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Establishment and Purpose
Establishment and Purpose contract clause examples

Article #Establishment, Purpose, and Duration

PURPOSE. The Interpublic Group of Companies, Inc. (“Interpublic”) has established and maintains this Restricted Cash Plan to attract, retain, and motivate employees of exceptional ability.

Purpose. ITW desires to have the benefit of the advice, counsel, and services of [[SLM Advisory Services:Organization]] and its principal Steven L. Martindale for a period of time under the terms set forth in this Agreement to assist in its business. In consideration of the promises and the mutual covenants set forth herein, ITW and [[SLM Advisory Services:Organization]] agree to the following provisions.

Purpose. The purpose of this Plan is to permit award grants to non-employee Directors, officers and other employees of the Company and its Subsidiaries, and certain consultants to the Company and its Subsidiaries, and to provide to such persons incentives and rewards for service and/or performance.

Purpose. Effective October 1, 2004, the Company adopted the Arrow Electronics, Inc. Executive Deferred Compensation Plan (the “Original Plan”) in order to provide an added incentive to the hiring and retention of the services of the senior level of management personnel whose responsibilities contribute most significantly to the success of the Company’s business and operations and a select group of other highly compensated employees who have been determined to make a similar contribution. Following enactment of Section 409A of the Internal Revenue Code of 1986, as amended (“[Section 409A]”), the Company limited application of the Original Plan to deferrals of amounts that were earned and vested on December 31, 2004 and ESOP Make-Up Credits that were earned and vested on December 31, 2004. The Original Plan continued to be separately administered in accordance with its terms as in effect on October 3, 2004 until July 15, 2008, at which time it was merged into the revised Plan established as provided herein.

Purpose. The Cummins Inc. 2012 Omnibus Incentive Plan, as amended and restated, is designed to attract, retain, focus and motivate executives, other selected employees, directors and consultants and to link the interests of these individuals with the interests of the Company’s shareholders over the longer term. The Plan will accomplish these objectives by offering the opportunity to acquire shares of the Company’s common stock, receive monetary payments based on the value of such common stock or receive other incentive compensation on the terms that this Plan provides.

Purpose. The purpose of this Plan is to describe the terms and conditions under which contributions made pursuant to the Plan will be credited and paid to the Participants and their Beneficiaries.

Purpose. The Polaris Industries Inc. Senior Executive Annual Incentive Compensation Plan is intended to provide incentives for Eligible Senior Executives to attain and maintain the highest standards of performance, to attract and retain key executives of outstanding competence and ability, to stimulate the active interest of key executives in the development and financial success of the Company, to further align the identity of interests of employees with those of the Company’s shareholders generally and to reward executives for outstanding performance when certain objectives are achieved. This amendment and restatement of the Plan is effective as of February 27, 2018.

Purpose. The purposes of the Apergy Corporation Executive Officer Annual Incentive Plan (the “Plan”) are to provide annual incentive compensation payments (“Awards”) to designated executive officers of Apergy Corporation (the “Company”) based on the achievement of established performance targets, to encourage such executive officers to remain in the employ of the Company, to assist the Company in attracting and motivating new executive officers.

Purpose. Prior to October 28, 2021, the purpose of the Plan was to provide a means by which an Eligible Employee may, under certain circumstances, elect to defer for a specified number of years or to termination of employment the receipt of a portion of compensation which was otherwise payable on account of services performed or results achieved in a specific calendar period (provided that the requirements of Sections 7, 8 and 10 hereof were satisfied with respect to each deferral election). On or after October 28, 2021, no Employee of the Company shall be eligible to participate in this Plan or elect to become a Participant and no Participant shall be permitted to make any new election to defer compensation as described in Sections 7 and 8 of the Plan.

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