SNPS » Topics » (b) Employee Deferrals and Company Contributions

This excerpt taken from the SNPS 10-Q filed Mar 9, 2009.
(b)           Employee Deferrals and Company Contributions.  While the Plan remains in effect, the Company shall make contributions to the Trust at such times as determined in the discretion of the Committee.  Within three (3) months after the close of each Plan Year, the Company shall make an additional contribution to the Trust, if necessary, such that the value of the assets held in the Trust following such contribution are at least equal to ninety percent (90%) of the amount that is equal to (i) the balances in the Accounts of the Participants as of the end of such Plan Year minus (ii) any distributions to Participants after the end of such Plan Year and prior to the date of such contribution.  For the purposes of this Section 5.2(b), the direct payment by the Company of an obligation arising under the Plan shall be deemed to be a contribution to the Trust.  The Trustee shall not be liable for any failure by the Company to provide contributions sufficient to pay all accrued benefits under the Plan in accordance with the terms of the Plan.

 

This excerpt taken from the SNPS 8-K filed Nov 16, 2005.
(b)           Employee Deferrals and Company Contributions.  While the Plan remains in effect, the Company shall make contributions to the Trust at least once each quarter.  The amount of any quarterly contribution shall be at the discretion of the Committee.  Within three (3) months after the close of each Plan Year, the Company shall make an additional contribution to the Trust to the extent that previous contributions to the Trust for such Plan Year and all prior Plan Years are not at least equal to the total amount deferred by Plan Participants for all such Plan Years.  For the purposes of this Section 5.2(b), the direct payment by the Company

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of an obligation arising under the Plan shall be deemed to be a contribution to the Trust.  The Trustee shall not be liable for any failure by the Company to provide contributions sufficient to pay all accrued benefits under the Plan in accordance with the terms of the Plan.

EXCERPTS ON THIS PAGE:

10-Q
Mar 9, 2009
8-K
Nov 16, 2005
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