Example ContractsClausesEmployer Credits
Employer Credits
Employer Credits contract clause examples

Employer Credits: Employer Credits will be made in the following manner:

Participant Deferral Credits and Employer Credits – Election Period: Participant elections regarding Participant Deferral Credits and Employer Credits shall be subject to the following effective periods (one must be selected):

Credits. All tax credits of the Company for a fiscal year or other accounting period (or portion thereof, if appropriate) shall be allocated among the Members in accordance with their interests in such items in a manner reasonably determined in good faith by the Board of Managers, consistent with applicable law.

Employer Credits. If designated by the Employer in the Adoption Agreement, the Employer shall cause the Committee to credit to the Deferred Compensation Account of each Active Participant an Employer Credit as determined in accordance with the Adoption Agreement. A Participant must make distribution elections with respect to any Employer Credits credited to his Deferred Compensation Account by the deadline that would apply under [Section 4.1] for distribution elections with respect to Participant Deferral Credits credited at the same time, on a Participation Agreement that is timely executed and delivered to the Committee pursuant to [Section 4.1]. If no distribution election is made, vested amounts in the Deferred Compensation Account will be distributed in a lump sum upon the earliest of any Qualifying Distribution Event limited to Separation from Service, Disability, Death or Change in Control.

Employer Discretionary Credits Account. The Employer Discretionary Credits shall vest in accordance with the vesting schedule under the Performance Food Group Employee Savings Plan, as it may be amended from time to time. Any Employer Discretionary Credits that are not vested as of a Separation from Service shall immediately expire and be forfeited at such time. Notwithstanding the aforementioned vesting schedule, the Plan Committee may, in its discretion, establish a different vesting schedule that will apply to Employer Discretionary Credits made to the Plan on behalf of any Participant for any Plan Year.

Vesting of Employer Credits. Provided a Participant remains employed by the Company, the portions of each Account that reflect Employer Credits together with related notional earnings shall vest 100% on the third anniversary of the Participant’s initial eligibility for the Plan. The portions of each Account that reflect Employer Credits credited to a Participant’s Account on or after the Participant’s third anniversary shall be fully vested at all times. The fact that an Account or any portion thereof is fully vested shall not give the Participant (or his or her Beneficiary(ies)) or any other person any right to receive the value of such Account (as the same may from time to time be adjusted) except in accordance with the terms of the Plan.

Company Deferrals. The Plan Committee may, from time to time in its sole and absolute discretion, credit a Participant's Employer Discretionary Credits Account with Employer Discretionary Credits for such Plan Year. Such Employer Discretionary Credits may be made on behalf of one or some Participants but not others, and such credits may vary in amount among individual Participants.

Employer Credits. “Employer Credits” are the credits allocable to the Participant’s Retirement Account pursuant to [Sec. 4.3].

Employer Credits. For each Plan Year, an Eligible Employee shall be entitled to an Employer Credit equal to # the excess of 5% of Basic Plan Compensation over half the limit in effect for such Plan Year described in [Section 402(g)(1)(A)] of the Code (and [Section 402(g)(1)(C)] of the Code, if applicable) plus # 5% of the Participant’s Eligible Compensation for such Plan Year. Employer Credits for a Plan Year shall be added to the Participant’s Account as of and as soon as practicable following the earlier of # the last day of the Plan Year, # the Participant becoming Disabled, # the date of the Participant’s Separation from Service, # the date of the Participant’s death, or # the consummation of a Change in Control.

Employer Credits. The Board, or its authorized delegate, may determine in its sole discretion that a credit will be made by the Company or other Participating Employer to the Retirement Account of one or more eligible Participants for a particular Plan Year. If a credit is to be made for a particular Participant for a Plan Year, the Board, or its authorized delegate, will determine the amount of the credit, the date or dates on which the amount will be credited to the Participant’s Retirement Account, and any rules the Participant must satisfy to receive the credit. Such rules may include, but are not limited to, requirements that the Participant must be employed by a Participating Employer on a particular date during or after the end of the Plan Year, that the Participant must complete a certain number of hours of service during the Plan Year, or that the Participant must meet certain performance standards for the year.

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