Common use of Service for Eligibility, Vesting, and Benefit Purposes Clause in Contracts

Service for Eligibility, Vesting, and Benefit Purposes. The Keysight Benefit Plans shall, and Keysight shall cause each member of the Keysight Group to, recognize each Keysight Group Employee’s and Subsequently Transferred Keysight Employee’s recognized service with Agilent or any of its Subsidiaries or predecessor entities at or before the Operational Separation Date or Transfer Date, as applicable, with respect to those Keysight Benefit Plans adopted or maintained by the Keysight Group on or as of the Operational Separation Date or as otherwise required by applicable Law, to the same extent that such service was recognized by Agilent for similar purposes prior to the Operational Separation Date or the Transfer Date, as applicable. Notwithstanding the foregoing, Keysight shall cause each member of the Keysight Group, and Agilent shall cause each member of the Agilent Group, to recognize service with either the Keysight Group or the Agilent Group that is recognized as of the Distribution Date. The service crediting provisions shall be subject to any respectively applicable “service bridging,” “break in service,” “employment date” or “eligibility date” rules under the Agilent Benefit Plans or Keysight Benefit Plans. Except as required by applicable law, the Keysight Benefit Plans shall not recognize service with the Agilent Group for periods on or after the Distribution Date.

Appears in 3 contracts

Samples: Employee Matters Agreement (Keysight Technologies, Inc.), Employee Matters Agreement (Agilent Technologies Inc), Employee Matters Agreement (Keysight Technologies, Inc.)

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Service for Eligibility, Vesting, and Benefit Purposes. The Keysight Benefit Plans shall(i) Except as otherwise determined by New Hertz Holdings in its discretion, and Keysight New Hertz Holdings shall cause each member of the Keysight Hertz Group to, and shall cause the New Hertz Holdings Benefit Plans to, recognize each Keysight Group New Hertz Holdings Employee’s and Subsequently Transferred Keysight Employee’s recognized full service with Agilent Old Hertz Holdings or any of its Subsidiaries or its respective predecessor entities at or before the Operational Separation Date or Transfer Distribution Date, as applicable, with respect to those Keysight Benefit Plans adopted or maintained by the Keysight Group on or as of the Operational Separation Date or as otherwise required by applicable Law, to the same extent that such service was recognized credited by Agilent Old Hertz Holdings and its Subsidiaries for similar purposes prior to the Operational Separation Date or Distribution as if such full service had been performed for a member of the Transfer DateHertz Group, for purposes of eligibility, vesting and determination of level of benefits under any such New Hertz Holdings Benefit Plan. (ii) Except as applicable. Notwithstanding the foregoingotherwise determined by HERC Holdings in its discretion, Keysight HERC Holdings shall cause each member of the Keysight GroupHERC Holdings Group to, and Agilent shall cause the HERC Holdings Benefit Plans to, recognize each HERC Holdings Employee’s full service with Old Hertz Holdings or any of its Subsidiaries or its respective predecessor entities at or before the Distribution Date, to the same extent that such service was credited by Old Hertz Holdings and its Subsidiaries for similar purposes prior to the Distribution as if such full service had been performed for a member of the Agilent HERC Holdings Group, to recognize service with either the Keysight Group or the Agilent Group that is recognized as for purposes of the Distribution Dateeligibility, vesting and determination of level of benefits under any such HERC Holdings Benefit Plan. The service crediting provisions shall be subject to any respectively applicable “service bridging,” “break in service,” “employment date” or “eligibility date” rules under the Agilent Benefit Plans or Keysight Benefit Plans. Except as required by applicable law, the Keysight Benefit Plans shall not recognize service with the Agilent Group for periods on or after the Distribution Date.(b)

Appears in 1 contract

Samples: Employee Matters Agreement

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