AGREEMENT CONCERNING PROFIT SHARING PLAN Sample Clauses

AGREEMENT CONCERNING PROFIT SHARING PLAN. Section 1. Establishment of Plan Subject to receipt by the Company of a ruling or determination, satisfactory to the Company, from the United States Department of Labor, if such ruling is deemed necessary by the Company, holding that no part of any payments under the Plan are included for purposes of the Fair Labor Standards Act in the regular rate of any employee, the Company will establish an amended Profit Sharing Plan for Hourly Employees in the United States (herein referred to as the Plan), a copy of which is attached as Part B hereof. In the event that the Company deems such a ruling by the Department of Labor to be necessary and such ruling satisfactory to the Company is not obtained, the Company within five (5) working days after such disapproval, will give written notice thereof to the Union, and the Company, with the consent of the Director of the National Ford Department of the Union, may, during the term of this Agreement, make revisions in the Plan not inconsistent with the purposes, structure and basic provisions thereof which shall be necessary to obtain or maintain such ruling. Any such revision shall adhere as closely as possible to the language and intent of the provisions in Part B hereof. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of this Agreement will supersede the provisions of the Plan to the extent necessary to eliminate such conflict. Capitalized defined terms used in this Part A shall have the meanings specified in Article I of Part B of this Agreement.
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Related to AGREEMENT CONCERNING PROFIT SHARING PLAN

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