Nonqualified Deferred Compensation Plan. Effective as of no later than the Effective Time, the SpinCo Group shall establish the SpinCo Directors’ Deferred Compensation Plan. Except as provided in the immediately following sentence, (a) as of no later than the Effective Time, SpinCo shall, and shall cause the SpinCo Directors’ Deferred Compensation Plan to, assume all Liabilities under the Parent Deferred Compensation Plans related to the benefits of Transferred Directors, determined as of immediately prior to the Effective Time, and Parent and the Parent Deferred Compensation Plans shall be relieved of all Liabilities related to such benefits, and (b) Parent shall retain all Liabilities under the Parent Deferred Compensation Plans other than those relating to the Transferred Directors. Notwithstanding the foregoing, obligations and Liabilities in respect of Post-Separation Parent Awards (regardless of whether the holder is a Transferred Director) shall remain under the Parent Deferred Compensation Plans and be retained by Parent and obligations and Liabilities in respect of SpinCo Awards (regardless of whether the holder is a Transferred Director) shall be transferred to the SpinCo Directors’ Deferred Compensation Plan and be assumed by SpinCo. As of the Effective Time, all Parent Shares notionally credited to participants’ accounts under the Parent Directors’ Deferred Compensation Plan and the SpinCo Directors’ Deferred Compensation Plan shall be treated in accordance with Section 4.02(h).
Appears in 4 contracts
Samples: Employee Matters Agreement (Equitrans Midstream Corp), Employee Matters Agreement (Equitrans Midstream Corp), Employee Matters Agreement (Equitrans Midstream Corp)
