Individual Account Plan. As soon as practicable after the Distribution Date, but in no event later than 90 days after the Distribution Date, Spinco shall establish a defined contribution plan and trust intended to qualify under Section 401(a) and Section 501(a) of the Code (the "Spinco Savings Plan"). The Company shall, within 180 days following the Distribution Date, but in no event prior to the receipt by the Company of written evidence of the adoption of the Spinco Savings Plan and the trust thereunder by Spinco and either (A) the receipt by the Company of a copy of a favorable determination letter issued by the IRS with respect to the Spinco Savings Plan or (B) an opinion, satisfactory to the Company's counsel, of Spinco's counsel to the effect that the terms of the Spinco Savings Plan and its related trust qualify under Section 401(a) and Section 501(a) of the Code, direct the trustee of the Loral Master Savings Plan and the Loral Aerospace Savings Plan (the "Company Savings Plans") to transfer to the trustee of the Spinco Savings Plan the account balances under the Company Savings Plans as of the date of transfer in respect of Spinco Employees in cash or in kind, as agreed to by the Company and Spinco; provided, however, all outstanding loans shall be transferred in kind. Upon such transfer, the Spinco Savings Plan shall assume all liabilities for all accrued benefits under the Company Savings Plans in respect of Spinco Employees that are transferred to the Spinco Savings Plan and the Company Savings Plans shall be relieved of all liabilities for such accrued benefits. The Company and Spinco shall cooperate in the filing of documents required by the transfer of assets and liabilities described herein. Notwithstanding anything contained herein to the contrary, no such transfer shall take place until the 31st day following the filing of all required Forms 5310-A in connection therewith. Upon the transfer of assets in accordance with this section 8.2(b), Spinco agrees to indemnify and hold harmless the Company, its officers, directors, employees, agents and affiliates from and against any and all Indemnifiable Losses arising out of or relating to the Spinco Savings Plan, including all benefits accrued by Spinco Employees prior to the Distribution Date.
Individual Account Plan. Provisions of the Individual Account Plan shall be as provided in the I.A.T.S.E. and M.P.T.A.A.C. Basic Agreement of 2018. "On call" weekly contributions shall be based upon a fifty-six (56) hour week (sixty (60) hour week effective July 10, 2022).
Individual Account Plan. The term “
Individual Account Plan. (a) As soon as practicable after the Closing Date, Buyer shall establish or designate an individual account plan for the benefit of Transferring Employees (the "Successor Individual Account Plan"), shall take all necessary action, if any, to qualify such plan under the applicable provisions of the Code and shall make any and all filings and submissions to the appropriate governmental agencies required to be made by 44 46 it in connection with the transfer of assets described below. As soon as practicable following the establishment or designation of the Successor Individual Account Plan, Seller shall cause the trustee of the Calvxx Xxxix Xxx. Retirement Savings Plan and Trust (the "Seller Individual Account Plan") to transfer (such date of transfer being referred to herein as the "Transfer Date") in the form of cash, securities and/or other property the full account balances of the Transferring Employees under the Seller Individual Account Plan as of the Closing Date (which account balances will have been credited with appropriate earnings attributable to the period from the Closing Date to the Transfer Date and reduced by any benefit or withdrawal payments to or in respect of Transferring Employees occurring during the period from the Closing Date to Transfer Date), together with any notes held by the Seller Individual Account Plan in connection with participant loans to any Transferring Employee, to the appropriate trustee as designated by Buyer under the trust agreement forming a part of the Successor Individual Account Plan.
(b) In consideration for the transfer of assets described herein, Buyer shall, (i) effective as of the Transfer Date, cause the Successor Individual Account Plan to assume all of the obligations of the Seller Individual Account Plan and any of its Affiliates in respect of the account balances accumulated by Transferring Employees under the Seller Individual Account Plan on or prior to the Transfer Date and (ii) indemnify Seller and its Affiliates and each officer, employee and director of the Seller and its Affiliates and each fiduciary of the Seller Individual Account Plan from any and all losses, claims, damages and liabilities incurred or suffered by them arising out of, in respect of, or in connection with, the qualified status of the Successor Individual Account Plan. Neither Buyer nor any of its Affiliates shall assume any other obligations or liabilities arising under or attributable to the Seller Individual Account Plan.
Individual Account Plan a. Modify Article 5 (“Individual Account Plan”) to provide:
Individual Account Plan. Notwithstanding anything to the contrary concerning the percentage contribution to the Individual Account Plan, the EMPLOYER shall only contribute the following percentages of the scale Regular Basic Hourly Rate of pay (in addition to any hourly contribution): Effective May 11, 2007 Three (3%) percent
Individual Account Plan. Seller shall retain all liabilities and obligations in respect of benefits accrued by Transferred Employees under the Individual Account Plan. It is understood that the Transferred Employees are fully vested (or will become fully vested) in their account balances under the Individual Account Plan. On the Closing Date, Seller shall take such action as may be necessary, if any, to permit each Transferred Employee to exercise his rights under the Individual Account Plan to effect a distribution of such Transferred Employee's vested account balances under the Individual Account Plan or to effect a tax-free rollover of the taxable portion of the account balances into an eligible retirement plan, if any, (within the meaning of Section 401(a)(31) of the Code, a "Direct Rollover") maintained by Purchaser or a subsidiary of Purchaser (the "Purchaser Plan") or to an individual retirement account. Seller and Purchaser shall work together in order to facilitate any such distribution or rollover and to effect a Direct Rollover for those participants who elect to roll over their account balances directly into the Purchaser Plan in accordance with the terms and conditions of the Purchaser Plan; provided that nothing contained herein shall obligate the Purchaser Plan to accept a Direct Rollover in a form other than cash or obligate Purchaser to establish or maintain a Purchaser Plan.
Individual Account Plan. 45 ARTICLE X MISCELLANEOUS PROVISIONS
Individual Account Plan. “(a) Effective October 1, 2021 September 30, 2018, the Employer shall contribute to the Individual Account Plan: “Four percent (4%) of the "weekly base rate," as defined below (five percent (5%) effective October 2, 2022 and six percent (6%) effective October 1, 2023), for each full workweek of employment for each Associate Casting Director employed by the Employer under this Agreement on a theatrical motion picture (or an SVOD Program to which theatrical terms and conditions apply as provided in Article 19) under this Agreement; and “Five percent (5%) of the "weekly base rate," as defined below (six percent (6%) effective October 1, 2023), for each full workweek of employment for each Casting Director employed by the Employer under this Agreement.
Individual Account Plan. The ADS Group 401(k) Plan sponsored by The ADS Group, Inc. and the Academy Manor Retirement & Savings Plan (each a "Plan," together, the "Plans") as in effect on the Closing Date shall remain in effect after the Closing Date, until such time as Buyer decides to terminate either or both of said Plans, for the benefit of the employees of the Business participating or eligible to participate in each such Plan as of the Closing Date or who will thereafter become eligible to participate upon satisfaction of the applicable eligibility requirements. If Buyer decides to terminate the ADS Group 401(k) Plan after the Closing Date, at a time when any entity outside of Buyer's ERISA controlled group is a participating employer therein, Buyer shall cooperate in the transfer of sponsorship of the ADS Group 401(k) Plan to any such entity outside of its ERISA controlled group desiring to continue such Plan. The Buyer, the Owner Parties and the Seller Entities shall cooperate and take any and all action, and cause each of their respective Affiliates to take any and all action, as may be necessary or appropriate to accomplish the purposes of the foregoing, including, but not by way of limitation, the adoption of each such Plan as a participating employer or plan sponsor effective as of the Closing Date. 15. A new Section 8.19 is hereby added to the Acquisition Agreement as follows: 8.19
