee may direct, pursuant to which a Participant may elect the Investment Funds in which the amounts credited to his Account will be deemed to be invested.

  • REMIC Election An election, for federal income tax purposes, to treat certain assets as a REMIC.

  • Regular election means an election held on a regular election date to elect an individual to, or nominate an individual for, elective office in the regular course of the terms of that elective office.

  • Exchange Election shall have the meaning specified in Section 14.12(a).

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • Section 336(e) Election has the meaning set forth in Section 7.06.

  • Payment Election means an election pursuant to Section 5.1.

  • Deferral Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the amount of the Deferrals.

  • Regular primary election means the election on the fourth Tuesday of June of

  • Election cycle means the period beginning on the first day persons are eligible to

  • Mail ballot election means any election that is conducted under Title 13, chapter 19, by mailing

  • Stock Election shall have the meaning set forth in Section 3.2.2.

  • by-election means a trustee election to fill a vacancy on the Board in any of the circumstances described in section 36 of the School Act.

  • Special election means an election held as authorized by Section 20A-1-203.

  • Qualified Election means a Participant's waiver of a Qualified Joint and Survivor Annuity or a Qualified Pre-Retirement Survivor Annuity. Any such waiver must be consented to in writing by the Participant's Spouse. The Spouse's consent must: designate a specific Beneficiary (including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent) or expressly permits designations by the Participant without any further spousal consent; acknowledge the effect of the election; and be witnessed by a member of the Committee or a Notary Public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent). Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of a member of the Committee that there is no Spouse or the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any spousal consent (or deemed spousal consent) obtained under this provision will be valid only with respect to such Spouse. A consent that permits designations by the Participant without further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary and, where applicable, a specific form of benefit, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in paragraph (b) below.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

  • Local election means a regular county election, a regular municipal election, a

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • Eligible elector means a person who meets the specific requirements for voting at a specific election or for a specific candidate, ballot question, or ballot issue. If no specific provisions are given, an eligible elector shall be a registered elector, as defined in subsection (35) of this section.

  • Other Benchmark Rate Election means, with respect to any Loan denominated in Dollars, if the then-current Benchmark is the LIBO Rate, the occurrence of: