Common use of Spinco Pension Plan Provisions Clause in Contracts

Spinco Pension Plan Provisions. The Spinco Pension Plans shall provide that: (i) Spinco Group Employees and Former Spinco Group Employees shall (A) be eligible to participate in the corresponding Spinco Pension Plan as of the Operational Separation Date to the extent that they were eligible to participate in the applicable Parent Divided Pension Plan as of immediately prior to the Operational Separation Date, and (B) receive credit for vesting, eligibility and benefit service for all service credited for those purposes under the applicable Parent Divided Pension Plan as of the Operational Separation Date; (ii) the compensation paid by the Parent Group to a Spinco Group Employee or a Former Spinco Group Employee that is recognized under the applicable Parent Divided Pension Plan as of immediately prior to the Operational Separation Date shall be credited and recognized for all applicable purposes under the corresponding Spinco Pension Plan; (iii) the accrued benefit of each Spinco Group Employee or Former Spinco Group Employee under the applicable Parent Divided Pension Plan as of the Operational Separation Date shall be payable under the corresponding Spinco Pension Plan at the time and in a form that would have been permitted under the corresponding Parent Divided Pension Plan as in effect as of the Operational Separation Date to the extent required by Section 411(d)(6) of the Code, with employment by the Parent Group before the Operational Separation Date treated as employment by the Spinco Group under the applicable Spinco Pension Plan for purposes of determining eligibility for optional forms of benefit, early retirement benefits, or other benefit forms; and (iv) each Spinco Pension Plan shall assume and honor the terms of all QDROs, beneficiary designations and benefit elections in effect under the corresponding Parent Divided Pension Plan as of immediately prior to the Operational Separation Date with respect to Spinco Group Employees and Former Spinco Group Employees.

Spinco Pension Plan Provisions. The Spinco SpinCo Pension Plans Plan shall provide that: (i) Spinco SpinCo Group Employees and Former Spinco SpinCo Group Employees shall (A) be eligible to participate in the corresponding Spinco SpinCo Pension Plan as of the Operational Separation Date Effective Time to the extent that they were eligible to participate in the applicable Parent Divided Rayonier Pension Plan as of immediately prior to the Operational Separation DateEffective Time, and (B) receive credit for vesting, eligibility and benefit service for all service credited for those purposes under the applicable Parent Divided Rayonier Pension Plan as of the Operational Separation DateEffective Time as if that service had been rendered to SpinCo; (ii) the compensation paid by the Parent Rayonier Group to a Spinco SpinCo Group Employee or a Former Spinco SpinCo Group Employee that is recognized under the applicable Parent Divided Rayonier Pension Plan as of immediately prior to the Operational Separation Date Effective Time shall be credited and recognized for all applicable purposes under the corresponding Spinco SpinCo Pension PlanPlan as though it were compensation from the SpinCo Group; (iii) the accrued benefit of each Spinco SpinCo Group Employee or Former Spinco SpinCo Group Employee under the applicable Parent Divided Rayonier Pension Plan as of the Operational Separation Date Effective Time shall be payable under the corresponding Spinco SpinCo Pension Plan at the time and in a form that would have been permitted under the corresponding Parent Divided Rayonier Pension Plan as in effect as of the Operational Separation Date to the extent required by Section 411(d)(6) of the CodeEffective Time, with employment by the Parent Rayonier Group before the Operational Separation Date Effective Time treated as employment by the Spinco SpinCo Group under the applicable Spinco SpinCo Pension Plan for purposes of determining eligibility for optional forms of benefit, early retirement benefits, or other benefit forms; and (iv) each Spinco the SpinCo Pension Plan shall assume and honor the terms of all QDROs, beneficiary designations and benefit elections QDROs in effect under the corresponding Parent Divided Rayonier Pension Plan as of immediately prior to the Operational Separation Date Effective Time with respect to Spinco SpinCo Group Employees and Former Spinco SpinCo Group Employees.

Spinco Pension Plan Provisions. The Spinco SpinCo Pension Plans Plan shall provide that: (i) Spinco SpinCo Group Employees and Former Spinco SpinCo Group Employees shall (A) be eligible to participate in the corresponding Spinco SpinCo Pension Plan as of the Operational Separation Date Effective Time to the extent that they were eligible to participate in the applicable Parent Divided Rayonier Pension Plan as of immediately prior to the Operational Separation DateEffective Time, and (B) receive credit for vesting, eligibility and benefit service for all service credited for those purposes under the applicable Parent Divided Rayonier Pension Plan as of the Operational Separation DateEffective Time as if that service had been rendered to SpinCo; (ii) the compensation paid by the Parent Rayonier Group to a Spinco SpinCo Group Employee or a Former Spinco SpinCo Group Employee that is recognized under the applicable Parent Divided Rayonier Pension Plan as of immediately prior to the Operational Separation Date Effective Time shall be credited and recognized for all applicable purposes under the corresponding Spinco SpinCo Pension PlanPlan as though it were compensation from the SpinCo Group; (iii) the accrued benefit of each Spinco SpinCo Group Employee or Employeeor Former Spinco SpinCo Group Employee under the applicable Parent Divided Rayonier Pension Plan as of the Operational Separation Date Effective Time shall be payable under the corresponding Spinco SpinCo Pension Plan at the time and in a form that would have been permitted under the corresponding Parent Divided Rayonier Pension Plan as in effect as of the Operational Separation Date to the extent required by Section 411(d)(6) of the CodeEffective Time, with employment by the Parent Rayonier Group before the Operational Separation Date Effective Time treated as employment by the Spinco SpinCo Group under the applicable Spinco SpinCo Pension Plan for purposes of determining eligibility for optional forms of benefit, early retirement benefits, or other benefit forms; and (iv) each Spinco the SpinCo Pension Plan shall assume and honor the terms of all QDROs, beneficiary designations and benefit elections QDROs in effect under the corresponding Parent Divided Rayonier Pension Plan as of immediately prior to the Operational Separation Date Effective Time with respect to Spinco SpinCo Group Employees and Employeesand Former Spinco SpinCo Group Employees.