Employee Service Recognition. (a) Post (acting directly or through a member of the Post Group) shall give each Post Employee full credit for purposes of eligibility, vesting, determination of level of benefits and, to the extent applicable, benefit accruals under any Post Benefit Plan for such Post Employee’s service with any member of the Ralcorp Group prior to the Distribution Date to the same extent such service was recognized by the corresponding Ralcorp Benefit Plan immediately prior to the Distribution Date; provided, however, that such service shall not be recognized to the extent that such recognition would result in the duplication of benefits under a Post Benefit Plan and a Ralcorp Benefit Plan. (b) Each of Ralcorp and Post (acting directly or through members of the Ralcorp Group or the Post Group, respectively) shall cause each of the Ralcorp Service Plans and the Post Service Plans, respectively, to provide the following service crediting rules effective as of the Distribution Date: (i) If a Ralcorp Employee after the Distribution Date becomes employed by a member of the Post Group, then, except to the extent required by applicable Law, such individual’s service with the Ralcorp Group following the Distribution Date will not be recognized for any purpose under any Post Benefit Plan. (ii) If a Post Employee after the Distribution Date becomes employed by a member of the Ralcorp Group, then, except to the extent required by applicable Law, such individual’s service with the Post Group following the Distribution Date will not be recognized for any purpose under any Ralcorp Benefit Plan. (iii) Notwithstanding the foregoing, if Ralcorp and Post agree in writing to the transfer of a Ralcorp Employee as a Delayed Transfer Employee to a member of the Post Group, and such Ralcorp Employee was a participant in any of the Ralcorp Service Plans and such Ralcorp Employee is continuously employed by the Ralcorp Group from the Distribution Date through the Transfer Date, then such Ralcorp Employee’s service with the Ralcorp Group following the Distribution Date shall be recognized under the corresponding Post Service Plans for purposes of eligibility, vesting and level of benefits, in each case to the same extent as such Ralcorp Employee’s service with the Ralcorp Group was recognized under the corresponding Ralcorp Service Plans; provided, however, that such service shall not be recognized to the extent that such recognition would result in the duplication of benefits under a Post Benefit Plan and a Ralcorp Benefit Plan. (iv) Notwithstanding the foregoing, if Ralcorp and Post agree in writing to the transfer of a Post Employee as a Delayed Transfer Employee to a member of the Ralcorp Group, and such Post Employee was a participant in any of the Post Service Plans and such Post Employee is continuously employed by the Post Group from the Distribution Date through the Transfer Date, then such Post Employee’s service with the Post Group following the Distribution Date shall be recognized under the corresponding Ralcorp Service Plans for purposes of eligibility, vesting and level of benefits, in each case to the same extent as such Post Employee’s service with the Post Group was recognized under the corresponding Post Service Plans; provided, however, that such service shall not be recognized to the extent that such recognition would result in the duplication of benefits under a Ralcorp Benefit Plan and a Post Benefit Plan.
Appears in 4 contracts
Samples: Employee Matters Agreement (Post Holdings, Inc.), Employee Matters Agreement (Post Holdings, Inc.), Employee Matters Agreement (Post Holdings, Inc.)
