Benefit Plans definition

Benefit Plans shall have the meaning set forth in Section 3.13(a).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Benefit Plans has the meaning set forth in Section 4.9(b).

Benefit Plans of any Person means any and all deferred compensation, executive compensation, incentive compensation, equity purchase or other equity-based compensation plan, employment or consulting, severance or termination pay, holiday, vacation or other bonus plan or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit sharing, pension, or retirement plan, program, agreement, commitment or arrangement, and each other employee benefit plan, program, agreement or arrangement, including each “employee benefit plan” as such term is defined under Section 3(3) of ERISA, maintained or contributed to or required to be contributed to by a Person for the benefit of any employee or terminated employee of such Person, or with respect to which such Person has any Liability, whether direct or indirect, actual or contingent, whether formal or informal, and whether legally binding or not.

Examples of Benefit Plans in a sentence

The Transferred Employees shall, as of the Closing Date, cease to accrue further benefits under the Excluded Benefit Plans and the Excluded Benefit Plan Contracts.
With respect to each Benefit Plan, Contributor has made available a summary of such plan’s material terms and Contributor shall have made available copies of all Transferred Subsidiary Benefit Plans promptly following the establishment of such plans.
The Sellers shall use reasonable commercial efforts, to take all actions and complete all steps as are reasonably necessary or desirable to effect this assignment and assumption of these Assumed Benefit Plans and Assumed Benefit Plan Contracts, including obtaining, prior to the Closing Date, (x) all required third-party consents and authorizations or, (y) causing the Assumed Benefit Plans governing documents to be amended and filed with the applicable Governmental Authorities.
OpCo (and the Operator or any other of its Affiliates, as applicable) shall not assume any of the Excluded Benefit Plans, the Excluded Benefit Plan Contract or Liabilities for accrued benefits or any other Liabilities under or in respect of any of foregoing, whensoever arising, and such Excluded Benefit Plans, Excluded Benefit Plan Contracts and the Liabilities thereunder shall be retained by Partnership Sellers.
The Company is not a party to or bound by, nor does the Company have any liability with respect to, any Benefit Plans other than those listed in Section 3.19(a) of the Disclosure Schedule and other than any statutory plans with which the Company is required to comply.

More Definitions of Benefit Plans

Benefit Plans means employee benefit plans as defined in Section 3(3) of ERISA and all other employee benefit practices or arrangements, including, without limitation, any such practices or arrangements providing severance pay, sick leave, vacation pay, salary continuation for disability, retirement benefits, deferred compensation, bonus pay, incentive pay, stock options or other stock-based compensation, hospitalization insurance, medical insurance, life insurance, scholarships or tuition reimbursements, maintained by the Company or to which the Company or any of its subsidiaries is obligated to contribute for employees or former employees of the Company and its subsidiaries.

Benefit Plans has the meaning set forth in Section 5.03(m)(i).

Benefit Plans shall have the meaning set forth in Section 4.24(a).

Benefit Plans means plans, policies or arrangements that the Company sponsors (or participates in) and that immediately prior to Executive’s termination of employment provide Executive and/or Executive’s eligible dependents with medical, dental, vision and/or financial counseling benefits. Benefit Plans do not include any other type of benefit (including, but not by way of limitation, disability, life insurance or retirement benefits). A requirement that the Company provide Executive and Executive’s eligible dependents with coverage under the Benefit Plans will not be satisfied unless the coverage is no less favorable than that provided to Executive and Executive’s eligible dependents immediately prior to Executive’s termination of employment. Notwithstanding any contrary provision of this Section 12, but subject to the immediately preceding sentence, the Company may, at its option, satisfy any requirement that the Company provide coverage under any Benefit Plan by instead providing coverage under a separate plan or plans providing coverage that is no less favorable or by paying Executive a lump-sum payment sufficient to provide Executive and Executive’s eligible dependents with equivalent coverage under a third party plan that is reasonably available to Executive and Executive’s eligible dependents.

Benefit Plans has the meaning set forth in Section 2.11(c).

Benefit Plans has the meaning set forth in Section 4(c) of this Agreement.

Benefit Plans means all stock option or share purchase plans, employee loans, home purchase loans, insurance, long-term disability, medical, dental or other executive and employee benefit plans, including without limitation any pension or company sponsored retirement savings plans, and all privileges (including without limitation automobile leases) provided by the Corporation or any subsidiary of the Corporation to the Executive;