Establishing Kimball Electronics SERP Sample Clauses


Establishing Kimball Electronics SERP. As of the Transferred Group Adoption Date, Kimball Electronics shall have established and adopted a supplemental employee retirement plan for its key employees (collectively, the “Kimball Electronics SERP”) to provide each Kimball Electronics Group Employee who was a participant in the Kimball International SERP as of immediately prior to the Effective Time (each, an “Kimball Electronics SERP Participant”) benefits following the Effective Time substantially similar to those provided with respect to such person under the Kimball International SERP as of immediately prior to the Effective Time. As of the Effective Time, the Kimball Electronics Group Employees shall no longer participate in the Kimball International SERP; however, Former Kimball Electronics Group Employees will continue to participate in the Kimball International SERP. The Parties agree that for purposes of the Kimball International SERP, a Kimball Electronics SERP Participant shall not be considered to have incurred a separation of service as determined under the general rules of Section 409A of the Code as a result of the Distribution or the transfer of employment or service from Kimball International (or a Kimball International Entity) to Kimball Electronics (or a Kimball Electronics Entity), and such employment or service shall only be considered to terminate for purposes of the Kimball Electronics SERP when the employment or service of such Kimball Electronics SERP Participant with the Kimball Electronics Group terminates in accordance with the terms of the Kimball Electronics SERP and applicable Laws (including, without limitation Section 409A of the Code).