Other Benefit Obligation definition

Other Benefit Obligation means any obligation, arrangement, or customary practice of an entity, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to present or former directors, employees, or agents, other than obligations, arrangements, and practices that are Plans. Other Benefit Obligations include consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies, severance payment policies, and fringe benefits within the meaning of Code Section 132.

Other Benefit Obligation has the meaning defined in Section 3.11(a).

Other Benefit Obligation means any obligation, arrangement or customary practice, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to present or former directors, employees or agents, other than obligations, arrangements and practices that are Plans. Other Benefit Obligation includes consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies, severance payment policies and fringe benefits within the meaning of Section 132 of the Code.

Examples of Other Benefit Obligation in a sentence

• Other than claims for benefits submitted by participants or beneficiaries, no claim against, or legal proceeding involving, any Company Plan, Company Other Benefit Obligation, or Company VEBA is pending or, to the Knowledge of the Acquired Companies, is Threatened.

• No statement, either written or oral, has been made by the Company to any Person with regard to any Plan or Other Benefit Obligation that was not in accordance with the Plan or Other Benefit Obligation and that could have an adverse economic consequence to the Company or to Buyer, and with any applicable collective bargaining agreement.

• The Acquired Companies, with respect to all Company Plans, Company Other Benefits Obligations, and Company VEBAs, are, and each Company Plan, Company Other Benefit Obligation, and Company VEBA is, in material compliance with ERISA, the IRC, and other applicable Laws including the provisions of such Laws expressly mentioned in this Section 3.13, and with any applicable collective bargaining agreement.

• Since January 1, 1998, there has been no establishment or amendment of any Company Plan, Company VEBA, or Company Other Benefit Obligation.

• To the Knowledge of the Acquired Companies, no statement, either written or oral, has been made by any Acquired Company to any Person with regard to any Plan or Other Benefit Obligation that was not in accordance with the Plan or Other Benefit Obligation and that could have an adverse economic consequence to any Acquired Company or to Buyer.

More Definitions of Other Benefit Obligation

Other Benefit Obligation means an obligation, arrangement, contract agreement, or customary practice, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to one or more present or former directors, employees, or agents, other than an obligation, arrangement, or practice that is a Plan or Canadian Plan. An Other Benefit Obligation includes consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies, severance payments, and fringe benefits within the meaning of IRC (S) 132.

Other Benefit Obligation means any material obligation, arrangement or customary practice owed, adopted or followed by any Seller or any ERISA Affiliate, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to present or former directors, officers, employees or agents, other than obligations, arrangements and practices that are Benefit Plans. Other Benefit Obligations include material consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies and severance payment policies.

Other Benefit Obligation. --means all obligations, arrangements, or customary practices, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to present or former directors, employees, or agents, other than obligations, arrangements, and practices that are Plans with respect to which any of the Acquired Companies has any liability or potential liability. Other Benefit Obligations include consulting agreements under which the compensation paid does not depend upon the amount of service rendered, EXECUTION COPY sabbatical policies, severance payment policies, and fringe benefits within the meaning of Section 132 of the Code.

Other Benefit Obligation means any agreement, plan, arrangement, policy, practice or obligation of the Company or any ERISA Affiliate to provide benefits, other than salary or wages, to present or former directors or employees of the Employer, other than obligations which are Plans. Other Benefit Obligations may include but are not limited to stock option or incentive plans or other stock based compensation arrangements that are not Plans.

Other Benefit Obligation means any obligation, arrangement, or customary practice, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to current or former employees, officers, directors or service providers, other than any obligation, arrangement, or practice that is a Plan. Other Benefit Obligations include consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies, severance policies, fringe benefits within the meaning of Code Section 132 or Code Section 6039D, other bonus, incentive compensation, deferred compensation, profit sharing, stock-option, stock appreciation right, stock bonus, stock purchase, employee-stock ownership, savings, change-in-control, supplemental-employment, layoff, salary continuation, retirement, pension, health, life insurance, disability, accident, group insurance, vacation, holiday, sick-leave or welfare plan and any other employee compensation or benefit plan, agreement, policy, practice, commitment, Contract or understanding (whether effective or terminated, written or unwritten).

Other Benefit Obligation means all legally binding obligations, arrangements or customary practices to provide benefits, other than salary, as compensation for services rendered, to present or former directors or employees other than obligations, arrangements, and practices that are Plans; (vi) “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto; (vii) “Pension Plan” has the meaning given in Section 3(2)(A) of ERISA; (viii) “Plan” has the meaning given in Section 3(3) of ERISA; (ix) “Plan Sponsor” has the meaning given in Section 3(16)(B) of ERISA; (x) “Qualified Plan” means any Plan that meets or purports to meet the requirements of section 401(a) of the Code; (xi) “Title IV Plans” means all Pension Plans that are subject to Title IV of ERISA, 29 U.S.C. § 1301 et seq., other than Multiemployer Plans; and (xii) “Welfare Plan” has the meaning given in Section 3(1) of ERISA.

Other Benefit Obligation means all legally binding obligations, arrangements or customary practices to provide benefits, other than salary, as compensation for services rendered, to present or former