Annual Bonus Plans. Following the applicable Relevant Time, each Party (or their applicable Affiliate or Subsidiary) shall Assume and be responsible for all Liabilities and fully perform, pay and discharge all annual bonus obligations relating to any annual incentive plan for their respective employees and former employees for [2016] and thereafter. With respect to the period beginning [●] and ending on the LSC Distribution Date, LSC shall calculate the bonus for LSC Employees that participated in a RRD bonus program using the applicable performance criteria for such period and such calculation shall be in a manner consistent with the terms of RRD’s bonus programs. With respect to the period beginning [●] and ending on the Donnelley Financial Distribution Date, Donnelley Financial shall calculate the bonus for Donnelley Financial Employees that participated in a RRD bonus program using the applicable performance criteria for such period and such calculation shall be in a manner consistent with the terms of RRD’s bonus programs. In no event shall any employee receive a duplication of such benefits hereunder.
Appears in 3 contracts
Samples: Separation and Distribution Agreement (LSC Communications, Inc.), Separation and Distribution Agreement (LSC Communications, Inc.), Separation and Distribution Agreement (LSC Communications, Inc.)
Annual Bonus Plans. Following the applicable Relevant Time, each Party (or their applicable Affiliate or Subsidiary) shall Assume and be responsible for all Liabilities and fully perform, pay and discharge all annual bonus obligations relating to any annual incentive plan for their respective employees and former employees for [2016] 2016 and thereafter. With respect to the period beginning [●] January 1, 2016 and ending on the LSC Distribution Date, LSC shall calculate the bonus for LSC Employees that participated in a RRD bonus program using the applicable performance criteria for such period and such calculation shall be in a manner consistent with the terms of RRD’s bonus programs. With respect to the period beginning [●] January 1, 2016 and ending on the Donnelley Financial Distribution Date, Donnelley Financial shall calculate the bonus for Donnelley Financial Employees that participated in a RRD bonus program using the applicable performance criteria for such period and such calculation shall be in a manner consistent with the terms of RRD’s bonus programs. In no event shall any employee receive a duplication of such benefits hereunder.
Appears in 2 contracts
Samples: Separation and Distribution Agreement (Donnelley Financial Solutions, Inc.), Separation and Distribution Agreement (Donnelley Financial Solutions, Inc.)
