Common use of Management Incentive Program Clause in Contracts

Management Incentive Program. Effective as of the Closing, the Seller shall cause the Company to terminate its participation as an adopting employer with respect to the Quanex Corporation Management Incentive Program maintained for the benefit of current and former employees of the Seller and its subsidiaries and their beneficiaries. Effective as of the Closing, the Seller shall cause that portion of the Quanex Corporation Management Incentive Program covering current and former salaried employees of the Company and their beneficiaries to be spun-off into a new deferred compensation plan entitled the "LaSalle Steel Company Management Incentive Program" which shall be solely a contractual obligation of the Company and which, as of the Closing, shall otherwise be substantially identical to the Quanex Corporation Management Incentive Program.