Primex definition
Examples of Primex in a sentence
Such payment shall be in lieu of any such contributions or credits by Primex to its defined contribution plans with respect to the period after the Executive's Termination.
This Agreement shall not be deemed to confer on the Executive a right to continued employment with Primex.
Except as may otherwise be expressly provided herein, nothing in this Agreement will be deemed to reduce or limit the rights which the Executive may have under any employee benefit plan, policy or arrangement of Primex.
Primex may withhold from any benefits payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.
No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by the Executive and Primex.
Without limiting the foregoing, the Executive's right to receive payments hereunder shall not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, other than a transfer by his will or by the laws of descent or distribution, and, in the event of any attempted assignment or transfer by the Executive contrary to this Paragraph, Primex shall have no liability to pay any amount so attempted to be assigned or transferred.
If Primex is required by law to contribute to such plans with respect to the period after the Executive's Termination, any such contribution shall reduce the payout otherwise due Executive under this Paragraph 5(a)(1).
The "amount contributed or credited by Primex" as defined in this Paragraph 5 shall not include any employee contributions, employer matching contributions, dividends or investment gains or losses credited to the Executive's accounts, but only the Primex contributions made or, in the case of supplementary plans, credited, to the accounts.
Should Primex dispute the entitlement of the Executive to such fees and expenses, the burden of proof shall be on Primex to establish that the Executive had no reasonable basis for his claim.
If the Executive so participates or agrees to participate, no payments due under this Agreement or by virtue of any Change in Control provisions contained in any compensation or benefit plan of Primex will be paid to the Executive until the acquiring group in which the Executive participates or agrees to participate has completed the acquisition.