Purpose of Plan Sample Clauses
The "Purpose of Plan" clause defines the main objectives and intended use of a particular plan within an agreement or policy. It typically outlines what the plan is designed to achieve, such as providing employee benefits, managing investments, or guiding organizational actions. By clearly stating the plan's purpose, this clause helps ensure all parties understand the scope and limitations of the plan, thereby preventing misunderstandings and aligning expectations.
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Purpose of Plan. The Board of each Participating Fund maintains this Deferred Compensation Plan for Independent Directors and Trustees. The purpose of the Plan is to allow the independent directors and trustees of the Participating Funds to defer receipt of all or a portion of the compensation they earn for their service to the Participating Funds in lieu of receiving current payments of such compensation, and to treat any deferred amount as though an equivalent dollar amount had been invested in shares of one or more Eligible Funds. Each Board intends that the Plan shall be maintained at all times on an unfunded basis for federal income tax purposes under the Code. The Plan is not covered by the Employee Retirement Income Security Act of 1974, as amended.
Purpose of Plan. The purpose of this Plan is to enable Employee to enhance his financial security by permitting him to enter into this agreement with Employer to defer his compensation and receive benefits in a future year.
Purpose of Plan. If a bargaining unit member does not become a member of the Association during any membership year (i.e., from September 1 to the following August 31) which is covered in whole or in part by this Agreement, said employee will be required to pay a representation fee to the Association for that membership year to offset the costs of services rendered by the Association or majority representative.
Purpose of Plan. 1.1 The purpose of the Plan is to assist directors, officers, employees and consultants of the Corporation and any Subsidiary to participate in the growth and development of the Corporation and its Subsidiaries by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Corporation that will be aligned with the interests of the shareholders of the Corporation.
Purpose of Plan. The purpose of the Plan is to assist employees of the Board who are covered by the Plan who are desirous of terminating employment sooner than they would otherwise retire. Participation in the Plan is totally voluntary on the part of an eligible employee. If an eligible employee elects not to resign under the Plan, the employee’s election shall not have any impact on the employee’s current or future employment with the Board.
Purpose of Plan. 3 ARTICLE III. ADMINISTRATION
Purpose of Plan. The purpose of the Plan under which this Option has been granted is to enable the Company to attract, retain and reward key employees of and consultants to the Company and its direct and indirect subsidiaries (each a "Subsidiary", and, collectively, "Subsidiaries") and directors who are not also employees of the Company, and to strengthen the mutuality of interests between such key employees, consultants, and directors by awarding such key employees, consultants, and directors (collectively "Participants") performance-based stock incentive and/or other equity interests or equity-based incentives in the Company, as well as performance-based incentives payable in cash.
Purpose of Plan. The purpose of the Plan is to aid in maintaining and developing personnel to help assure the success of the Company. The Plan is designed to help the Company retain the services of executives, advisors and key employees and attract new personnel when needed for future operations and growth; to offer such personnel additional incentives to put forth maximum efforts for the success of the business; and to afford them opportunities to obtain or increase a proprietary interest in the Company on a favorable basis and, thereby, to have an opportunity to share in its success.
Purpose of Plan. This Plan has been established to pay to the eligible and electing employees of the Employer the applicable amount in lieu of coverage under the medical insurance program of the Employer.
Purpose of Plan. This Plan has been established to pay to the eligible and electing employees of the Employer the applicable amounts provided in Exhibit A in lieu of coverage under the medical insurance program of the Employer.