No Monetary Payment Sample Clauses
The "No monetary payment" clause establishes that no financial compensation or payment will be exchanged between the parties under the agreement. In practice, this means that any services, goods, or obligations provided are done so without expectation of money changing hands; for example, the parties may be collaborating for mutual benefit or exchanging non-monetary value. This clause is primarily used to clarify that the arrangement is not a commercial transaction, thereby preventing misunderstandings or disputes over payment obligations.
No Monetary Payment. Participant is not required to make any monetary payment (other than to satisfy the applicable tax withholding, if any, with respect to the issuance or vesting of the Restricted Shares) as a condition to receiving the Restricted Shares, the consideration for which shall be past services actually rendered or future services to be rendered to Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, Participant shall furnish consideration in the form of cash or past services rendered to Company or for its benefit having a value not less than the par value of Restricted Shares issued pursuant to the Restricted Stock Award.
No Monetary Payment. The Participant is not obliged to make any monetary payment (except for the satisfaction of the applicable tax withholding, if any, with respect to the issuance or provision of Shares) as a condition for obtaining shares, consideration for which services or future services provided to the Company or in its favor must actually be provided. Notwithstanding the fore value, if required by applicable law, the Participant shall provide consideration in the form of cash or past services provided by the Company, or for its benefit, which have the value of not less than the denomination of Shares issued in accordance with the Award. 3 Page 3 AMENDMENT TO ▇▇▇▇▇ INDUSTRIES, INC. EXECUTIVE ADDITIONAL RETIREMENT PLAN Amendment to ▇▇▇▇▇ Industries, Inc. Executive Additional Retirement Plan (Plan) concluded as of June 19, 2009, through and between ▇▇▇▇▇ Industries, Inc. (Employer) and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (Executive). While the Employer created the Plan effective from January 1, 1997; While the executive branch is a member of the Plan; While in accordance with Section 10.7 of the Plan, the Employer may amend or modify any provision of the Plan for any particular Participant (as defined in the Plan) by agreement with such Member, provided that such agreement is in writing, performed by both the Employer and the Participant, and submitted to the Records of the Plan; While customer wants to amend certain provisions of the Executive Plan in order to comply with The Internal Code of Revenue (Code) of Section 409A and to amend certain other amendments stipulated by the terms of the Labor Agreement between ▇▇▇▇▇ Industries, Inc. and the executive branch of June 19, 2009; and while this Amendment applies only to the Executive Branch, not to any other Members. Now, thus, the Plan is amended to be amended on June 19, 2009 with respect to the executive branch as follows: Section 2.4 of the Plan must be changed as a whole to read the following: Section 2.4 The term Benefit Amount means $75,000. 2. Section 2.20 of the Plan is made to the fullest extent to read the following: Section