Abbott SRP definition
Examples of Abbott SRP in a sentence
On and after the Distribution Date, no employees of the Hospira Group, including U.S. Transferred Employees, shall accrue any benefits under the Abbott SRP.
During the Transition Period, the terms of the Hospira SRP shall be substantially similar in all material respects to the terms of the Abbott SRP as of the Distribution Date; provided, however, that (i) the Hospira SRP shall not be required to be an ESOP or to contain an ESOP feature and (ii) the Hospira SRP shall not be required to make available an Abbott stock fund as an investment feature for contributions made under the Hospira SRP after the Distribution Date.
Without limiting the generality of the foregoing, U.S. Transferred Employees shall cease to be active participants in the Abbott SRP effective as of the Distribution Date.
The Abbott SRP shall retain and honor the terms of all QDROs in effect under the Abbott SRP as of the Distribution Date with respect to U.S. Transferred Employees.
For avoidance of doubt, for all periods after the Distribution Date, the parties agree that the applicable fiduciaries of each of the Abbott SRP and the Hospira SRP, respectively, shall have the sole authority with respect to the Abbott SRP and the Hospira SRP, respectively, to determine the investment alternatives, the terms and conditions with respect to those investment alternatives and such other matters as are within the scope of their duties under Section 404 of ERISA.
As of the date of transfer of the assets described in Section 4.2(b) above, Hospira shall cause the Hospira SRP to assume all Liabilities for all accrued benefits under the Abbott SRP for the U.S. Transferred Employees (excluding Liabilities in respect of QDROs established in relation to U.S. Transferred Employees), and the Abbott SRP shall be relieved of all Liabilities for those benefits.
For the avoidance of doubt, the transfer of any Transferred Employee's employment to the Hospira Group will not result in loss of that Transferred Employee's unvested benefits under the Abbott SRP or the Hospira SRP and no Transferred Employee shall be entitled to a distribution of his benefit under the Abbott SRP as a result of such transfer of employment.
Without limiting the generality of the foregoing, Transferred Employees and AbbVie LTD Participants shall cease to be active participants in the Abbott SRP effective as of the applicable Transfer Date.
Such transfers shall be made in cash, Abbott Common Shares, shares of AbbVie Common Stock, promissory notes evidencing outstanding loans and other Assets or any combination thereof in cash or in kind, as instructed by the Abbott SRP Investment Committee.
For all periods after the Distribution Date, the Parties agree that the applicable fiduciaries of each of the Abbott SRP and the AbbVie Savings Plan, respectively, shall have the authority with respect to the Abbott SRP and the AbbVie Savings Plan, respectively, to determine the investment alternatives, the terms and conditions with respect to those investment alternatives and such other matters as are within the scope of their duties under ERISA Section 404.