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The Phar-Mor Stock Incentive Phar mor inc was adopted in order to attract, reward and retain key personnel including officers, whether or not directors of the Company and its subsidiaries and certain other closely related eligible persons who provide substantial services to such entities "Eligible Persons" and to provide them with long-term incentives that are linked to the Company's stock performance.
Approximately nine officers and approximately other employees of the Company and its subsidiaries are currently eligible to participate under the Phar-Mor Stock Incentive Plan.
Currently, a maximum of 3. As is customary in incentive plans of this nature, the number and kind of shares available under the Phar-Mor Stock Incentive Plan, share limits, and shares subject to outstanding awards are subject to adjustment in the event of certain reorganizations, recapitalizations, stock splits, stock dividends, spin-offs, property distributions or other similar extraordinary transactions or events in respect of the Company or the shares of the Company.
Shares relating to options or SARs that are not exercised or that expire or are canceled will again become available for grant purposes under the Phar-Mor Stock Incentive Plan to the extent permitted by law and the plan.
Awards may be repriced or otherwise amended after grant, provided that the amendment does not adversely affect the holder's rights without his or her consent.
A maximum ofshares of the Company's Common Stock may be subject to options that during any calendar year are granted to any Eligible Person under the Phar-Mor Stock Incentive Plan.
The exercise price of the options granted under the Phar-Mor Stock Incentive Plan generally may not be less than the fair market value of the Company's Common Stock on the date of grant or such greater amount as may be determined by the Administrator. An option may either be an incentive stock option, as defined in the Code, or a non-qualified stock option.
All 2, options granted pursuant to the Phar-Mor Stock Incentive Plan as of June 27, are non-qualified stock options, except the options granted to Messrs. Butler and Estrin which are incentive stock options. A non-qualified stock option is not subject to any of these limitations.
Subject to early termination or acceleration provisions which are summarized belowan option generally will be exercisable, in whole or in part, from the date specified in the related award agreement until the expiration date, all as determined by the Administrator. Earlier expiration may occur following a termination of service.
In no event, however, is an option under the Phar-Mor Stock Incentive Plan exercisable more than seven years after its date of grant. The Board may terminate or amend the Phar-Mor Stock Incentive Plan, subject to the rights of holders of outstanding options.
If an amendment would i materially increase the benefits accruing to Eligible Persons under the Phar-Mor Stock Incentive Plan, ii materially increase the aggregate number of shares that may be issued under the Phar-Mor Stock Incentive Plan, or iii materially modify the eligibility requirements for participation under the Phar-Mor Stock Incentive Plan, the amendment, to the extent deemed necessary by the Board or the Administrator or then required by applicable law, must be approved by the shareholders.
Employees of the Company are eligible to participate in the k Employee Savings Plan the " k Plan". The k Plan is a tax-qualified profit sharing plan that provides for pre-tax deferrals by employees and employer matching and profit-sharing contributions.
In addition, warehouse employees and drivers are eligible to participate in a separate k savings plan. The Company provided pension benefits under noncontributory defined benefit pension plans to its non-union employees who have met the applicable age and service requirements specified in the plans.
During fiscal the Company's Board of Directors voted to freeze the benefits accruing under its defined benefit plan that covers nonunion personnel effective June 29, and to increase the Company's matching contribution to the defined contribution plan for those employees.
The Company terminated its defined benefit plan that covers non-union personnel on April 30, Lump sum cash payments were made to the majority of the plan participants by June 27, Annuities will be purchased for the remaining participants during the fifty-three weeks ended July 3, In connection therewith, the following executive officers received lump sum cash distributions in the amounts indicated: In addition, the Company maintains two pension plans for various groups of employees: To the extent permitted by law, the minimum eligibility and vesting provisions under these and other retirement, health and welfare benefit plans were waived for Messrs.
Haft, Estrin and Butler under the terms of their respective employment agreements. The Company sponsors an Employee Stock Purchase Plan "ESPP" under which it is authorized to issue up toshares, in the aggregate, of common stock obtained by open market purchases.
Employees, including executive officers, with a minimum of three months of service are eligible to participate in the ESPP. Under the Company's Corporate Executive Bonus Plan for Fiscal Year the " Bonus Plan"certain executive officers were eligible to receive a cash bonus if the Company achieved a pre-established level of performance for the fiscal year.The board tried to resolve the issue in a pre-hearing conference with a proposal that Phar-Mor beef up staffing to make it unlikely that a pharmacist would have to fill more than scripts in a day, said David Work, executive director of the North Carolina pharmacy board.
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Reply to Phar-Mor Inc's Reply to Brief in Support of Giant Eagle-Valu Eagle's Motion for Summary Judgment and Reply to Response of Giant Eagle-Value Eagle to Phar-Mor's Motion for Summary Judgment Filed by Phar-Mor, Inc.
Aug 04, · Phar-Mor said that after taking a $ million charge to cover the losses, it will still have a net worth of $ million. It said about employees at its headquarters will lose their jobs.
|Phar-Mor and affiliates file for Chapter 11 protection | Deseret News||Hire Writer They cannot be held liable for ordinary negligence like they can for a primary beneficiary that is specifically identified as a user of the report and their client. B Even though the third party had not specifically identified to the Caps, they were still aware that the financial statements were going to be used to obtain financing from third parties.|
|Phar-Mor Inc.||Retail — Retail markets and shops have a very ancient history, dating back to antiquity. Retailing involves the process of selling goods or services to customers through multiple channels of distribution to earn a profit.|