NONQUALIFIED PLANS AND PROGRAMS Sample Clauses
The Nonqualified Plans and Programs clause defines the treatment and administration of employee benefit plans that do not meet the requirements for favorable tax treatment under federal law. Typically, this clause outlines how such plans are established, who is eligible to participate, and the specific rules regarding contributions, distributions, and tax implications. For example, it may address deferred compensation arrangements or supplemental retirement plans offered to select employees. The core function of this clause is to clarify the rights and obligations of both the employer and employees regarding these nonqualified benefits, ensuring compliance and managing expectations about tax consequences and plan administration.
NONQUALIFIED PLANS AND PROGRAMS. (a) Except as specifically set forth in Section 5.2(a) and effective as of the Distribution Date, the members of the Solutia Benefits Group shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to Solutia Participants under all Cash Incentive Plans. Solutia and Monsanto shall cooperate in taking all actions necessary or appropriate to adjust the performance goals and other terms and conditions of awards under the Cash Incentive Plans for performance periods that begin before and end after the Distribution Date as appropriate to reflect the Distribution, including amending any Cash Incentive Plan or grant thereunder, and obtaining any necessary consents of affected participants.
(b) Except as specifically set forth in Section 5.2(a) and effective as of the Distribution Date, Solutia shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to (i) Solutia Participants under the Supplemental Retirement Plans, except for Liabilities with respect to benefits under the Monsanto Company ERISA Pension Parity Plan and the Monsanto Company ERISA Parity Savings and Investment Plan of Retained Solutia Inactive Participants, and (ii) Supplemental Retirement Agreements with Solutia Employees. Solutia and Monsanto shall cooperate in taking all actions necessary or appropriate to implement the foregoing, including amending any Supplemental Retirement Plan or Supplemental Retirement Agreement and obtaining any necessary consents of affected individuals.
(c) Except as specifically set forth in Section 5.2(a) and effective as of the Distribution Date, Solutia shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to Solutia Participants under all U.S. Deferred Compensation Plans.
NONQUALIFIED PLANS AND PROGRAMS. (a) Effective as of the Cut- ------------------------------- off Date, Tupperware and the Tupperware Subsidiaries shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to Tupperware Participants under all annual and long-term cash incentive compensation plans of Premark, the Premark Subsidiaries, Tupperware and the Tupperware Subsidiaries (the "Cash Incentive Plans"). Tupperware and Premark shall cooperate in taking all actions necessary or appropriate to adjust the performance goals and other terms and conditions of awards under the Cash Incentive Plans for performance periods that begin before and end after the Cut-Off Date as appropriate to reflect the Distribution, including, but not limited to, amending any Cash Incentive Plan or grant thereunder and obtaining any necessary consents of affected participants.
(b) Effective as of the Cut-off Date:
(i) Tupperware and the Tupperware Subsidiaries shall establish a plan (the "Tupperware Supplemental Plan") substantially similar to the Premark Supplemental Plan to provide supplemental retirement benefits to certain management and highly compensated employees; (ii) Premark shall amend the Premark Supplemental Plan, if necessary, so that no Tupperware Employee who is a participant therein shall be deemed to have terminated employment as a result of the Distribution or as a result of becoming a Tupperware Employee in connection with the Distribution; and (iii) Tupperware and the Tupperware Subsidiaries shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to Tupperware Participants under the Premark Supplemental Plan. All deferral elections and beneficiary designations made by Tupperware Participants under the Premark Supplemental Plan shall remain in effect with respect to the Tupperware Supplemental Plan from and after the Cut-off Date, until changed in accordance with the Tupperware Supplemental Plan. Tupperware and Premark shall cooperate in taking all actions necessary or appropriate to accomplish the foregoing and to ensure that as of the Cut-off Date, Premark and the Premark Subsidiaries cease to have any Liabilities to or relating to the Tupperware Participants under the Premark Supplemental Plan, including, but not limited to, amending the Premark Supplemental Plan or any grant thereunder and obtaining any necessary consents of affected participants.
NONQUALIFIED PLANS AND PROGRAMS. (a) Except as specifically set forth in Section 5.02(a) and effective as of the Distribution Date, the members of the Chemicals Benefits Group shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to Chemicals Participants under all Cash Incentive Plans. Chemicals and Monsanto shall cooperate in taking all actions necessary or appropriate to adjust the performance goals and other terms and conditions of awards under the Cash Incentive Plans for performance periods that begin before and end after the Distribution Date as appropriate to reflect the Distribution, including amending any Cash Incentive Plan or grant thereunder, and obtaining any necessary consents of affected participants.
(b) Except as specifically set forth in Section 5.02(a) and effective as of the Distribution Date, Chemicals shall assume and be solely responsible for all Liabilities of
(c) Except as specifically set forth in Section 5.02(a) and effective as of the Distribution Date, Chemicals shall assume and be solely responsible for all Liabilities of the Pre-Distribution Group to or relating to Chemicals Participants under all U.S. Deferred Compensation Plans.