Spinco. (a) As of the Effective Time, SpinCo shall adopt a new nonqualified deferred compensation plan (the “SpinCo Director Plan”). All Transferred Directors who participated in the KAR Director Plan immediately prior to the Effective Time shall be eligible to participate in the SpinCo Director Plan to the same extent that such Transferred Director participated in the KAR Director Plan prior to the Effective Time (the “Covered Participants”). The SpinCo Director Plan shall assume the obligations of the KAR Director Plan with respect to the Covered Participants whether such benefits accrued before, on or after the Effective Time.
Appears in 4 contracts
Samples: Employee Matters Agreement (KAR Auction Services, Inc.), Employee Matters Agreement (IAA, Inc.), Employee Matters Agreement (IAA Spinco Inc.)
