IMPCO NONQUALIFIED PLANS Sample Clauses

IMPCO NONQUALIFIED PLANS. From and after the Effective Time, IMPCO shall continue to sponsor the IMPCO Supplemental Retirement Plan and the IMPCO Deferred Compensation Plan (collectively, the "IMPCO Nonqualified Plans") for the benefit of participants thereunder. Active participation of all Quantum Employees in the IMPCO Nonqualified Plans shall cease immediately prior to the Employee Transfer Date, and the trustee(s) of such plans shall not accept further contributions made by or on behalf of the Quantum Employees, other than contributions that accrued prior to the Employee Transfer Date. The IMPCO Nonqualified Plans shall make distributions to Quantum Employees in such manner and at such times as required under the terms of the IMPCO Nonqualified Plans and any applicable payment elections by participants; provided, however, at IMPCO and Quantum's mutual election on or after the Employee Transfer Date, the aggregate deferred account balances of those Quantum Employees in the IMPCO Nonqualified Plans may be transferred from the IMPCO rabbi trust to the Quantum rabbi trust. Upon the completion of such transfer of assets, Quantum shall assume the liabilities for the payment of benefits associated with the transferred assets with respect to the affected Quantum Employees.