Annual Bonus Plans. Immediately prior to the Effective Time, UpstreamCo Group Employees shall cease participating in each Parent annual bonus plan or policy, including without limitation the Internal Revenue Code Section 162(m) Compliant Annual Cash Incentive Compensation Plan and the Incentive Compensation Plan (the “Parent Annual Bonus Plans”) and, as of the Effective Time, UpstreamCo Group Employees who were eligible to participate in Parent Annual Bonus Plans shall be eligible to participate in the UpstreamCo annual bonus plans or policies (the “UpstreamCo Annual Bonus Plans”). UpstreamCo shall be solely responsible for funding, paying and discharging all obligations under the UpstreamCo Annual Bonus Plans in respect of the annual bonus payable to the UpstreamCo Group Employees in respect of the calendar year in which the Effective Time occurs (and Parent shall have no liability with respect to annual bonuses for such year).
Appears in 4 contracts
Samples: Employee Matters Agreement, Employee Matters Agreement (Arconic Inc.), Employee Matters Agreement (Alcoa Corp)
