Corporate Benefit Plans Sample Clauses

Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in all cash and non-cash employee benefit plans maintained by the Corporation for its executive officers.
Sample 1Sample 2Sample 3See All (69)
AutoNDA by SimpleDocs
Corporate Benefit Plans. Executive shall be entitled to participate in or become a participant in any employee benefit plan maintained by Employer for which Executive is or will become eligible on such terms as the Board of Directors or its designee may, in its discretion, establish, modify or otherwise change.
Sample 1Sample 2Sample 3See All (29)
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Corporation for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change. On and after the effective date of the Share Exchange, Employee shall be entitled to participate in the Cardinal plans, as set forth in Section 5.1 of the Share Exchange Agreement. Notwithstanding the above, Employee will not be eligible to participate in the Cardinal Bank Deferred Compensation Plan. However on or after the Effective Date, he will be eligible to participate in an executive deferred compensation plan that is materially equivalent to the Xxxxxx Xxxxx Mortgage, LLC Executive Deferred Compensation Plan.
Sample 1Sample 2
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Corporation for other members of the Executive Management Team and for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change. The Corporation shall amend its supplemental executive retirement plan ("SERP") to provide for Employee's participation therein with the following terms: (a) the benefit under the SERP shall be $3,333 per month for 200 months payable upon a separation from service on or after normal retirement age (age 65); (b) if Employee's employment terminates prior to reaching normal retirement age, Employee shall receive the vested portion of the accrued Liability for his normal retirement age benefit; and (c) the current vesting schedule in the SERP shall apply to Employee's benefit except that vesting shall begin immediately and Employee shall be fully vested at normal retirement age.
Sample 1
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any fringe benefits and employee benefit plans maintained by the Company for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change, consistent with the terms of any such employee benefit plan.
Sample 1
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Corporation for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change. On and after the effective date of the Merger, Employee shall be entitled to participate in the ICBI plans, as set forth in Section 5.1 of the Merger Agreement.
Sample 1
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Corporation for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change. The Corporation shall provide Employee with a disability insurance policy providing benefits commensurate with other employees as so amended by the Board from time to time. The Corporation shall pay the premiums on group term insurance on the life of Employee in an amount equal to two times his base salary under the Virginia Bankers Association group term life insurance program. On or as of the first day Employee reports for work, he shall be granted an incentive stock option to purchase 5,000 shares of the Corporation's common stock at the fair market value per share. On or before the last day of February of each of 2002, 2003 and 2004, unless the Board of Directors determines that his performance in the preceding calendar year is unsatisfactory, Employee will be granted an option to purchase 10,000 shares of the Corporation's common stock at the fair market value per share on the date of grant. Each stock option granted hereunder shall be granted under the Corporation's 1991 Incentive Plan. Each option shall have a ten year term (subject to earlier termination if Employee's employment terminates) and shall vest immediately unless the Employee requests a different vesting schedule. To the extent the law permits, each option shall be treated as an incentive stock option. Before December 31, 2001, the parties intend that Employee, in conjunction with the Board of Directors and the Corporation's other senior officers, will develop and implement one or more performance-based incentive plans for officers and employees, including a program of stock option grants for officers.
Sample 1
AutoNDA by SimpleDocs
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Corporation for which he is or will become eligible on such terms as the Board of Directors may, in its discretion, establish, modify or otherwise change. The Corporation shall provide Employee with a disability insurance policy providing benefits commensurate with other employees as so amended by the Board from time to time. The Corporation shall pay the premiums on group term insurance on the life of the Employee in an amount equal to two times his base salary, provided such life insurance does not exceed $200,000.
Sample 1
Corporate Benefit Plans 
Sample 1Sample 2Sample 3See All (5)

Related to Corporate Benefit Plans

  • Employee Benefit Plans With respect to each Employee Benefit Plan: (i) each has been administered in compliance with its terms and with all applicable laws including, without limitation, ERISA and the Code; (ii) no actions, suits, claims or disputes are pending or threatened against any such plan, the trustee or fiduciary of any such plan, the Sellers, the Company or any assets of any such plan; (iii) no audits, proceedings, claims or demands are pending with any Governmental Authority including, without limitation, the IRS and the Department of Labor; (iv) all reports, returns and similar documents required to be filed with any Governmental Authority or distributed to any such plan participant have been duly or timely filed or distributed; (v) no "prohibited transaction", within the meaning of ERISA or the Code, or breach of any duty imposed on "fiduciaries" pursuant to ERISA has occurred; (vi) all required or discretionary (in accordance with historical practices) payments, premiums, contributions, reimbursements or accruals for all periods ending prior to or as of the Closing shall have been made or properly accrued on the respective Current Balance Sheet of the Operational Sellers or the Company and will be properly accrued on the books and records of the Operational Sellers or the Company as of the Closing; (vii) no such plan has any unfunded liabilities which are not reflected on the respective Current Balance Sheets of the Operational Sellers or the Company; (viii) none of the Sellers, the Company or any ERISA Affiliates of the Sellers or the Company are subject to (or expected to be subject to) an excise tax under Code Section 497; (ix) none of the Sellers, the Company or any ERISA Affiliates of the Sellers or the Company have engaged in any transaction which would give rise to liability under Section 4069 or Section 4212(c) of ERISA; (x) with respect to Welfare Plans qualifying as "group health plans" under Section 4980B of the Code or Sections 607(l) or 609 of ERISA and related regulations, the Sellers, the Company, all Predecessors and the Shareholders have complied (and at the Closing Date will have complied) in all material respects with all reporting, disclosure, notice, election and other benefit continuation and coverage requirements imposed thereunder as and when applicable to those plans, and none of the Sellers nor the Company has incurred (or will incur) any direct or indirect liability or is (or will be) subject to any loss, assessment, excise tax penalty, loss of federal income tax deduction or other sanction, arising on account of or in respect of any direct or indirect failure by the Sellers, the Company or any Shareholder, at any time prior to the Closing Date, to comply with any such federal or state benefit continuation or coverage requirement, which is capable of being assessed or asserted before or after the Closing Date directly or indirectly against the Sellers, the Company, any Shareholder, Buyer or any Affiliate of Buyer with respect to any of those group health plans; (xi) the Sellers, the Company and the Shareholders have complied (and at the Closing Date will have complied) in all material respects with the Health Insurance Portability and Accountability Act of 1996; and (xii) no Welfare Plan is a multi-employer welfare arrangement as defined in Section 3(40) of ERISA.

  • Benefit Plans The Executive shall be entitled to participate in any benefit plans relating to stock options, stock purchases, awards, pension, thrift, profit sharing, life insurance, medical coverage, education, or other retirement or employee benefits available to other senior executive employees of the Company, subject to any restrictions (including waiting periods) specified in such plans.

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