Annual Incentive Compensation Plan. (a) New Grace shall pay, or cause to be paid by another member of the New Grace Group, all bonuses earned by Packco Employees and New Grace Employees for the 1997 calendar year under the AICP, in accordance with the terms of the AICP as interpreted by New Grace in its sole discretion. Effective as of the Distribution Date, the New Grace Group shall assume all Liabilities relating to or arising under the AICP.
Appears in 4 contracts
Samples: Employee Benefits Allocation Agreement (Grace Specialty Chemicals Inc), Employee Benefits Allocation Agreement (Sealed Air Corp), Employee Benefits Allocation Agreement (W R Grace & Co)
Annual Incentive Compensation Plan. (a) New Grace shall pay, or cause to be paid by another member of the New Grace Group, all bonuses earned by Packco Employees and New Grace Employees for the 1997 calendar year under the AICP, in accordance with the terms of the AICP as interpreted by New Grace in its sole discretion. Effective as of the Distribution Dis- tribution Date, the New Grace Group shall assume all Liabilities Liabili- ties relating to or arising under the AICP.
Appears in 1 contract
Samples: Employee Benefits Allocation Agreement (Wr Grace & Co/De)
