1992 Plan and GTE Plan Clause Samples
The "1992 Plan and GTE Plan" clause defines the specific employee benefit or stock option plans referenced in the agreement, typically identifying them as the 1992 Plan and the GTE Plan. This clause clarifies which plans are being discussed, often by referencing their formal names and possibly their adoption dates or governing documents. By precisely identifying these plans, the clause ensures that all parties understand which benefit arrangements are subject to the agreement’s terms, thereby preventing confusion or disputes over plan applicability.
1992 Plan and GTE Plan. Effective no later than the Effective Time, CSC shall transfer sponsorship of the 1992 Plan and the related VEBA, as well as the GTE Plan to Computer Sciences GS (the “Transferred OPEB Plans”). Computer Sciences GS shall, or shall cause one or more members of the Computer Sciences GS Group to, assume from CSC sponsorship of and all right, title and interest of CSC in and to and all related Assets and Liabilities and benefit obligations under the Transferred OPEB Plans. On or before the Effective Time, CSC shall assign and cause Computer Sciences GS to be substituted for CSC under all trust agreements under the 1992 Plan VEBA, such that Computer Sciences GS succeeds to all of CSC’s right, title and interest in and to the 1992 Plan VEBA and the assets therefore, subject to the terms thereof. The Transferred OPEB Plans shall provide such benefits and payments as set forth under the respective Transferred OPEB Plans to all eligible retired CSC Group Employees, Former CSC Group Employees and Computer Sciences GS Employees. The 1992 Plan and related VEBA shall be amended to recognize each CSC Group Employee’s service following the Distribution with the CSC Group for purposes of determining only (i) eligibility, and (i) level of benefits. The VEBA shall be amended to eliminate future contributions from employees making contributions to the VEBA as of the Distribution.