Nonqualified Deferred Compensation. (a) Navy shall retain, or cause its Subsidiaries (other than any Red Lion Entities) to retain, all Assets and all Liabilities arising out of or relating to the Xxxxxx Industries, Inc. Deferred Compensation Plan and the Xxxxxx Industries, Inc. Executive Deferred Compensation Plan (collectively, the “Navy Nonqualified Plans”). (b) As soon as reasonably practicable following the Separation Time or, the applicable Hire Date with respect to Continuing Employees who are Delayed Transfer Service Providers, Navy shall provide to Red Lion a list of all Continuing Employees who are participants in the Navy Nonqualified Plans (the “Nonqualified Plan Participants”). Following the Effective Time, Red Lion shall provide, or shall cause to be provided, to Navy notice of the termination of employment of any Nonqualified Plan Participant upon or as soon as practicable following any such termination.
Appears in 5 contracts
Samples: Employee Benefits Agreement, Employee Benefits Agreement, Employee Benefits Agreement (Nabors Industries LTD)
