Supplemental Retirement Plans and Employment Agreements Sample Clauses

Supplemental Retirement Plans and Employment Agreements. (a) Establishment of Successor Supplemental Retirement Plans. On or prior to --------------------------------------------------------- the Distribution Date, Arch shall establish nonqualified Supplemental Retirement Plans for the benefit of Arch Employees and Subsequent Arch Employees that will contain terms that are substantially similar to those contained in the Olin Supplemental Plans. Arch agrees that each Arch Employee and Subsequent Arch Employee shall, for all purposes under the Supplemental Retirement Plans, be entitled to service, compensation and the accrued benefit (or account balance, as the case may be) credited to such Arch Employee as of the Distribution Date (or in the case of a Subsequent Arch Employee, the date of transfer) under the terms of the Olin Supplemental Plans as if such service had been rendered to Arch, as if such compensation had been paid by Arch and as if such accrued benefit (or account balance) had originally been credited to such Arch Employee under the Supplemental Retirement Plans of Arch provided that in the case of a Subsequent Arch Employee who is participating in an Arch Supplemental Retirement Plan that is a defined benefit plan, his or her benefit from such plan shall be offset by the benefit payable (regardless of whether or not actually paid) under the comparable Olin Supplemental Plan (assuming the terms of which do not change after the Distribution Date). All reserves and liabilities held under the Olin Supplemental Plans with respect to Arch Employees (who are determined to be Arch Employees on the Distribution Date) shall be transferred to Arch. Arch shall be responsible for all claims arising under the Supplemental Retirement Plans with respect to Arch Employees whether incurred before, on or after the Distribution Date and the Xxxx Group shall have no responsibility for such claims. All reserves and Liabilities determined through the date of transfer held under the Olin Supplemental Plans with respect to Subsequent Arch Employees shall remain with Olin. To the extent an Arch Employee becomes a Subsequent Olin Employee, any reserves and Liability for such Arch Employee under such Arch Supplemental Retirement Plan through the date of transfer shall be retained by Arch and if such individual is participating in an Olin Supplemental Plan that is a defined benefit plan, his or her benefit from such plan shall be offset by the benefit payable (regardless of whether or not actually paid) under the comparable Arc...
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Related to Supplemental Retirement Plans and Employment Agreements

  • Compensation; Employment Agreements 16 5.15 Noncompetition, Confidentiality and Nonsolicitation Agreements; Employee Policies...... 16 5.16

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any of its directors, officers or employees or those of its subsidiaries or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (1) for normal individual increases in compensation to employees (other than executive officers or directors) in the ordinary course of business consistent with past practice, (2) for other changes that are required by applicable law and (3) to satisfy Previously Disclosed contractual obligations.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Employee Benefit Plans; Employment Agreements Except in --------------------------------------------- each case as set forth in SCHEDULE 4.10, (i) there has been no "prohibited transaction," as such term is defined in Section 406 of the Employee Retirement Income Security Act of 1975, as amended ("ERISA") and Section 4975 of the Code, with respect to any employee pension plans (as defined in Section 3(2) of ERISA, any material employee welfare plans (as defined in Section 3(1) of ERISA), or any material bonus, stock option, stock purchase, incentive, deferred compensation, supplemental retirement, severance and other similar fringe or employee benefit plans, programs or arrangements (collectively, the "COMPANY EMPLOYEE PLANS") which could result in any liability of the Company or any of its Subsidiaries; (ii) all Company Employee Plans are in compliance in all material respects with the requirements prescribed by any and all Laws (including ERISA and the Code), currently in effect with respect thereto (including all applicable requirements for notification to participants or the Department of Labor, Pension Benefit Guaranty Corporation (the "PBGC"), Internal Revenue Service (the "IRS") or Secretary of the Treasury), and the Company and each of its Subsidiaries have performed all material obligations required to be performed by them under, are not in any material respect in default under or violation of, and have no knowledge of any material default or violation by any other party to, any of the Company Employee Plans; (iii) each Company Employee Plan intended to qualify under Section 401(a) of the Code and each trust intended to qualify under Section 501(a) of the Code is the subject of a favorable determination letter from the IRS, and nothing has occurred which may reasonably be expected to impair such determination; (iv) all contributions required to be made to any Company Employee Plan pursuant to Section 412 of the Code, or the terms of any Company Employee Plan or any collective bargaining agreement, have been made on or before their due dates; (v) with respect to each Company Employee Plan, no "reportable event" within the meaning of Section 4043 of ERISA (excluding any such event for which the 30-day notice requirement has been waived under the regulations to Section 4043 of ERISA) nor any event described in Section 4062, 4063 or 4041 of ERISA has occurred; (vi) no withdrawal (including a partial withdrawal) has occurred with respect to any multiemployer plan within the meaning set forth in Section 3(37) of ERISA that has resulted in, or could reasonably be expected to result in, any withdrawal liability for the Company or any of its Subsidiaries; (vii) neither the Company nor any of its Subsidiaries has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than liability for premium payments to the PBGC, and contributions not in default to the respective plans, arising in the ordinary course), (viii) none of the Company or any of its Subsidiaries is a party to any employment, consulting or similar agreement; and (ix) none of the Company or any of its Subsidiaries is or will be liable for any severance or other payments to any of its employees as a result of this Agreement or the consummation of the transactions contemplated hereby.

  • Post-Agreement Employment In the event the Executive remains in the employ of the Company or any of its Affiliates following termination of this Agreement, by the expiration of the Term or otherwise, then such employment shall be at will.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Effect on Employment Agreement Except as specifically amended in the manner and to the extent provided in Section 1 above, the Employment Agreement shall remain unchanged and the Employment Agreement shall continue, as and to the extent amended by this Amendment, in full force and effect.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Termination of Employment Agreements Any and all Employment Agreements entered into between the Company or any of its Subsidiaries and the Executive prior to the date of this Agreement are hereby terminated.

  • Prior Employment Agreements The Executive represents that he/she has not executed any agreement with any previous employer which may impose restrictions on Executive’s employment with the Employer.

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