Sellers Benefit Plan definition

Sellers Benefit Plan means each Benefit Plan entered into, maintained, sponsored or contributed to by Sellers or any of their respective ERISA Affiliates, or to which Sellers or any of their respective ERISA Affiliates has any obligation to contribute, or in respect of which Sellers or any of their respective ERISA Affiliates has any other potential liability relating to any Employee.

Sellers Benefit Plan means each deferred compensation, fringe benefit, severance, termination and bonus or other incentive compensation (including any equity or equity-based compensation) plan, program, agreement, award or arrangement; each "welfare" plan, fund or program (within the meaning of section 3(1) of ERISA); each "pension" plan, fund or program (within the meaning of section 3(2) of ERISA); each employment agreement or arrangement; and each other employee benefit plan, fund, program, agreement, award or arrangement, for the benefit of any current or former service provider to the Sellers or any of its Affiliates (other than in the capacity as a customer), in each case, (i) that is sponsored, maintained or contributed to or required to be contributed to by any of the Acquired Subsidiaries, (ii) to which any of the Acquired Subsidiaries is a party or (iii) with respect to which any of the Acquired Subsidiaries has or could have any liability, directly or indirectly, in each case, whether written or oral.

Sellers Benefit Plan means any Benefit Plan that is sponsored or maintained by any Sold Company or Sold Subsidiary, or with respect to which any Sold Company or Sold Subsidiary has any direct or indirect Liability, contingent or otherwise, or that is sponsored or maintained by the Company or any Subsidiary on behalf of, or for the benefit of, one or more Employees.

Examples of Sellers Benefit Plan in a sentence

• Neither Seller nor any of its respective Affiliates has any commitment or obligation or has made any representations to any employees, officers, directors or independent contractors of either Seller or any of its respective Affiliates and who are engaged in the conduct of the Business, whether or not legally binding, to adopt, amend, modify or terminate any Employee Sellers’ Benefit Plan or any collective bargaining agreement.

• Sellers have made available to Buyer true, complete and correct copies of: (i) the summary plan descriptions or other written descriptions of the current material terms of each Sellers’ Benefit Plan; and (ii) the most recent favorable determination letter or opinion letter received from the Internal Revenue Services with respect to any Seller Benefit Plan that is intended to be tax-qualified under Section 401(a) of the Code.

• Each Sellers’ Benefit Plan that is intended to be tax qualified under Section 401(a) of the Code has received a favorable determination or opinion letter from the Internal Revenue Service and, to Sellers’ Knowledge, there is no fact or event that has occurred since the date of such determination or opinion letter that would reasonably be expected to affect adversely the qualified status of any such Sellers’ Benefit Plan.

• There are no actions, suits or claims (other than routine claims for benefits) pending or to the best of Sellers’ and the Company’s knowledge, threatened involving any Sellers’ Benefit Plan or the assets thereof and no facts exist which could give rise to any such actions, suits or claims (other than routine claims for benefits).

• An accurate and complete copy of each Sellers’ Benefit Plan and all Contracts related thereto, or the funding thereof, each as in effect on the date hereof, has been supplied to Purchaser.

More Definitions of Sellers Benefit Plan

Sellers Benefit Plan shall refer to all Employee Benefit Plans and all other employee benefit arrangements or payroll practices, including, but not limited to, severance pay, sick leave, vacation pay, salary continuation for disability, scholarship programs, stock option or restricted stock plans maintained by Shareholder, Sellers or any Subsidiary or ERISA Affiliate of either (whether formal or informal, whether for the benefit of a single individual or for more than one individual and whether for the benefit of current or former employees or their beneficiaries) on behalf of Sellers, its Subsidiaries or any Company Personnel to which or under which or pursuant to which Shareholder, Sellers or any Subsidiaries or any ERISA Affiliate of either has contributed or is obligated to make contributions on behalf of Seller, any of its Subsidiaries or any Company Personnel.

Sellers Benefit Plan means each Benefit Plan that is sponsored, maintained or contributed to, or required to be sponsored, maintained or contributed to, by any of the Sellers for the benefit of one or more Employees, officers, directors, or former employees, officers or directors (including any spouse, beneficiary, dependent or survivor thereof) of the Business.

Sellers Benefit Plan is defined in Section 5.19(a).

Sellers Benefit Plan means each Benefit Plan provided to Employees by the Seller on the day immediately preceding the Closing Date.

Sellers Benefit Plan means each Benefit Plan sponsored or maintained by the Seller, or to which the Seller has at any time contributed or been required to contribute.

Sellers Benefit Plan or “Sellers’ Benefit Plans” means any plan, program, arrangement, agreement or commitment which is an employment, consulting or deferred compensation agreement, or an executive compensation, incentive bonus or other bonus, employee pension, profit-sharing, savings, retirement, stock option or other equity-based compensation, severance pay, life, medical, dental, death benefit, disability or accident insurance plan, vacation, Code Section 125 “cafeteria” or “flexible benefit” plan or other employee benefit plan, program, arrangement, agreement or commitment, including, without limitation, any “employee benefit plan” as defined in Section 3(3) of ERISA or any “employee welfare benefit plan” as defined in Section 3(1) of ERISA.

Sellers Benefit Plan has the meaning set forth in clause 6.4.1 of Schedule 14.