U.S. and Puerto Rico Savings and Investment Plans; Vesting Sample Clauses

U.S. and Puerto Rico Savings and Investment Plans; Vesting. (a) Without limiting the generality of Section 9.05, effective as of the Closing Date, Purchaser or an Affiliate of Purchaser shall have in effect (i) a defined contribution plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code intended to be qualified pursuant to Section 401(a) of the Code (the “Purchaser’s U.S. 401(k) Plan”) and (ii) a defined contribution plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code intended to be qualified pursuant to both Section 401(a) of the Code and the PR Code (the “Purchaser’s PR 401(k) Plan”), which will provide during the Continuation Period benefits, rights and features to U.S. Transferred Employees, who immediately prior to the Closing are participants or who would be permitted during the Continuation Period to become participants in the Xxxxxxx-Xxxxx Squibb Company Savings and Investment Program (“U.S. SIP”) or the Xxxxxxx-Xxxxx Squibb Puerto Rico, Inc. Savings and Investment Program (“PR SIP”), that pursuant to the terms thereof are substantially identical in all material respects (except for such changes as may be required by Law or as provided below) to those provided by the U.S. SIP and the PR SIP immediately prior to the Closing. Each U.S. Transferred Employee participating in the U.S. SIP or the PR SIP immediately prior to the Closing shall become a participant in Purchaser’s U.S. 401(k) Plan or Purchaser’s PR 401(k) Plan (as applicable) as of the Closing. U.S. Transferred Employees shall receive credit for all service with Seller and its Affiliates for purposes of eligibility and vesting under Purchaser’s U.S. 401(k) Plan and Purchaser’s PR 401(k) Plan (as applicable).
Sample 1
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Related to U.S. and Puerto Rico Savings and Investment Plans; Vesting

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • 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.

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Defined Contribution Plan A plan under which Employee accounts are maintained for each Participant to which all contributions, forfeitures, investment income and gains or losses, and expenses are credited or deducted. A Participant’s benefit under such plan is based solely on the fair market value of his or her account balance.

  • Pension and Profit Sharing Plans Executive shall be entitled to participate in any pension or profit sharing plan or other type of plan adopted by Company for the benefit of its officers and/or regular employees.

  • Stock Option Plans; Employee Benefits 6.26.1 The Acquiror Company has no stock option plans providing for the grant by the Acquiror Company of stock options to directors, officers or employees.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Stock Option Plans, Etc Accelerate, amend or change the period of exercisability or vesting of options or other rights granted under its stock plans or authorize cash payments in exchange for any options or other rights granted under any of such plans;

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