Profit Sharing Plans Clause Samples
A Profit Sharing Plans clause outlines how a company will distribute a portion of its profits among eligible employees or stakeholders. Typically, this clause specifies the criteria for participation, the method for calculating the distributable profits, and the timing or frequency of payouts. By establishing clear rules for sharing profits, the clause incentivizes performance and loyalty while ensuring transparency and fairness in the allocation of company earnings.
Profit Sharing Plans. Exception from Automatic Annuity Requirements Unless otherwise specified in the Adoption Agreement, the provisions of Sections 8.2 and 8.4 shall be inoperative in the case of a Profit Sharing Plan if the following two (2) conditions are met: (1) the Participant cannot or does not elect payments in the form of a life annuity, and (2) on the death of the Participant, the Participant's Vested Account Balance (as defined in Section 8.2) will be paid to the Participant's Surviving Spouse (as defined in Section 8.2), but if there is no Surviving Spouse, or, if the Surviving Spouse has already consented in a manner conforming to a Qualified Election to a waiver of a Qualified Pre-Retirement Survivor Annuity (under Section 8.2), then to the Participant's Beneficiary. However, the foregoing shall not be operative with respect to a Participant if it is determined that this Profit Sharing Plan is a direct or indirect transferee of a defined benefit plan, money purchase pension plan (including a target benefit plan), stock bonus, or profit-sharing plan which is subject to the survivor annuity requirements of sections 401(a)(11) and 417 of the Code.
Profit Sharing Plans. If the Plan is designated in the Adoption Agreement as a Profit Sharing Plan and if the Employer elects in the Adoption Agreement to permit distributions to a Participant prior to his termination of employment, a Participant shall be entitled to receive a distribution of all or part of his interest in the Plan upon filing a written request with the Plan Administrator; provided that no distribution shall be made unless the interest of the Participant in the Account from which the distribution is to be made is fully vested and nonforfeitable and the balance in the Account to be distributed has accumulated for at least two (2) years or the individual has been a Participant for five (5) or more Plan Years; provided further that in-service distributions shall be permitted subject to the terms of Section 2.5.5 if the Employer elects in the Adoption Agreement to have such provision apply. Any distribution shall be subject to the written consent of the Participant's spouse.
Profit Sharing Plans. 7 (a) Manor Care, Inc. Retirement Savings and Investment Plan.......................................... 7 (b) Manor Care, Inc. Nonqualified Retirement Savings and Investment Plan.............................. 9
Profit Sharing Plans. (a) Sunburst Hospitality Corporation Retirement Savings and ------------------------------------------------------- Investment Plan. ---------------
(i) Continuation of Sponsorship of Sunburst Hospitality --------------------------------------------------- Corporation Retirement Savings and Investment Plan. Effective as of the -------------------------------------------------- Distribution Date, Sunburst shall continue sponsorship of the Sunburst Hospitality Corporation Retirement Savings and Investment Plan for all Retained Employees and Terminees. Participants in such Plan who are Retained Employees or Terminees shall have a one-time election to retain Choice Common Stock credited to their accounts. Absent this election, the Choice Common Stock will be converted into cash or into Sunburst Common Stock.
(ii) Establishment of Choice Hotels International, Inc. -------------------------------------------------- Retirement Savings and Investment Plan. On or before January 1, 1998, Choice -------------------------------------- shall take, or cause to be taken, all action necessary and appropriate to establish and administer a new Plan named the Choice Hotels International, Inc. Retirement Savings and Investment Plan and Trust and to provide benefits thereunder after the date of the establishment of such Plan and Trust for all Choice Individuals who, immediately prior to the Distribution Date, were participants in or otherwise entitled to benefits under the Sunburst Hospitality Corporation Retirement Savings and Investment Sharing Plan. Sunburst will fund the Company Matching Contribution required with respect to the Current Plan Year in consideration for the payment by Choice of the Funding Payment described in Section 2.01(c), above. Participants in such Plan shall have a one-time election to retain transferred Sunburst Common Stock. Absent such election, the Sunburst Common Stock shall be converted into cash or into Choice Common Stock. The Choice Hotels International, Inc. Retirement Savings and Investment Plan shall be intended to qualify for tax-favored treatment under Sections 401(a) and 401(k) of the Code and to be in compliance with the requirements of ERISA.
Profit Sharing Plans. 7 (a) Sunburst Hospitality Corporation Retirement Savings and Investment Plan.................................... 7 (b) Sunburst Hospitality Corporation Nonqualified Retirement Savings and Investment Plan........................ 10
Profit Sharing Plans. If the employer's plan is a profit-sharing plan, the following provisions will apply:
Profit Sharing Plans. If the Plan is designated in the Adoption Agreement as a Profit Sharing Plan and if the Employer elects in the Adoption Agreement to permit distributions to a Participant prior to his termination of employment, a Participant shall be entitled to receive a distribution of all or part of his interest in the Plan upon filing a written request with the Plan Administrator; provided, that no distribution shall be made unless the interest of the Participant in the Account from which the distribution is to be made is fully vested and nonforfeitable and the balance in the Account to be distributed has accumulated for at least two (2) years or the individual has been a Participant for five (5) or more Plan Years, or on account of Hardship; provided, further that In Service Distributions on account of Hardship shall be subject to the restrictions of Section 2.5.5. In Service Distributions are subject to the spousal consent requirements contained in sections 401(a)(11) and 417 of the Code unless the Plan is a Safe Harbor Profit Sharing Plan as defined by Section 1.2.77.
Profit Sharing Plans. Buyer will cause each salaried or hourly worker participating in (i) the Cedar Springs hourly and salaried annual profit sharing plan (the "CEDAR SPRINGS PROFIT SHARING PLAN"), or (ii) the Counce Plant and Ferndale plant hourly and salaried quarterly profit s▇▇▇▇▇▇ plans (the "COUNCE AND FERNDALE PROFIT SHARING PLANS"), and who is employed by Buy▇▇ ▇▇ one of its Affiliates immediately after Closing (an "HOURLY AND SALARIED PROFIT PLAN PARTICIPANT"), to receive a bonus under the Cedar Springs Profit Sharing Plan and the Counce and Ferndale Profit Sharing Plans, as applicable, that is not l▇▇▇ ▇▇an the amount accrued for such Hourly and Salaried Profit Plan Participant in the Final Working Capital.
Profit Sharing Plans. (a) After the Distribution Date, employees of PHC will no longer be eligible to participate in the qualified profit sharing plan maintained by BWI ("BWI Profit Sharing Plan"). On or before the Distribution Date, PHC shall establish a similar profit sharing plan ("PHC Profit Sharing Plan"), including a 401(k) feature and a PHC Common Stock Fund, in lieu of a BWI Common Stock Fund. The PHC Profit Sharing Plan shall also provide for a BWI Common Stock Fund into which any BWI Common Stock held by PHC employees under the BWI Profit Sharing Plan shall be transferred, but no further investments in BWI Common Stock may be made under the PHC Profit Sharing Plan.
(b) BWI shall also amend the BWI Profit Sharing Plan before the Distribution Date to provide for a PHC Common Stock Fund into which the PHC Class A Common Stock received as a distribution from BWI on the BWI Common Stock held by the BWI Profit Sharing Plan shall be placed. No further investments in PHC Common Stock may be made by participants in the BWI Profit Sharing Plan.
(c) On or promptly after the Distribution Date, all assets in the BWI Profit Sharing Plan relating to PHC employees shall be transferred to the PHC Profit Sharing Plan and BWI and the BWI Profit Sharing Plan shall have no further obligations or liabilities to such PHC employees.
Profit Sharing Plans. 8 (a) Sponsorship of Host Marriott Profit Sharing Plan............. 8 (b) Establishment of New Host Marriott Profit Sharing Plan....... 8 (c) Obligation to Make Company Contribution...................... 9 (d) Adjustment Made to Account Balances.......................... 9 (e) Transfer and Acceptance of Account Balances.................. 9 (f) HMC to Provide Information................................... 9 (g) Regulatory Filings........................................... 9