General Treatment of Outstanding Awards. Generally, Verizon shall retain all Liabilities in respect of all stock based incentive compensation awards granted to Spinco Employees and Former Spinco Employees that are not part of any employee pension benefit plan within the meaning of Section 3(3) of ERISA and that are outstanding as of the Effective Time (the “Outstanding Awards”).
Appears in 2 contracts
Samples: Employee Matters Agreement (Fairpoint Communications Inc), Employee Matters Agreement
General Treatment of Outstanding Awards. Generally, Verizon shall retain all Liabilities in respect of all stock based incentive compensation awards granted to Spinco Employees and Former Spinco Employees that are not part of any employee pension benefit plan within the meaning of Section 3(3) of ERISA and that are outstanding as of the Effective Time Time, whether or not such awards would be settled in stock or cash (the “Outstanding Awards”), and Frontier shall assume no Liabilities with respect to such Outstanding Awards. In addition, Verizon shall retain all other obligations related to the Outstanding Awards, including, but not limited to, all responsibility for the administration and settlement of such Outstanding Awards.
Appears in 2 contracts
Samples: Employee Matters Agreement (Frontier Communications Corp), Employee Matters Agreement
General Treatment of Outstanding Awards. Generally, Verizon shall retain all Liabilities in respect of all stock based incentive compensation awards granted to Spinco Employees and Former Spinco Employees that are not part of any employee pension benefit plan within the meaning of Section 3(3) of ERISA and that are outstanding as of the Effective Time (the “"Outstanding Awards”").
Appears in 1 contract
Samples: Employee Matters Agreement (Fairpoint Communications Inc)
