Profit Sharing Agreement Between Employer And Employee

Section 10.01 Unfunded status of the plan. Unless the committee decides otherwise, the plan is not funded and does not create (or is not designed as a creation) a separate trust or fund or fund. The plan does not establish a fiduciary relationship between the company or a related employer and a participant or other person. To the extent that a participant has rights under an arbitration award, these rights constitute general unsecured debts of the corporation. “Participant” means an executive or other important employee of the company or a related employer who receives a bonus under the plan. PandaTip: This section aims to regulate the consequences of ending this relationship of interest. This gives the representative the right to continue to receive leftovers (if circumstances require) and to delegate to the representative the responsibility of forwarding any further requests to the company in order to ensure a smooth transition. “disability”: for a participant who is (i) a U.S. subject, that participant is fully disabled by the Social Security Administration or (ii) that no U.S. subject has been established that that participant (x) is unable to do so because of a medically identifiable physical or mental disability that is likely to lead to death or that should last at least 12 years without interruption. months or (y) due to a medically identifiable physical or mental disability that is likely to lead to death or is expected to last for an uninterrupted period of at least 12 months, receive replacement benefits for a period of at least three months as part of an accident and health plan covering the worker of the associated employer employing that participant.

“voluntary retirement,” the termination of a member`s employment with the company and associated employer by that member (except due to the member`s death or disability) to or after the date the member is at least 65 years of age, and the sum of that member`s age and the total years of service with the company and associated employers is equal to or not 75; provided that, during the period from the termination date to (i) the date on which Holdback`s payments are made to members who, until January 20, 2013 or (ii) of March 15, 2014, remain employed by the company or a related employer, if no Payment from Holdback is made to the participants described in the clause (i), this participant (x) is not employed by a significant competitor and (y) – directly or indirectly hire (A) an employee from the company or a related employer, or (B) ask a person to encourage or otherwise encourage them to leave the job of the company or a related employer. Section 7.02 Compensation. Committee members and its delegates, including all staff responsible for managing the plan, are entitled to compensation and reimbursement from the company, as long as this is permitted by existing legislation and by the company`s statutes and guidelines.