Heritage DuPont U.S. Savings Plans. (i) Effective as of the MatCo Distribution Date, contributions under DuPont Retirement Savings Plan (the “Heritage DuPont U.S. Savings Plan”), in respect of Heritage DuPont MatCo Employees who participated in the Heritage DuPont U.S. Savings Plan (each, a “Heritage DuPont U.S. Savings Plan Participant” and, collectively, the “Heritage DuPont U.S. Savings Plan Participants”), shall cease. MatCo shall designate a defined contribution retirement plan (the “MatCo U.S. Savings Plan”) for the benefit of the Heritage DuPont U.S. Savings Plan Participants. (ii) Effective as of the AgCo Distribution Date, contributions under the Heritage DuPont U.S. Savings Plan in respect of Heritage DuPont SpecCo Employees who are Heritage DuPont U.S. Savings Plan Participants shall cease. AgCo and SpecCo agree to cooperate in good faith to cause a trustee-to-trustee Transfer of all Assets and Liabilities (including plan loans in-kind) under the Heritage DuPont U.S. Savings Plan in respect of Heritage DuPont SpecCo Assigned Employees who are Heritage DuPont U.S. Savings Plan Participants as of the AgCo Distribution Date to the SpecCo U.S. Savings Plan, which Transfer shall occur as soon as practicable following the AgCo Distribution Date and shall be conducted in accordance with Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1 and Section 208 of the Employee Retirement Income Security Act of 1974, as amended.
Appears in 4 contracts
Samples: Employee Matters Agreement (Corteva, Inc.), Employee Matters Agreement (Dow Inc.), Employee Matters Agreement (DowDuPont Inc.)
Heritage DuPont U.S. Savings Plans. (i) Effective as of the MatCo Distribution Date, contributions under DuPont Retirement Savings Plan (the “Heritage DuPont U.S. Savings Plan”), in respect of Heritage DuPont MatCo Employees who participated in the Heritage DuPont U.S. Savings Plan (each, a “Heritage DuPont U.S. Savings Plan Participant” and, collectively, the “Heritage DuPont U.S. Savings Plan Participants”), shall cease. MatCo shall designate a defined contribution retirement plan (the “MatCo U.S. Savings Plan”) for the benefit of the Heritage DuPont U.S. Savings Plan Participants.
(ii) Effective as of the AgCo Distribution Date, contributions under the Heritage DuPont U.S. Savings Plan in respect of Heritage DuPont SpecCo Employees who are Heritage DuPont U.S. Savings Plan Participants shall cease. AgCo and SpecCo agree to cooperate in good faith to cause a trustee-to-trustee Transfer transfer of all Assets assets and Liabilities liabilities (including plan loans in-kind) under the Heritage DuPont U.S. Savings Plan in respect of Heritage DuPont SpecCo Assigned Employees who are Heritage DuPont U.S. Savings Plan Participants as of the AgCo Distribution Date to the SpecCo U.S. Savings Plan, which Transfer transfer shall occur as soon as practicable following the AgCo Distribution Date and shall be conducted in accordance with Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1 and Section 208 of the Employee Retirement Income Security Act of 1974, as amended.
Appears in 2 contracts
Samples: Employee Matters Agreement (Corteva, Inc.), Employee Matters Agreement (Dow Holdings Inc.)