Common use of Employment Plans Clause in Contracts

Employment Plans. On the Effective Date, all employment agreements and severance policies, including all employment, compensation, and benefit plans, policies, and programs of the Debtors applicable to any of their respective officers, employees or retirees, and any of the officers, employees or retirees of their respective subsidiaries, including, without limitation, all workers’ compensation programs, savings plans, retirement plans, SERP plans, healthcare plans, disability plans, severance benefit plans, incentive plans, change-in-control plans, insurance plans including but not limited to life and accidental death and dismemberment insurance plans, health and welfare plans, and 401(k) plans (in each case, as applicable) (collectively, the “Specified Employee Plans”) shall be deemed and treated as Executory Contracts that are and shall, subject to the following proviso, be assumed by the Debtors (and assigned to the applicable Reorganized Debtors, if necessary) pursuant to section 365(a) and section 1123 of the Bankruptcy Code as to which no Proof of Claim, request for administrative expense, or cure claim need be Filed; provided that (a) the Debtors, pursuant to the Restructuring Support Agreement, acknowledged and agreed that the Consummation of this Plan shall not constitute a change in control or term of similar meaning pursuant to any of the Specified Employee Plans, and the Confirmation Order shall contain a finding and such other provisions acceptable to the Required Consenting Noteholders confirming the same, and (b) each “Executive” employment agreement, “Level I” employment agreement and “Level II” employment agreement shall only be maintained and assumed by the Debtors (and assigned to the Reorganized Debtors, if necessary) and considered a Specified Employee Plan if the employee party to such agreement, on or prior to the Effective Date, (i) confirms that the Consummation of this Plan does not constitute a change in control and (ii) waives any right to resign with “good reason” solely or in part as a result of the Consummation of this Plan. All Claims arising from the Specified Employee Plans shall survive the Effective Date and be Unimpaired. Unless previously effectuated by separate order entered by the Bankruptcy Court, entry of the Confirmation Order shall constitute the Bankruptcy Court’s approval of the Debtors’ assumption of each of the Specified Employee Plans. Confirmation and Consummation of this Plan shall not impair or otherwise modify any available defenses of the Reorganized Debtors or other applicable parties under the Specified Employee Plans.

Employment Plans. On the Effective Date, all All employment agreements and severance policies, including and all employment, compensation, compensation and benefit plans, policies, and programs of the Debtors applicable to any of their respective officers, employees or and retirees, and any of the officers, employees or retirees of their respective subsidiaries, including, without limitation, all workers’ compensation programs, savings plans, retirement plans, SERP supplemental executive retirement (SERP) plans, healthcare plans, disability plans, severance benefit retention plans, incentive plans, change-in-control plans, insurance plans including but not limited to life and accidental death and dismemberment insurance plans, health and welfare plans, and 401(k) plans (in each case, as applicable) (collectively, the “Specified Employee Plans”) shall be deemed and treated as Executory Contracts that are under this Plan and shall, subject to on the following proviso, Effective Date shall be assumed by the Debtors (and assigned to the applicable Reorganized Debtors, if necessary) pursuant to section 365(a) and section 1123 of the Bankruptcy Code as to which no Proof proof of Claim, request for administrative expense, or cure claim need be Filed; provided that severance payments to any “insider” (aas defined in section 101(31) of the DebtorsBankruptcy Code) of the Debtors terminated during the Chapter 11 Cases shall be subject to sections 503(c)(2) and 502(b)(7) of the Bankruptcy Code, pursuant to the Restructuring Support Agreement, acknowledged and agreed extent each section is applicable; provided further that the Consummation of notwithstanding anything in this Plan shall not constitute a change in control or term of similar meaning pursuant to any the contrary, (x) all employee equity incentive plans of the Specified Employee Plans, and the Confirmation Order shall contain a finding and such other provisions acceptable to the Required Consenting Noteholders confirming the same, and (b) each “Executive” employment agreement, “Level I” employment agreement and “Level II” employment agreement shall only be maintained and assumed by the Debtors (and assigned to the Reorganized Debtors, if necessary) and considered a Specified Employee Plan if the employee party to such agreement, on or in effect prior to the Effective Date, (i) confirms that the Consummation of this Plan does not constitute a change in control and (ii) waives any right to resign with “good reason” solely or in part as a result of the Consummation of this Plan. All Claims arising from the Specified Employee Plans Date shall survive be canceled on the Effective Date and all Outstanding Incentive Equity Interests received thereunder shall receive the same treatment as Old Parent Interests under this Plan and (y) the Executive KERP/KXXX will be Unimpairedcancelled on the Effective Date (and no Claims shall arise thereunder). After the Effective Date, the New Board shall, in its discretion, implement employee incentive or bonus plans as and when it deems appropriate; provided, however, that the Management Incentive Plan shall be implemented pursuant to and in accordance with the terms of this Plan, including Article V.H hereof. Unless previously effectuated by separate order entered by the Bankruptcy Court, entry of the Confirmation Order shall constitute the Bankruptcy Court’s approval of the Debtors’ assumption of each of the Specified Employee Plans. Confirmation and Consummation of this Plan shall not impair or otherwise modify any available defenses of the Reorganized Debtors or other applicable parties under the Specified Employee Plans.

Employment Plans. On the Effective Date, all employment agreements and severance policies, including all employment, compensation, and benefit plans, policies, and programs of the Debtors applicable to any of their respective officers, employees or retirees, and any of the officers, employees or retirees of their respective subsidiaries, including, without limitation, all workers’ compensation programs, savings plans, retirement plans, SERP plans, healthcare plans, disability plans, severance benefit plans, incentive plans, change-in-control plans, insurance plans including but not limited to life and accidental death and dismemberment insurance plans, health and welfare plans, and 401(k) plans (in each case, as applicable) (collectively, the “The Specified Employee Plans”) Plans shall be deemed to be and treated as Executory Contracts that are under this Plan and shallon the Effective Date, subject to in accordance with the following provisoRestructuring Support Agreement, shall be assumed by the Debtors (and assigned to the applicable Reorganized Debtors, if necessary) pursuant to section 365(a) and section 1123 of the Bankruptcy Code as with respect to which no Proof proof of Claim, request for administrative expense, or cure claim Cure Claim need be Filed; provided that severance payments to any “insider” (aas defined in section 101(31) of the DebtorsBankruptcy Code) of the Debtors terminated during the Chapter 11 Cases shall be subject to sections 503(c)(2) and 502(b)(7) of the Bankruptcy Code, pursuant to the Restructuring Support Agreementextent each section is applicable; provided, acknowledged and agreed further, that the Consummation of notwithstanding anything in this Plan shall not constitute a change in control or term of similar meaning pursuant to any the contrary, all employee equity incentive plans of the Specified Employee Plans, and the Confirmation Order shall contain a finding and such other provisions acceptable to the Required Consenting Noteholders confirming the same, and (b) each “Executive” employment agreement, “Level I” employment agreement and “Level II” employment agreement shall only be maintained and assumed by the Debtors (and assigned to the Reorganized Debtors, if necessary) and considered a Specified Employee Plan if the employee party to such agreement, on or in effect prior to the Effective Date shall be canceled on the Effective Date. After the Effective Date, (i) confirms the New Board shall, in its discretion, implement employee incentive or bonus plans as and when it deems appropriate in accordance with the terms of any applicable New Governance Document; provided that the Consummation of this Management Incentive Plan does not constitute a change shall be implemented pursuant to and in control and (ii) waives any right to resign accordance with “good reason” solely or in part as a result of the Consummation terms of this Plan, including Article V.I hereof. All Claims arising from Within 120 days of the Effective Date, the Reorganized Debtors shall negotiate and enter into amendments solely to supplement the Specified Employee Plans shall survive Employment Agreements with respect to equity grants under the Effective Date and be UnimpairedManagement Incentive Plan. Unless previously effectuated by separate order entered by the Bankruptcy Court, entry of the Confirmation Order shall constitute the Bankruptcy Court’s approval of the Debtors’ assumption of each of the Specified Employee Plans. Confirmation and Consummation of this Plan shall not impair or otherwise modify any available defenses of the Reorganized Debtors or other applicable parties under the Specified Employee Plans.