Continuation of Kerr XXX Union Retirement Plan Required Sample Clauses

Continuation of Kerr XXX Union Retirement Plan Required. (a) SDS Kerr XXX Union Retirement Plan. Effective as of the Effective Date, SDS or the Dental Business Subsidiaries shall continue to maintain the SDS Kerr XXX Union Retirement Plan and its related trust for the benefit of eligible Dental Business Employees and their beneficiaries. Prior to the Effective Date, the Dental Business Subsidiaries maintained such Plan as the Sybron Kerr XXX Union Retirement Plan. As of the Effective Date, the SDS Kerr XXX Union Retirement Plan shall continue to be identical, in all material respects, to the Sybron Kerr XXX Union Retirement Plan which the Dental Business Subsidiaries maintained prior to the Effective Date. Thereafter, however, and in accordance with Section 3.1, SDS in its sole discretion shall determine the features of the SDS Kerr XXX Union Retirement Plan; provided, however, that any protected benefit (including any optional form of distribution) under section 411(d)(6) of the Code, and any service rules, vesting rules or other features which must be preserved under the SDS Kerr XXX Union Retirement Plan in order to comply with applicable Code requirements with respect to all or any portion of the accrued benefits thereunder shall continue to be in effect, on and after the Effective Date, with respect to all or any portion of such accrued benefits. As of the Effective Date, the trustee of the trust which relates to the SDS Kerr XXX Union Retirement Plan shall be the same as the trustee of the trust which related to the Sybron Kerr XXX Union Retirement Plan prior to the Effective Date. Thereafter, however, and in accordance with Section 3.1, SDS in its sole discretion may appoint a successor trustee of the trust which relates to the SDS Kerr XXX Union Retirement Plan. Sybron and SDS shall cooperate with one another and with the trustee of the SDS Kerr XXX Union Retirement Plan in facilitating SDS's or the Dental Business Subsidiaries' continued maintenance of such Plan on and after the Effective Date. SDS hereby further agrees to take all actions necessary to obtain, as soon as practicable, an Internal Revenue Service determination that the SDS Kerr XXX Union Retirement Plan continues to meet the applicable requirements of section 401(a) of the Code and that the trust which relates to the SDS Kerr XXX Union Retirement Plan meets the applicable requirements of section 401(a) of the Code and is exempt from tax under section 501(a) of the Code.
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Related to Continuation of Kerr XXX Union Retirement Plan Required

  • Payment of Continued Group Health Plan Benefits If you are eligible for and timely elect continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or any state law of similar effect (“COBRA”) following your Involuntary Termination, the Company will pay your COBRA group health insurance premiums for you and your eligible dependents directly to the insurer until the earliest of (A) the end of the period immediately following your Involuntary Termination that is equal to the Severance Period (the “COBRA Payment Period”), (B) the expiration of your eligibility for continuation coverage under COBRA, or (C) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to COBRA premiums shall not include any amounts payable by you under a Section 125 health care reimbursement plan under the Code. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether you elect continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), which payments shall continue until the earlier of expiration of the COBRA Payment Period or the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. On the first payroll date following the effectiveness of the Release, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the date of your Involuntary Termination, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan, you must immediately notify the Company of such event, and all payments and obligations under this subsection shall cease.

  • Termination of 401(k) Plan The Company agrees to terminate its 401(k) plan immediately prior to the Closing, unless Parent, in its sole and absolute discretion, agrees to sponsor and maintain such plan by providing the Company with notice of such election at least five days before the Effective Time.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • SUPPLEMENTAL BENEFITS The Reinsurer will receive a proportionate share of any premiums for additional benefits as shown in Schedule I, as well as for any extra premiums the Ceding Company may collect for the coverage of special risks (traveling, climate, occupation, etc.). This share will be based on the ratio between the amount at risk and the total initial benefits insured and will remain constant throughout the entire period of premium payment.

  • Continuation of Welfare Benefits For the twenty-four (24) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents life, disability, accident and health insurance benefits and other benefits and perquisites (including employee stay rates) substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior to such date or occurrence. Benefits otherwise receivable by the Executive pursuant to this Section 6(a)(2) shall be reduced to the extent benefits of the same type are received by the Executive from another employer during the twenty-four (24) month period following the Executive's termination of employment; provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an event or circumstance constituting Good Reason.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Continuation of Services This Option Agreement shall not be construed to confer upon the Optionee any right to continue providing services as a Company Director and shall not limit the right of the Company, in its sole discretion, to terminate the services of the Optionee at any time.

  • Continuation of Service 10. If the Recipient is an air carrier, until March 1, 2022, the Recipient shall comply with any applicable requirement issued by the Secretary of Transportation under section 4114(b) of the CARES Act to maintain scheduled air transportation service to any point served by the Recipient before March 1, 2020.

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