Common use of Seller’s Hourly Pension Plan Clause in Contracts

Seller’s Hourly Pension Plan. Seller shall cause all Hourly Apache Employees and Hourly Newsprint Employees that participate in the Abitibi Consolidated U.S. Hourly Employees Pension Plan (“Seller’s Hourly Pension Plan”) to become fully vested therein on the Closing Date. Purchaser agrees that all participants in the Seller’s Hourly Pension Plan that are represented by a Collective Bargaining Agreement and who become Retained Employees shall immediately become eligible to participate in a defined benefit pension plan sponsored by Purchaser (“Purchaser’s Hourly Pension Plan”) and shall continue benefit accruals for such employees under Purchaser’s Hourly Pension Plan at the benefit levels provided in Seller’s Hourly Pension Plan on the Closing Date. Purchaser agrees that all participants in Seller’s Hourly Pension Plan that are not represented by a Collective Bargaining Agreement and who become Retained Employees shall immediately become eligible to participate in one or more retirement plans of Purchaser (including a defined contribution plan) that provide substantially comparable benefits in the aggregate as provided by Seller’s Hourly Pension Plan on the Closing Date. Under Purchaser’s Hourly Pension Plan and other retirement plans, Retained Employees who formerly participated in Seller’s Hourly Pension Plan, shall, for eligibility and vesting purposes, be credited with the “service” credited under the terms of Seller’s Hourly Pension Plan as if such service had been rendered to Purchaser, subject to Purchaser’s rights to amend or terminate its retirement plans. Attached as Schedule 6.3 is a list of (i) all participants in Seller’s Hourly Pension Plan that are represented by a Collective Bargaining Agreement and such employees’ “service” for eligibility and vesting purposes and (ii) all participants in Seller’s Hourly Pension Plan that are not represented by a Collective Bargaining Agreement and such employees’ “service” for eligibility and vesting purposes as at the date indicated in such Schedule.