Excess Cash Balance Pension Plan. (a) No later than the Distribution Date, Spinco shall establish and make payments pursuant to a non-qualified defined benefit pension plan (the “Spinco Excess Cash Balance Plan”) to provide non-qualified retirement benefits to eligible Spinco Employees and shall assume the Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees. For the avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to any individual who is no longer employed by the MSG Networks Group or the Spinco Group as of the Distribution Date.
Appears in 3 contracts
Samples: Employee Matters Agreement (Madison Square Garden Co), Employee Matters Agreement (MSG Spinco, Inc.), Employee Matters Agreement (MSG Spinco, Inc.)
Excess Cash Balance Pension Plan. (a) No later than the Distribution Date, Spinco shall establish and make payments pursuant to a non-qualified defined benefit pension plan (the ““ Spinco Excess Cash Balance PlanPlan ”) to provide non-qualified retirement benefits to eligible Spinco Employees and shall assume the Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees. For the avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to any individual who is no longer employed by the MSG Networks Group or the Spinco Group as of the Distribution Date.
Appears in 1 contract
Samples: Employee Matters Agreement (Madison Square Garden Entertainment Corp.)
