Other Retirement Plan Arrangements Sample Clauses

Other Retirement Plan Arrangements. As of the Closing Date, the Companies and the Subsidiaries shall cease to be participating employers under the Excluded Plans, and Parent, to the extent permitted by applicable Laws, shall take, or cause to be taken, all such actions as may be necessary to effectuate such cessation of participation. Notwithstanding such cessation, however, the Companies and the Subsidiaries shall timely transmit to the trustee of the grantor trust related to the Parent NQ 401(k) Plans and properly account for, in accordance with the customary procedures under the Parent NQ 401(k) Plans, amounts withheld from Active Employees’ salary, wages or other covered compensation, for deposit with such trustee. For the avoidance of doubt, Buyer shall not assume and Parent shall retain any obligations or liabilities arising under the Excluded Plans or the Parent NQ 401(k) Plans.

Other Retirement Plan Arrangements. (i) As of the Closing Date, the Transferred Subsidiaries shall cease to be participating employers under the Excluded Plans, and Parent shall take, or cause to be taken, all such actions as may be necessary to effectuate such cessation of participation. (ii) As soon as administratively practicable following the Closing Date, Parent shall transfer, or shall cause to be transferred, to a trust or other account arrangement established or designated by Buyer to hold the assets so transferred, which may be a general asset account of the Buyer or an Affiliate, (the “Buyer NQ Funding Arrangement”), the entire value of each Active Employee’s (and any person deriving benefits through them) account under the Pentair Non-Qualified Deferred Compensation Plan (the “Parent NQ 401(k) Plan”), except as to any Active Employee who thirty (30) days prior to the transfer date has terminated all employment (and by then not returned to such employment) with Buyer and any of its ERISA Affiliates, including the Transferred Subsidiaries (the “NQ 401(k) Plan Transfer”). With respect to Active Employees whose accounts are part of such plan transfer, subject to applicable Law, the transfer shall consist of cash, marketable and other liquid securities (other than Parent stock or other securities), or, as agreed to by the appropriate fiduciary under the Parent NQ 401(k) Plan and Buyer or its designee. The Buyer NQ Funding Arrangement shall provide to such Active Employees the opportunity to earn a reasonable rate of return on the assets transferred. (iii) Pending the NQ 401(k) Plan Transfer, and except as otherwise required to effect such transfer, Active Employees (and any person deriving benefits through them) may continue to exercise such rights as are otherwise available to them under the Parent NQ 401(k) Plan, with respect to their account balances thereunder; provided, however, an Active Employee shall not be considered to have severed or otherwise terminated employment for purposes of entitlement to request a distribution under the Parent NQ 401(k) Plan as long as such individual is employed by a Subsidiary, Buyer or any ERISA Affiliate of Buyer. Buyer shall or shall cause the Transferred Subsidiaries to cooperate with Parent with respect to any request made by Parent or the trustee of the Parent NQ 401(k) Plan to effectuate any such administrative procedures pending such plan transfer, including such procedures as may be appropriate for the processing of repayments with respect...