SIP. (a) In General Company has previously established the SIP for the benefit of its employees. As soon as practicable after the date hereof and effective as of the Distribution Date, Company shall take, or cause to be taken, all necessary and appropriate action to allow each Company Transfer Employee to be enrolled in the SIP as soon as practicable after his or her Transfer Date. Effective no later than the Distribution Date, Company shall cause the SIP to be amended such that amounts under the SIP after such date shall not be applied to purchase the common stock of Parent.
Appears in 2 contracts
Sources: Employee Benefits and Compensation Allocation Agreement (Lanier Worldwide Inc), Employee Benefits and Compensation Allocation Agreement (Harris Corp /De/)
SIP. (a) In General IN GENERAL Company has previously established the SIP for the benefit of its employees. As soon as practicable after the date hereof and effective as of the Distribution Date, Company shall take, or cause to be taken, all necessary and appropriate action to allow each Company Transfer Employee to be enrolled in the SIP as soon as practicable after his or her Transfer Date. Effective no later than the Distribution Date, Company shall cause the SIP to be amended such that amounts under the SIP after such date shall not be applied to purchase the common stock of Parent.
Appears in 1 contract
Sources: Employee Benefits and Compensation Allocation Agreement (Lanier Worldwide Inc)