ESTABLISHMENT OF HOSPIRA PLANS Sample Clauses

ESTABLISHMENT OF HOSPIRA PLANS. Prior to the Distribution Date, Hospira shall adopt the following employee benefit plans and their related trusts: (a) the Hospira SIP, (b) the Hospira ARP, (c) the Hospira SRP, (d) the Hospira Health Care Plan, and (e) the Hospira Life Accident Plan. Hospira shall also adopt (i) the Hospira Supplemental ARP, (ii) the Hospira KSP, (iii) the Hospira Flexible Benefit Plan, (iv) the Hospira Extended Disability Plan, and (v) the Hospira OMPP, none of which shall have a related trust unless Hospira elects, in its sole and absolute discretion, to establish a rabbi trust or other trust for any of those plans. During the Transition Period, each of the foregoing Hospira Benefit Plans, except as expressly provided in this Agreement, shall be substantially similar in all material respects to the corresponding Abbott Benefit Plan as in effect as of the Distribution Date. As more fully described in Articles 4, 5 and 6 or as otherwise mutually agreed upon by Abbott and Hospira from time to time, Abbott shall, or shall cause the applicable Abbott Benefit Plan's related trust to, transfer to the relevant Hospira Benefit Plan's related trust, amounts equal to trust assets, insurance reserves, and other related assets of each Abbott 13 <Page> Benefit Plan's related trust relating to the Liabilities of such Abbott Benefit Plan assumed by Hospira or such Hospira Benefit Plan. As more fully described in Articles 4, 5 and 6, or as otherwise mutually agreed upon by Abbott and Hospira from time to time, Hospira shall, or shall cause the relevant Hospira Benefit Plan to, assume the Liabilities of the corresponding Abbott Benefit Plan with respect to all benefits accrued under that Abbott Benefit Plan by Transferred Employees prior to the Transfer Date. Except as expressly provided in this Agreement, after the Transition Period, Hospira may modify or terminate any Hospira Benefit Plan, as it deems appropriate. Hospira shall cause the Hospira Benefit Plans to honor all plan elections made by Transferred Employees pursuant to corresponding Abbott Benefit Plans. Except as provided in this Agreement, Abbott and Hospira shall use commercially reasonable efforts to ensure that the Distribution and the transfer of any Transferred Employee's employment to the Hospira Group will not entitle that Transferred Employee to a distribution or payment of benefits under any Abbott Benefit Plan.
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Related to ESTABLISHMENT OF HOSPIRA PLANS

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