No Payment Trigger. The Parties agree that neither the consummation of the Transactions nor any internal employment transfers pursuant to Section 2.1 are intended to trigger a payment or distribution of compensation under any Company Non-Qualified Plan or SpinCo Non-Qualified Plan to any Company Participant or SpinCo Participant. The payment or distribution of any compensation to which any SpinCo Participant or Company Participant is entitled under any Company Non-Qualified Plan or SpinCo Non-Qualified Plan will occur upon the time or times provided for under the applicable plan and such participants’ deferral elections thereunder, which, for Company Splitting Non-Qualified Plans, SpinCo shall cause to be recognized and maintained under the applicable Mirror SpinCo Non-Qualified Plan.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Warner Bros. Discovery, Inc.), Merger Agreement (Netflix Inc)