Purposes of Plan Sample Clauses

Purposes of Plan. The purposes of this Plan are to provide for stock options (“Options”) as incentives for key employees, titled assistants, officers and/or directors of the Corporation and its Subsidiary Corporations, as hereinafter defined and in certain instances to compensate founding directors for their efforts in founding the Bank or directors for attending meetings of the Corporation’s Board of Directors or committees of the Corporation’s Board of Directors, through acquisition or increased ownership of the Corporation’s common stock, par value $5.00 per share (“Common Stock”), and where appropriate to encourage such individuals to put forth maximum efforts for the success of the Corporation’s business. It is intended that Options granted to employees under the Plan will constitute incentive stock options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). It is also intended that Options granted to non-employee officers and directors pursuant to this Plan shall be non-qualified options (“NQSOs”) for purposes of the Code.
Sample 1
AutoNDA by SimpleDocs
Purposes of Plan. The purpose of the Plan is to provide benefits to certain eligible Directors of the Company who contribute materially to the continued growth, development and business success of the Company.
Sample 1
Purposes of Plan. The purposes of the Plan are to make automobile bodily injury, property damage, and medical payment liability insurance available to vehicles registered with the Mississippi Division of Motor Vehicles, subject to the conditions hereinafter stated and in the Mississippi Plan of Operation (hereinafter the “Plan of Operation”) and the Mississippi Automobile Insurance Plan of Rules and Rates (hereinafter the “Plan Manual”). The Plan also establishes a procedure for the equitable distribution of risks assigned to insurance companies and a procedure for the sharing of premium, losses, and expenses generated by the Commercial Automobile Procedure (hereinafter “CAIP”) among all subscriber companies writing voluntary other than private passenger (hereinafter “OTPP”) policies in the State of Mississippi. Copies of the Plan of Operation or Plan Manual may be obtained at xxx.xxxxx.xxx/xx or by calling 0-000-000-0000. Source: Miss. Code Xxx. §§83-5-1 (Rev. 2011); 63-15-65 (Rev. 2004)
Sample 1
Purposes of Plan. The purpose of this Damark International, Inc. 1991 Stock Option Plan, as amended, (the "Plan") is to provide incentives to employees of the Company and/or any Subsidiary who contribute, and are expected to contribute, to the success of the Company and any Subsidiary, to provide a means of rewarding outstanding performance, and to enhance the interest of such employees in the Company's continued success and progress by providing them a proprietary interest in the Company. Further, this Plan is designed to enhance the Company's ability to maintain a competitive position in attracting and retaining qualified personnel necessary for the continued success and progress of the Company.
Sample 1
Purposes of Plan. The purposes of the Plan are to provide certain eligible employees of the Company with retirement benefits in addition to those provided by the qualified retirement plans, which are limited due to certain restrictions and limitations in the Internal Revenue Code.
Sample 1

Related to Purposes of Plan

  • Purposes of Agreement SECTION 1. The purposes of this Agreement is to promote the settlement of labor disagreements by conference, to prevent strikes and lockouts and to stabilize wages and working conditions in building, heavy highway construction and engineering work in the area affected.

  • Administration of Plan The Plan is administered by a Committee appointed by the Company's Board of Directors. The Committee has the authority to construe and interpret the Plan, to make rules of general application relating to the Plan, to amend outstanding options, and to require of any person exercising this option, at the time of such exercise, the execution of any paper or the making of any representation or the giving of any commitment that the Committee shall, in its discretion, deem necessary or advisable by reason of the securities laws of the United States or any State, or the execution of any paper or the payment of any sum of money in respect of taxes or the undertaking to pay or have paid any such sum that the Committee shall in its discretion, deem necessary by reason of the Internal Revenue Code or any rule or regulation thereunder, or by reason of the tax laws of any State.

  • Purpose of Plan The Board of each Participating Fund maintains this Deferred Compensation Plan for Independent Directors and Trustees. The purpose of the Plan is to allow the independent directors and trustees of the Participating Funds to defer receipt of all or a portion of the compensation they earn for their service to the Participating Funds in lieu of receiving current payments of such compensation, and to treat any deferred amount as though an equivalent dollar amount had been invested in shares of one or more Eligible Funds. Each Board intends that the Plan shall be maintained at all times on an unfunded basis for federal income tax purposes under the Code. The Plan is not covered by the Employee Retirement Income Security Act of 1974, as amended.

  • Terms of Plan This Agreement is entered into pursuant to the Plan (a copy of which has been delivered to the Grantee). This Agreement is subject to all of the terms and provisions of the Plan, which are incorporated into this Agreement by reference, and the actions taken by the Committee pursuant to the Plan. In the event of a conflict between this Agreement and the Plan, the provisions of the Plan shall govern. All determinations by the Committee shall be in its sole discretion and shall be binding on the Company and the Grantee.

  • Establishment of Plan The Company will maintain a Layoff Benefit Plan to provide for lump sum or income continuation benefits as set forth in this Article. Such Plan will apply to employees who are laid off with an effective date on or after October 7, 2012.

  • Termination of Plans Promptly and in any event within two Business Days after receipt thereof by the Borrower or any member of the Controlled Group from the PBGC, copies of each notice received by the Borrower or any such member of the Controlled Group of the PBGC’s intention to terminate any Plan or to have a trustee appointed to administer any Plan;

  • Termination of Plan The Sponsor may terminate the Plan and the Trust with respect to all Employers by executing and delivering to the Committee and the Trustee, a notice of termination, specifying the date of termination.

  • Amendment of Plan The Board may amend the Plan at any time with or without prior notice; provided, however, that no action authorized by this Section 16.2 shall reduce the amount of any outstanding Award or change the terms and conditions thereof without the Participant's consent. No amendment of the Plan shall, without the approval of the stockholders of the Company:

  • Terms of Plan Govern Each Award made hereunder is made pursuant to the Norfolk Southern Corporation Long‑Term Incentive Plan (Plan), all the terms and conditions of which are deemed to be incorporated in this Agreement and which forms a part of this Agreement. The Participant agrees to be bound by all the terms and provisions of the Plan and by all determinations of the Committee thereunder. Capitalized terms used in this Agreement but not defined herein shall have the same meanings as in the Plan.

  • Incorporation of Plan Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

Time is Money Join Law Insider Premium to draft better contracts faster.