No Duplication of Benefits; Service and Other Credit. SWBI and AOUT shall adopt, or cause to be adopted, all reasonable and necessary amendments and procedures to prevent AOUT Participants from receiving duplicative benefits from the SWBI Plans and the AOUT Plans. With respect to AOUT Employees, each AOUT Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan), service prior to the Distribution Time with a SWBI Group member shall be treated as service with the applicable AOUT Group member. Such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any AOUT Plan. Each AOUT Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to AOUT Employees. AOUT shall honor any deductible, co-payment, and out-of-pocket maximums incurred by the AOUT Employees and their eligible dependents under the SWBI Plans in which they participated immediately prior to the Distribution Time during the portion of the calendar year prior to the Distribution Time in satisfying any deductibles, co-payments, or out-of-pocket maximums under the AOUT Plans in which they are eligible to participate after the Distribution Time in the same plan year in which such deductibles, co-payments, or out-of-pocket maximums were incurred. With respect to the AOUT Group Welfare Plan that is a flexible spending account plan, SWBI shall cause the accounts of AOUT Participants who are participating in the flexible spending accounts under the SWBI Group Welfare Plans to be transferred to the flexible spending account plan under the AOUT Group Welfare Plans. SWBI and AOUT will work together in good faith to facilitate any necessary transition.
Appears in 4 contracts
Samples: Employee Matters Agreement (Smith & Wesson Brands, Inc.), Employee Matters Agreement (American Outdoor Brands, Inc.), Employee Matters Agreement (American Outdoor Brands, Inc.)
No Duplication of Benefits; Service and Other Credit. SWBI Dover and AOUT Xxxxxxx shall adopthave adopted, or cause caused to be have been adopted, all reasonable and necessary amendments and procedures to prevent AOUT Xxxxxxx Participants from receiving duplicative benefits from the SWBI Dover Plans and the AOUT Xxxxxxx Plans. With respect to AOUT EmployeesXxxxxxx Participants, each AOUT Xxxxxxx Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan), service prior to the Distribution Time Plan Separation Date with a SWBI member of the Dover Group member shall be treated as service with a member of the applicable AOUT Group memberXxxxxxx Group. Such The Parties shall use their reasonable efforts so that such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any AOUT Xxxxxxx Plan. Each AOUT Xxxxxxx Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to AOUT EmployeesXxxxxxx Participants. AOUT Xxxxxxx shall use reasonable efforts to honor any deductible, co-payment, payment and out-of-pocket maximums incurred by the AOUT Employees and their eligible dependents Xxxxxxx Participants under the SWBI Dover Plans in which they participated immediately prior to the Distribution Time during the portion of the calendar year prior to the Distribution Time Plan Separation Date, if any, in satisfying any deductibles, co-payments, payments or out-of-pocket maximums under the AOUT Xxxxxxx Plans in which they are eligible to participate after the Distribution Time Plan Separation Date in the same plan year in which any such deductibles, co-payments, payments or out-of-pocket maximums were incurred. With respect to the AOUT Group Welfare Plan that is a flexible spending account plan, SWBI shall cause the accounts of AOUT Participants who are participating in the flexible spending accounts under the SWBI Group Welfare Plans to be transferred to the flexible spending account plan under the AOUT Group Welfare Plans. SWBI and AOUT will work together in good faith to facilitate any necessary transition.
Appears in 4 contracts
Samples: Employee Matters Agreement (DOVER Corp), Employee Matters Agreement (Knowles Corp), Employee Matters Agreement (Knowles Corp)
No Duplication of Benefits; Service and Other Credit. SWBI Recro and AOUT Baudax shall adopt, or cause to be adopted, all reasonable and necessary amendments and procedures to prevent AOUT Baudax Participants from receiving duplicative benefits from the SWBI Recro Plans and the AOUT Baudax Plans. With respect to AOUT Baudax Employees, each AOUT Baudax Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan)benefits, service prior to the Distribution Effective Time with Recro or a SWBI Recro Group member shall be treated as service with Baudax or the applicable AOUT Baudax Group member. Such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any AOUT Baudax Plan. Each AOUT Baudax Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to AOUT Baudax Employees. AOUT Baudax shall honor any deductible, co-payment, payment and out-of-pocket maximums incurred by the AOUT Baudax Employees and their eligible dependents under the SWBI Recro Plans in which they participated immediately prior to the Distribution Time Benefits Commencement Date during the then-elapsed portion of the calendar year prior to the Distribution Time Benefits Commencement Date in satisfying any deductibles, co-payments, payments or out-of-pocket maximums under the AOUT Baudax Plans in which they are eligible to participate after the Distribution Time Benefits Commencement Date in the same plan year in which such deductibles, co-payments, payments or out-of-pocket maximums were incurred. With respect to the AOUT Group Welfare Plan that is a flexible spending account plan, SWBI shall cause the accounts of AOUT Participants who are participating in the flexible spending accounts under the SWBI Group Welfare Plans to be transferred to the flexible spending account plan under the AOUT Group Welfare Plans. SWBI and AOUT will work together in good faith to facilitate any necessary transition.
Appears in 3 contracts
Samples: Employee Matters Agreement (Recro Pharma, Inc.), Employee Matters Agreement (Baudax Bio, Inc.), Employee Matters Agreement (Baudax Bio, Inc.)
No Duplication of Benefits; Service and Other Credit. SWBI bluebird and AOUT 2seventy shall adopt, or cause to be adopted, all reasonable and necessary amendments and procedures to prevent AOUT 2seventy Participants from receiving duplicative benefits from the SWBI bluebird Plans and the AOUT 2seventy Plans. With respect to AOUT 2seventy Employees, each AOUT 2seventy Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan)benefits, service prior to the Distribution Effective Time with bluebird or a SWBI bluebird Group member shall be treated as service with 2seventy or the applicable AOUT 2seventy Group member. Such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any AOUT 2seventy Plan. Each AOUT 2seventy Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to AOUT 2seventy Employees. AOUT To the extent permitted under the applicable plan, 2seventy shall honor any deductible, co-payment, and out-of-pocket maximums deductibles incurred by the AOUT 2seventy Employees and their eligible dependents under the SWBI Plans any bluebird medical plan in which they participated immediately prior to the Distribution Effective Time during the then-elapsed portion of the calendar year prior to the Distribution Effective Time in for purposes of satisfying any deductibles, co-payments, deductibles or out-of-pocket maximums under the AOUT 2seventy Plans in which they are eligible to participate after the Distribution Effective Time in the same plan year in which such deductiblesdeductibles were incurred. For the avoidance of doubt, 2seventy shall not be required to honor any co-payments, payments incurred by 2seventy Employees or their eligible dependents under any bluebird Health and Welfare Plan for purposes of satisfying any out-of-pocket maximums were incurred. With respect to the AOUT Group Welfare Plan that is a flexible spending account plan, SWBI shall cause the accounts of AOUT Participants who are participating in the flexible spending accounts under the SWBI Group Welfare 2seventy Plans in which they are eligible to be transferred to participate after the flexible spending account plan under the AOUT Group Welfare Plans. SWBI and AOUT will work together in good faith to facilitate any necessary transitionDistribution Effective Time.
Appears in 3 contracts
Samples: Employee Matters Agreement (2seventy Bio, Inc.), Employee Matters Agreement (Bluebird Bio, Inc.), Employee Matters Agreement (2seventy Bio, Inc.)
No Duplication of Benefits; Service and Other Credit. SWBI Recro and AOUT Baudax shall adopt, or cause to be adopted, all reasonable and necessary amendments and procedures to prevent AOUT Baudax Participants from receiving duplicative benefits from the SWBI Recro Plans and the AOUT Baudax Plans. With respect to AOUT Baudax Employees, each AOUT Baudax Plan shall provide that for purposes of determining eligibility to participate, vesting, and entitlement to benefits (but not for accrual of pension benefits under any defined benefit pension plan)benefits, service prior to the Distribution Transfer Effective Time with Recro or a SWBI Recro Group member shall be treated as service with Baudax or the applicable AOUT Baudax Group member. Such service also shall apply for purposes of satisfying any waiting periods, evidence of insurability requirements, or the application of any preexisting condition limitations under any AOUT Baudax Plan. Each AOUT Baudax Plan shall, to the extent practicable, waive pre-existing condition limitations with respect to AOUT Baudax Employees. AOUT Baudax shall honor any deductible, co-payment, payment and out-of-pocket maximums incurred by the AOUT Baudax Employees and their eligible dependents under the SWBI Recro Plans in which they participated immediately prior to the Distribution Time Benefits Commencement Date during the then-elapsed portion of the calendar year prior to the Distribution Time Benefits Commencement Date in satisfying any deductibles, co-payments, payments or out-of-pocket maximums under the AOUT Baudax Plans in which they are eligible to participate after the Distribution Time Benefits Commencement Date in the same plan year in which such deductibles, co-payments, payments or out-of-pocket maximums were incurred. With respect to the AOUT Group Welfare Plan that is a flexible spending account plan, SWBI shall cause the accounts of AOUT Participants who are participating in the flexible spending accounts under the SWBI Group Welfare Plans to be transferred to the flexible spending account plan under the AOUT Group Welfare Plans. SWBI and AOUT will work together in good faith to facilitate any necessary transition.
Appears in 1 contract
