Certain Director Plans Clause Samples
The 'Certain Director Plans' clause defines the terms and conditions under which specific compensation or benefit plans for company directors are established or maintained. Typically, this clause outlines eligibility, the types of plans covered (such as stock options or retirement benefits), and any limitations or requirements for director participation. Its core function is to ensure transparency and consistency in how directors are compensated or incentivized, thereby reducing ambiguity and potential disputes regarding director benefits.
Certain Director Plans. Effective as of the Distribution Date, ▇▇▇▇▇▇▇▇ 66 shall, or shall cause a ▇▇▇▇▇▇▇▇ 66 Entity to, establish a plan with terms and conditions substantially comparable to the COP Director’s Annual Matching Gift Program.
Certain Director Plans. Effective as of the Distribution Date, Spectra Energy shall, or shall cause one of its Affiliates to, establish a plan with terms and conditions substantially comparable to the Duke Energy Directors Charitable Giving Program. Effective as of the Distribution Date, Spectra Energy hereby agrees to cause such plan to assume responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations come due, of the Duke Energy Directors Charitable Giving Program with respect to all individuals who are members of the Spectra Energy Board of Directors as of the Effective Time or are a Former Spectra Energy Employee or director and, effective as of the Distribution Date, Duke Energy shall have no obligation in respect of any such individual under such Spectra Energy plan. Any Assets related to the Spectra Energy Participants in the Duke Energy Directors Charitable Giving Program shall be transferred by Duke Energy to Spectra Energy as soon as practicable following the Distribution Date.
Certain Director Plans. Effective as of the Distribution Date, GasCo shall, or shall cause one of its Affiliates to, establish a plan with terms and conditions substantially comparable to the Duke Energy Directors Charitable Giving Program. Effective as of the Distribution Date, GasCo hereby agrees to cause such plan to assume responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations come due, of the Duke Energy Directors Charitable Giving Program with respect to all individuals who are members of the GasCo Board of Directors as of the Effective Time or are a Former GasCo Employee or director and, effective as of the Distribution Date, Duke Energy shall have no obligation in respect of any such individual under such GasCo plan. Any Assets related to the GasCo Participants in the Duke Energy Directors Charitable Giving Program shall be transferred by Duke Energy to GasCo as soon as practicable following the Distribution Date.