Common use of Company Incentive Plans Clause in Contracts

Company Incentive Plans. (a) The Company shall be responsible for the payment of all liabilities and obligations for benefits due and payable or unpaid as of and through the Cut-off Date under each Company Incentive Plan with respect to any Prior Plan Year (other than the Current Plan Year). Any deferred bonuses that were earned with respect to any Prior Plan Year that are not paid as of the Cut-off Date shall be treated as benefits for the Current Plan Year in accordance with Section 2.07(b). (b) Except as specifically provided in Section 2.06, for any Current Plan Year under each Company Incentive Plan, the Company and the Company Subsidiaries shall be responsible for the payment of all liabilities and obligations for benefits unpaid as of and through the Cut-off Date (including for deferred compensation) with respect to Company Individuals and New Xxxxxx and the New Xxxxxx Subsidiaries shall assume and be responsible for the payment of all liabilities and obligations for benefits unpaid as of and through the Cut-off Date (including for deferred compensation) with respect to New Xxxxxx Individuals. Except as specifically provided in Section 2.06, each of the Company and New Xxxxxx will, to the extent practicable, either continue each such Company Incentive Plan or adopt a new Plan in substitution therefor and, in this connection, adjust, in a manner equitable to participants, any incentive goals contained in each Company Incentive Plan to reflect the Distribution. (c) For purposes of the Company Incentive Plans, individuals who, in connection with the Distribution, cease to be employees of the Company and become New Xxxxxx Employees shall not be deemed to have terminated employment for purposes of any deferral elections made by such individuals and service with New Xxxxxx shall be deemed continuous service with the Company.

Company Incentive Plans. (a) The Company shall be responsible for the payment of all liabilities and obligations for benefits due and payable or unpaid as of and through the Cut-off Date under each Company Incentive Plan with respect to any Prior Plan Year (other than the Current Plan Year). Any deferred bonuses that were earned with respect to any Prior Plan Year that are not paid as of the Cut-off Date shall be treated as benefits for the Current Plan Year in accordance with Section 2.07(b). (b) Except as specifically provided in Section 2.06, for any Current Plan Year under each Company Incentive Plan, the Company and the Company Subsidiaries shall be responsible for the payment of all liabilities and obligations for benefits unpaid as of and through the Cut-off Date (including for deferred de- ferred compensation) with respect to Company Individuals and New Xxxxxx and the New Xxxxxx Subsidiaries shall assume and be responsible for the payment of all liabilities and obligations for benefits unpaid as of and through the Cut-off Date (including includ- ing for deferred compensation) with respect to New Xxxxxx IndividualsIndi- viduals. Except as specifically provided in Section 2.06, each of the Company and New Xxxxxx will, to the extent practicable, either continue each such Company Incentive Plan or adopt a new Plan in substitution therefor and, in this connection, adjust, in a manner equitable to participants, any incentive goals contained con- tained in each Company Incentive Plan to reflect the DistributionDistribu- tion. (c) For purposes of the Company Incentive Plans, individuals who, in connection with the Distribution, cease to be employees of the Company and become New Xxxxxx Employees shall not be deemed to have terminated employment for purposes of any deferral elections made by such individuals and service with New Xxxxxx shall be deemed continuous service with the Company.