Defined Contribution Retirement Plans Clause Samples
POPULAR SAMPLE Copied 1 times
Defined Contribution Retirement Plans. Within five business days after the Termination Date or, if later, the earliest time or times permitted under Internal Revenue Code Section 409A and related Federal regulations, the Company will pay Mr./Ms. [Insert Name] an amount equal to the amount of the Company’s contributions (and specifically not including any pre-tax or other contributions commonly considered to made by an employee) that would have been added to Mr./Ms. [Insert Name]’s accounts under the Company’s qualified defined contribution plans and any excess or supplemental defined contribution plans in which Mr./Ms. [Insert Name] participates at the Termination Date (or if more favorable to Mr./Ms. [Insert Name], the plans as in effect immediately prior to the Change in Control) if Mr./Ms. [Insert Name] had continued her employment for 24 months after the Termination Date and such later date were the date of employment termination under such plans, assuming for this purpose that –
(1) Mr./Ms. [Insert Name]’s compensation in each of the two years is that required by Sections 3.4.B payable in equal monthly installments over such two-year period;
(2) Mr./Ms. [Insert Name]’s benefits under such plans are vested to the extent that they would have been vested had her employment terminated at such later date;
(3) The rate of any such employer contribution is equal to the maximum rate provided under the terms of the applicable plans for the year in which the Termination Date occurs (or, if more favorable to Mr./Ms. [Insert Name], or in the event that as of the Termination Date the rate of any such contribution for such year is not determinable, the rate of contribution under the plans for the plan year ending immediately prior to the date of the Change in Control); and
(4) To the extent that the Company’s contributions are determined based on the contributions or deferrals of Mr./Ms. [Insert Name], that Mr./Ms. [Insert Name]’s contribution or deferral elections, as appropriate, are those in effect immediately prior to the Termination Date. For purposes of calculating such amount, the provisions of the applicable plans in effect as of the date of the Change in Control will apply.
Defined Contribution Retirement Plans. 4.01. Establishment of Mirror 401(k) Plan and Trust.
Defined Contribution Retirement Plans. Section 5.01.
Defined Contribution Retirement Plans. 11.5.1 Effective as of the Closing Date or as soon as reasonably practicable thereafter, Holdings shall establish one or more defined contribution retirement plans (collectively, the "Holdings DC Plans") which will provide each of the Transferred Employees for a period of at least two years matching contribution percentages that in the aggregate are substantially comparable to that available to such Transferred Employees immediately prior to the Closing Date under the Defined Contribution Plans, provided that Holdings shall not be required to establish an Employee Stock Ownership Plan (an "ESOP") and provided further that Holdings shall not be required to maintain a Parent common stock account. Except as not permitted by a trustee or recordkeeper of any Holdings DC Plan, Holdings will provide Transferred Employees with an opportunity to transfer any Parent common stock they hold in the Defined Contribution Plans (not relating to the ESOP accounts) into a qualified plan account that accepts such Parent common stock.
11.5.2 Each of the Transferred Employees shall receive credit for eligibility and vesting purposes under the Holdings DC Plans for all service credited under the Defined Contribution Plans.
11.5.3 As soon as practicable following the Closing Date, but in no event later than 60 days after the Closing Date, all assets and liabilities of the Defined Contribution Plans attributable to the Transferred Employees' vested and non-vested account balances shall be transferred (within the meaning of Section 1.414(l)-1(o) of the Treasury Regulations) in the form of cash or other marketable securities reasonably acceptable to Holdings, Parent common stock not relating to the ESOP accounts (except as not permitted under Section 11.5.1) and notes associated with plan loans to the Holdings DC Plans. Parent agrees not to place any Transferred Employee's plan loan into default on or after the Closing Date and prior to the transfer of account balances under this paragraph.
Defined Contribution Retirement Plans. Within 35 business days after the Termination Date or, if later, the earliest time or times permitted under Internal Revenue Code Section 409A and related Federal regulations, the Company will pay ▇▇. ▇▇▇▇▇▇ an amount equal to the amount of the Company’s contributions (and specifically not including any pre-tax or other contributions commonly considered to made by an employee) that would have been added to ▇▇. ▇▇▇▇▇▇’▇ accounts under the Company’s qualified defined contribution plans and any excess or supplemental defined contribution plans in which ▇▇. ▇▇▇▇▇▇ participates at the Termination Date (or if more favorable to ▇▇. ▇▇▇▇▇▇, the plans as in effect immediately prior to the Change in Control) if ▇▇. ▇▇▇▇▇▇ had continued his employment for 36 months after the Termination Date and such later date were the date of employment termination under such plans, assuming for this purpose that –
(1) ▇▇. ▇▇▇▇▇▇’▇ compensation in each of the three years is that required by Sections 3.4.B payable in equal monthly installments over such three-year period;
(2) ▇▇. ▇▇▇▇▇▇’▇ benefits under such plans are vested to the extent that they would have been vested had his employment terminated at such later date;
(3) The rate of any such employer contribution is equal to the maximum rate provided under the terms of the applicable plans for the year in which the Termination Date occurs (or, if more favorable to ▇▇. ▇▇▇▇▇▇, or in the event that as of the Termination Date the rate of any such contribution for such year is not determinable, the rate of contribution under the plans for the plan year ending immediately prior to the date of the Change in Control); and
(4) To the extent that the Company’s contributions are determined based on the contributions or deferrals of ▇▇. ▇▇▇▇▇▇, that ▇▇. ▇▇▇▇▇▇’▇ contribution or deferral elections, as appropriate, are those in effect immediately prior to the Termination Date. For purposes of calculating such amount, the provisions of the applicable plans in effect as of the date of the Change in Control will apply.
Defined Contribution Retirement Plans. (a) Effective as of the Distribution Date, ▇▇▇▇▇▇ shall amend the Thrift Plan for Employees of ▇▇▇▇▇▇ Oil Corporation (the "▇▇▇▇▇▇ ▇▇ Plan")
(i) to cause the active participation of the Transferred Employees therein to cease as of the Distribution Date, and (ii) to provide for the direct trust-to-trust transfer of plan accounts as contemplated herein.
(b) Prior to the Distribution Date, ▇▇▇▇▇▇ or Deltic shall establish a defined contribution retirement plan which shall be qualified under Section 401(a) of the Code (the "Deltic DC Plan") effective as of the Distribution Date covering Transferred Employees. The Deltic DC Plan shall contain provisions comparable in all material respects to those of the ▇▇▇▇▇▇ ▇▇ Plan immediately prior to the time of adoption of the Deltic DC Plan.
(c) No later than the date of the transfer described herein, ▇▇▇▇▇▇ shall make all applicable 401(k), profit sharing, matching contributions and qualified non-elective contributions payable under the ▇▇▇▇▇▇ ▇▇ Plan with respect to Transferred Employees for periods on or prior to the Distribution Date and shall be entitled to retain any applicable reserves or accruals relating thereto. As soon as practicable following the Distribution Date, ▇▇▇▇▇▇ shall cause the trustee of the ▇▇▇▇▇▇ ▇▇ Plan to transfer the full account balances of Transferred Employees (and beneficiaries thereof) under the ▇▇▇▇▇▇ ▇▇ Plan (which account balances will have been credited with appropriate earnings attributable to the period from the Distribution Date to the date of transfer described herein), reduced by any necessary benefit or withdrawal payments to or in respect of Transferred Employees occurring during the period from the Distribution Date to the date of transfer described herein, to the appropriate trustee as designated by Deltic under the trust agreement forming a part of the Deltic DC Plan. ▇▇▇▇▇▇ and Deltic agree to take such actions and enter into such agreements, if any, that may be necessary to effect the transfer described herein. In consideration for the transfer of assets described herein, Deltic shall, effective as of the date of transfer described herein, assume all of the obligations of ▇▇▇▇▇▇ in respect of the account balances accumulated by Transferred Employees under the ▇▇▇▇▇▇ ▇▇ Plan (exclusive of any portion of such account balances which are paid or otherwise withdrawn prior to the date of transfer described herein) with respect to the account balances transferred to the Deltic D...
Defined Contribution Retirement Plans. As of the Closing Date, the Continuing Business Employees shall cease to actively participate under the Teleflex 401(k) Savings Plan (the “Seller 401(k) Plan”). Effective as of the Closing Date, the Seller shall take all necessary action, if any, to (a) effect such cessation of participation, (b) fully vest the unvested account balances of the Continuing Business Employees under the Seller 401(k) Plan. As soon as reasonably practicable following the Closing Date (and in any event no later than 60 days following the Closing Date), the Continuing Business Employees shall be eligible to participate in a tax-qualified defined contribution and retirement savings plan intended to be qualified under Section 401(k) of the Code sponsored by the Buyer or one of the Transferred Subsidiaries (the “Buyer 401(k) Plan”) and the Buyer shall permit the Continuing Business Employees to make rollover contributions to the applicable Buyer 401(k) Plan of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code) from the Seller 401(k) Plan in the form of cash and notes (and, in the case of existing Continuing Business Employee, shall use commercially reasonable efforts to permit loan rollovers), but in no event in the form of securities of a TFX Entity, in an amount equal to the full account balance distributed to such employee from the Seller 401(k) Plan.
Defined Contribution Retirement Plans. As of the Closing Date, Buyer shall establish for Active Non-Represented Employees (or otherwise include Active Non-Represented Employees in) a defined contribution plan or plans that either continues the level of benefits provided by Seller and VMS or that provides benefits comparable to those provided by Buyer to its non-represented employees. Buyer's plan shall recognize employment with Seller for purposes of eligibility. Buyer shall provide Seller an Internal Revenue Service determination letter holding that Buyer's plan for Active Non-Represented Employees satisfies the applicable requirements for qualification exemption under Sections 401(a) and 501(a) of the Code. Upon evidence satisfactory to Seller, and provided to Seller within one (1) year of Closing, relative to the establishment of this plan and the existence of such determination letter, Seller shall cause the Trustee of the TransPro, Inc., 401(k) Savings Plan to transfer the account balances of Active Non-Represented Employees employed by Buyer to such plan. In the event that an Active Non-Represented Employee has an outstanding loan under the TransPro, Inc., 401(k) Savings Plan, Buyer will allow such employee to enter into a payroll withholding authorization with Buyer for the purpose of making required payments under such loan, and Seller will direct the trustee of the TransPro, Inc., 401(k) Savings Plan to accept such payroll deduction amounts from Buyer for a period of twelve (12) months from the Closing Date.
Defined Contribution Retirement Plans. At Closing, Buyer shall assume sponsorship of the ▇. ▇. ▇▇▇▇▇ Employee 401(k) Savings Plan, ▇. ▇. ▇▇▇▇▇ Employee Savings Plan and ▇. ▇. ▇▇▇▇▇
Defined Contribution Retirement Plans. At Closing, Seller shall retain all assets of the TransPro, Inc., 401(k)