SpinCo Savings Plan Provisions. The SpinCo Savings Plan shall provide that: (i) SpinCo Group Employees and Former SpinCo Group Employees shall (A) be eligible to participate in the SpinCo Savings Plan as of the Effective Time to the extent that they were eligible to participate in the KAR Savings Plan as of immediately prior to the Effective Time, and (B) receive credit for purposes of eligibility and vesting for all service credited for those purposes under the KAR Savings Plan as of immediately prior to the Distribution Date as if that service had been rendered to SpinCo; and (ii) the account balance of each SpinCo Group Employee and Former SpinCo Group Employee under the KAR Savings Plan as of the date of the transfer of assets from the KAR Savings Plan (including any outstanding promissory notes) shall be credited to such individual’s account balance under the SpinCo Savings Plan.
Appears in 4 contracts
Samples: Employee Matters Agreement (IAA, Inc.), Employee Matters Agreement (KAR Auction Services, Inc.), Employee Matters Agreement (IAA Spinco Inc.)
