Examples of Exempt Plan in a sentence
See Item 6, “Certain Canadian Federal Income Tax Considerations and Exempt Plan Eligibility - Tax-Exempt Holders of Participating Preferred Trust Units”.
Notwithstanding that the Bonds may be qualified investments as discussed above, if the Bonds are "prohibited investments" for an annuitant under an Exempt Plan which holds such Bonds, such annuitant will be subject to a penalty tax.
Eligibility for the Performance Rights Plan and the Tax Exempt Plan is approved by the Board or the nomination and remuneration committee, having regard to individual circumstances and performance.Securities allocated under the Performance Rights Plan generally vest in 3 years.
The Tax Exempt Plan enables eligible employees to acquire up to $1,000 of stapled securities in a tax effective manner within a 12 month period.
Awards made to eligible employees under the Exempt Plan will be tax free, provided participation is offered on a non-discriminatory basis to at least 75% of the Company’s Australian-resident permanent employees with at least three years’ service, the Exempt Plan is operated to comply with the restriction period referred to above, and provided the relevant employee’s adjusted taxable income for the year does not exceed $180,000.No grant has yet been made under the Exempt Plan.
Participation in the Exempt Plan will provide eligible employees with the right to be issued up to $1,000 worth of fully paid ordinary shares each year, for no payment.The Exempt Plan has been structured so as to enable eligible employees to receive fully paid ordinary shares free of income tax, provided conditions in the current Australian tax legislation are satisfied.
In accordance with those requirements, fully paid ordinary shares acquired under the Exempt Plan cannot be disposed of or sold until the earlier of three years after the date on which theyare issued and the date on which the relevant employee ceases to be an employee of the Company.
See Item 6, “Certain Canadian Federal Income Tax Considerations and Exempt Plan Eligibility - Tax- Exempt Holders of Participating Preferred Trust Units”.
There are currently three plans in place to provide these benefits:• the Employee Share Option Plan (ESOP), which provides benefits to directors and senior executives;• the Employee Performance Rights Plan (EPRP); and• the Tax Exempt Plan under which eligible employees may be issued up to $1,000 of shares, excluding senior executives and directors.
The Salaried Exempt Plan was amended and restated, effective as of November 1, 2007, and amended five times since.