Seller’s Plans. Seller shall remain solely responsible for liabilities for any claims incurred under the health insurance plans of Seller and its Affiliates by any Transitioning Employees and his or her eligible dependents through the end of the month in which the Closing occurs, and, if the Closing occurs in November 2013, Seller shall continue, through December 31, 2013, to provide health insurance under the health insurance plans of Seller and its Affiliates to the Transitioning Employees and their eligible dependents and, no later than five Business Days following receipt of a written invoice therefor, Purchaser shall reimburse Seller for 102% of the December 2013 health insurance premiums corresponding to such Transitioning Employees. From and after the Closing, Seller shall remain solely responsible for liabilities for claims of the Transitioning Employees and their eligible dependents incurred prior to the Closing under those plans that are disability, accident or life insurance plans, and Purchaser shall be solely responsible for all such liabilities for claims incurred by any Transitioning Employee or his or her eligible dependents after the Closing, except as noted in the immediately preceding sentence. If (i) the Closing occurs in a month other than November, 2013, then from and after the first day of the month following the month in which the Closing occurs, Purchaser shall be solely responsible for all liabilities for any claims incurred under the health insurance plans of Purchaser and its Affiliates incurred by any Transitioning Employee or his or her eligible dependents on or after the first day of the month following the month in which the Closing occurs. If Closing occurs in November 2013, then, from and after January 1, 2014, Purchaser shall be solely responsible for all liabilities for any claims incurred under the health insurance plans of Purchaser and its Affiliates incurred by any Transitioning Employee or his or her eligible dependents on or after January 1, 2014. For the purposes of this Section 17.3, a claim for health benefits shall be deemed to have been incurred when the services that are the subject of such claim are rendered and a claim for disability, accident or life insurance shall be deemed to have been incurred when the last event giving rise to such claim occurs. This Section 17.3(a) shall not be construed to require Purchaser to provide health, disability, accident or life insurance plans that are the same or similar to plans that Se...
Seller’s Plans. Each Seller may establish up to three individual Sellers Plans with Broker in any Sales Period. In connection with such Sellers Plans, each Seller will establish an account at Broker in the name of and for the benefit of Seller (the "Plan Account"). Sales under each Sellers Plan cannot begin until the Broker receives (i) the Plan Shares, to the extent such Plan Shares are currently owned by Seller, (ii) a properly executed Seller Representation Letter and (iii) a properly completed and executed Sellers Plan, including an acknowledgment by Isis.
Seller’s Plans. As of the Closing Date, Sellers shall terminate the participation of all former employees of Sellers hired by a Purchaser at Closing in all Plans and ERISA Plans of Sellers. Sellers shall provide for distributions or other arrangements consistent with the terms of the applicable plans, ERISA and the Code. Purchasers and Sellers shall employ the Alternative Procedure described in Section 5 of the IRS Revenue Procedure 96-60 for purposes of calendar year 2000 income tax and employment tax withholding and reporting. Accordingly, as soon as practicable after Closing (but in any event prior to December 31 of the year in which the Closing occurs), Sellers shall provide Purchasers with all necessary payroll records for the calendar year in which the Closing occurs so that Purchasers will furnish a Form W-2 to all such hired employees disclosing all wages and other compensation paid to them (and amounts withheld therefrom) by Sellers and Purchasers in the calendar year.
Seller’s Plans. Sellers will take all action which is required with respect to the Avado Brands, Inc. Profit Sharing Plan and Trust 401(k) Plan pursuant to applicable Laws and the terms of such plan as a result of the consummation of the transactions contemplated herein.
Seller’s Plans. From and after the Closing, Seller shall remain solely responsible for liabilities for claims of the Transitioning Employees and their eligible dependents incurred prior to the Closing under those plans that are health, disability, accident or life insurance plans, and Purchaser shall be solely responsible for all such liabilities for claims incurred by any Transitioning Employee or his or her eligible dependents after the Closing. For the purposes of this Section 11.3, a claim for health benefits shall be deemed to have been incurred when the services that are the subject of such claim are rendered and a claim for disability, accident or life insurance shall be deemed to have been incurred when the last event giving rise to such claim occurs. This Section 11.3(a) shall not be construed to require Purchaser to provide health, disability, accident or life insurance plans that are the same or similar to plans that Seller currently provides to the Timberland Employees.
Seller’s Plans. Nothing in this Agreement shall obligate Purchaser to continue the employment or benefits of any employee after the Closing Date, and Purchaser shall not assume or be obligated to pay, perform or discharge any obligations under any Plan or other employee benefit plan, contract or arrangement of Seller existing on or prior to the Closing Date (all of which shall be deemed Excluded Liabilities).
Seller’s Plans. Nothing in this Agreement shall limit the right of Seller, or require Seller, to change the terms or conditions of its employee benefit plans and arrangements or require Seller to continue such plans and arrangements or place restrictions on Seller’s rights to terminate such plans and arrangements at Seller’s sole discretion.
Seller’s Plans. 68 SECTION 9.03. Bonuses............................................................ 69 SECTION 9.04. Third Party Beneficiaries.......................................... 69 SECTION 9.05.
Seller’s Plans. (a) Except as expressly set forth herein, Sellers or their respective designated Affiliates shall retain all liabilities and obligations (including any underfunding of defined benefit plans and obligations under Section 4980B of the Code (COBRA)) as of the Closing Date in respect of benefits accrued under all benefit plans or arrangements maintained, administered or contributed to by Sellers or their respective ERISA Affiliates or with respect to which any of the Sellers or any of their ERISA Affiliates has any liability, including the Employee Plans (including, without limitation, the Nepera Plan). Except as expressly set forth herein, no assets of any benefit plans or arrangements maintained, administered or contributed to by any of the Sellers or any of their Affiliates, including any Employee Plan, shall be transferred to Buyer or any of its Affiliates or to any plan of Buyer or any of its Affiliates. Notwithstanding the foregoing, all health care and dependent care flexible spending accounts (and any corresponding assets thereto) maintained with respect to Transferred Employees under any cafeteria plan maintained by any of the Sellers or any of their Affiliates shall be transferred to Buyer or one of its Affiliates. Sellers shall make all required (in accordance with historical practices, including any discretionary matching or profit sharing contributions under any Plan) payments, premiums, contributions, reimbursements or accruals for all periods (or partial periods) of employment service for Transferred Employees ending prior to or as of the Closing Date except for liabilities assumed by Buyer pursuant to this Article IX. Sellers shall fully vest each Transferred Employee under each Employee Plan that provides retirement benefits as of the Closing Date. Sellers shall amend any Employee Plan that is a defined contribution plan to permit the rollover of promissory notes evidencing outstanding participant loans of Transferred Employees, without default of such loan, to a tax-qualified defined contribution plan established by Buyer, and Buyer shall cause such plan to accept such rollovers.
(b) All claims incurred by any Transferred Employees or their covered dependents prior to the Closing Date under any of the Plans shall be covered pursuant to the terms and conditions of such Plans. All claims incurred by any Transferred Employees or their covered dependents on or after the Closing Date under employee benefit plans of Buyer or any of its Affiliates s...
Seller’s Plans. As of the effective date of their employment by Buyer, the Transferred Employees shall cease to participate actively in the employee benefit plans, programs and policies of Seller (the "Seller's Plans"), and Seller shall cause the Transferred Employees participating in the Seller's Plans to be fully vested in their benefits accrued thereunder as of such date.
