Business Employee Plan definition

Business Employee Plan means each Benefit Plan (i) that is sponsored, maintained, provided or contributed to or required to be sponsored, maintained, provided or contributed to by Seller or any of its Subsidiaries, including any of the Sold Entities, or to which Seller or any of its Subsidiaries, including any of the Sold Entities is a party, in each case providing compensation or benefits to any current or former employee or director of any of the Sold Entities or any current or former Seconded Employee or (ii) under which any of the Sold Entities has had or has any present or future liability.

Business Employee Plan means each Benefit Plan maintained, sponsored or contributed to solely for the benefit of the Business Employees, other than the Seller U.K. Pension Plan.

Business Employee Plan means (a) all material “employee benefit plans,” as defined in Section 3(3) of ERISA (whether or not subject to ERISA), (b) all other material severance pay, salary continuation, bonus, incentive, equity-based, retirement, pension, retention, change of control, health, medical, dental, disability, accident, life insurance, vacation, relocation, loan, fringe benefit, profit sharing or deferred compensation plans, Contracts, programs, funds, or arrangements of any kind and (c) all other material employee benefit plans, Contracts, programs, funds, or arrangements (whether or not subject to ERISA) and any trust, escrow, or similar agreement related thereto, whether or not funded, in each case (y) in respect of any present or former employees, directors, officers, shareholders, individual consultants, or individual independent contractors of the Target Group or its Subsidiaries that are sponsored or maintained by the Target Group or any ERISA Affiliate or (z) with respect to which the Target Group or its Subsidiaries have made or are required to make payments, transfers, or contributions or have, or may reasonably be expected to have, any Liability.

Examples of Business Employee Plan in a sentence

• Each Business Employee Plan that is intended to be qualified under Section 401(a) of the Code has received a determination letter from the Internal Revenue Service stating that it is so qualified, and such determination letter has not been revoked.

• No Business Employee Plan provides short term disability or similar benefits.

• Except as set forth in Section 3.13(e) of the Seller Disclosure Letter or for ordinary and usual claims by participants and beneficiaries for benefits, there are no pending or, to the Knowledge of Seller, threatened claims or Actions by any Business Employee with respect to any Business Employee Plan or material Seller Employee Plan.

• Each Seller Employee Plan and Business Employee Plan that is intended to be qualified within the meaning of Section 401 of the Code has received or has filed and expects to receive a favorable determination letter as to its qualification and, to the Knowledge of Seller, nothing has occurred that would reasonably be expected to adversely affect such qualification.

• Except for the Section 5.9 Plans (and with respect to such plans only to the extent described in this Section 5.9), neither Purchaser nor MONY shall have any obligation to, with respect to or under any Business Employee Plan, and shall not be obligated to assume or maintain any Business Employee Plan.

More Definitions of Business Employee Plan

Business Employee Plan means an Employee Plan that is maintained or sponsored solely by MONY.

Business Employee Plan means each Benefit Plan maintained, sponsored or contributed to solely for the benefit of the Business Employees.

Business Employee Plan shall have the meaning set forth in Section 5.17(a).

Business Employee Plan means each Benefit Plan maintained, sponsored or contributed to solely for the benefit of the Business Employees located in the United States, (iii) the term “Parent Plan” means a Benefit Plan maintained, sponsored or contributed to by Sellers or any of their Affiliates for the benefit of Business Employees and other employees of Sellers and their Subsidiaries, and (iv) the term “Non-U.S. Business Employee Plan” means each Benefit Plan maintained, sponsored or contributed to solely for the benefit of the Business Employees located outside the United States. Section 3.10(a) of the Seller Disclosure Schedule identifies each Business Employee Plan, each Non-U.S. Business Employee Plan and each material Parent Plan. No Parent Plan is sponsored by any member of the Education Group.

Business Employee Plan means an Employee Plan that provides benefits to the Business Employees or their respective dependents or beneficiaries.

Business Employee Plan means each Employee Plan that Seller or any of its Affiliates sponsors, or contributes to (or could be required to contribute to) for the benefit of, any Business Employee, other than such plans or arrangements that are solely maintained by a Government Authority.

Business Employee Plan means each “employee benefit plan” as such term is defined in Section 3(3) of ERISA and all stock purchase, stock option, severance, employment, change-in-control, fringe benefit, collective bargaining, bonus, incentive, deferred compensation, employee loan and all other employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA (including any funding mechanism therefor now in effect or required in the future as a result of the transaction contemplated by this Agreement or otherwise), under which any current or former employee, director or consultant of Seller has any present or future right to benefits or which has ever or are contributed to, sponsored by or maintained by Seller for current or former employee, director or consultant.