Maximum Limitation Sample Clauses
The Maximum Limitation clause sets a cap on the total amount of liability that one party may be required to pay to the other under a contract. Typically, this clause specifies a monetary ceiling, such as the total fees paid under the agreement or a fixed dollar amount, and may exclude certain types of damages from the cap, like those resulting from gross negligence or willful misconduct. Its core practical function is to allocate and limit financial risk, providing certainty and protecting parties from potentially unlimited liability.
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant’s account for any Plan year exceed the lesser of:
(a) (i) Thirty thousand dollars ($30,000.00) or such higher amount as may be prescribed by regulations issued pursuant to Section 415(d) of the Internal Revenue Code to reflect increases in the cost of living; plus (ii) the lesser of thirty thousand dollars ($30,000.00) (as adjusted for cost of living increases) or the amount of Company stock contributed to the Plan; [Effective January 1, 1989, Subparagraph (ii) is deleted] or
(b) Twenty-five percent (25%) of such participant’s compensation for the Plan year. Commencing January 1, 2002, the annual additions to a participant’s account for any Plan year shall not exceed the lesser of:
(a) Forty-thousand dollars ($40,000.00) [subject to annual adjustments pursuant to Internal Revenue Code Section 415(d)].
(b) One hundred percent (100%) of such participant’s compensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service [within the meaning of Internal Revenue Code Sections 401(h) or 419A(f)(2)] which is otherwise treated as an annual addition. No more than one-third (1/3) of the Company contributions for a year shall be allocated to the group of highly compensated employees” defined as follows: Prior to January 1, 1997, an employee who, during the year or the preceding year:
(1) Was at any time a five percent (5%) owner of the company,
(2) Received compensation from the company in excess of seventy-five thousand dollars ($75,000.00),
(3) Received compensation from the company in excess of fifty thousand dollars ($50,000.00) and was in the top-paid group of employees for such year, or
(4) Was at any time an officer and received compensation greater than fifty percent (50%) of the amount in effect under Section 415(b)(1)(A) of the Internal Revenue Code for such year. Beginning January 1, 1997, an employee who:
(5) Was a five percent (5%) owner of the Company at any time during the year or preceding year, or
(6) For the preceding year
A. had compensation [as defined in Code Section 415(c)(3)] from the Company in excess of $80,000 and
B. if the Company elects the application of this clause for the preceding year, was in the group consisting of the top twenty (20%) of the employees ranked on the basis of compensatio...
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of:
(a) Thirty thousand dollars ($30,000.00) (subject to annual adjustments pursuant to Internal Revenue Code Section 415(d) and regulations), or
(b) Twenty-five percent (25%) of such participant's compen- sation.
Maximum Limitation. The aggregate number of shares of Common Stock available for grant under the Plan is 14,193 shares, subject to adjustment pursuant to Section 6. Shares of Common Stock issued pursuant to the Plan may be either authorized but unissued shares or shares now or hereafter held in the treasury of the Company. In the event that any Incentive Stock Option granted under the Plan expires unexercised or is terminated, surrendered or canceled (other than in connection with the exercise of a Stock Appreciation Right with respect to which Common Stock is delivered to the key employee under Section 5(b)(ii)), without being exercised, in whole or in part, for any reason, the number of shares theretofore subject to such Incentive Stock Option, or the unexercised, terminated, forfeited or unearned portion thereof, shall be added to the remaining number of shares of Common Stock available for grant as an Incentive Stock Option under the Plan, including a grant to a former holder of such Incentive Stock Option, upon such terms and conditions as the Board shall determine, which terms may be more or less favorable than those applicable to such former Incentive Stock Option.
Maximum Limitation. Under no event shall the Warrants entitle the Holder, in cumulative, to purchase more than (i) three million (3,000,000) shares; or (ii) six million dollars ($6,000,000) in Recognized Value. Recognized Value shall be defined as the cumulative difference between the then current full market value of the shares for which warrants have been issued or exercised, as traded on the exchange on the date that the warrants are first exercisable; and the price actually paid for the stock (or if the warrants have not been exercised, the price Summit would have paid for the stock on the first day the warrants could be exercised), multiplied by the number of shares for which warrants have been issued or exercised.
Maximum Limitation. The maximum amount that may be deferred under this Plan (other than rollover amounts described in Section 8.02) for the taxable year of a Participant. Such amount shall be either the Normal Limitation or Catch-Up Limitation, whichever is applicable.
Maximum Limitation. The total number of additional shares that may be issued under this Article II by 2.1.shall not exceed five million (5,000,000) shares.
Maximum Limitation. The aggregate number of shares of Common Stock available for grant under the Plan is 7,920 shares, subject to adjustment pursuant to Section (c) below. Stock Options shall be allocated to each director who holds such position on the date of the grant based upon the total months of 1996 board service performed by such director. Shares of Common Stock issued pursuant to the Plan may be either authorized but unissued shares or shares now or hereafter held in the treasury of the Company. In the event that, prior to the end of the period during which Stock Options may be granted under the Plan, any Stock Option under the Plan expires unexercised or is terminated, surrendered or canceled without being exercised, in whole or in part, for any reason, the number of shares theretofore subject to such Stock Option or the unexercised, terminated, forfeited or unearned portion thereof, shall be added to the remaining number of shares of Common Stock available for grant as a Stock Option under the Plan, including a grant to a former holder of such Stock Option, upon such terms and conditions as the Board may determine in accordance with the Plan.
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of:
(a) Thirty thousand dollars ($30,000.00) (subject to annual adjustments pursuant to Internal Revenue Code Section 415(d) and regulations), or
(b) Twenty-five percent (25%) of such participant's compen-sation. Commencing January 1, 2002, except for Paragraph 3.1 and Internal Revenue Code Section 414(v), the annual additions to a participant’s account for any Plan year shall not exceed the lesser of:
(a) Forty thousand dollars ($40,000.00) [subject to annual adjustments pursuant to Internal Revenue Code Section 415(d)]
(b) One hundred percent (100%) of such participant’s compensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year.
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of:
(a) Thirty thousand dollars ($30,000.00) (subject to annual adjustments pursuant to Internal Revenue Code Section 415(d) and regulations), or
(b) Twenty-five percent (25%) of such participant's compensation. Commencing January 1, 2002, except for Paragraph 3.1 and Internal Revenue Code Section 414(v), the annual additions to a participant’s account for any Plan year shall not exceed the lesser of:
(a) Forty thousand dollars ($40,000.00) subject to annual adjustments pursuant to Internal Revenue Code Section 415(d), or
(b) One hundred percent (100%) of such participant’s compensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year, as determined under Paragraph 3.2(b) of the Plan and Trust. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service within the meaning of Internal Revenue Code Sections 401(h) or 419A(f)(2) which is otherwise treated as an annual addition.
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of: