Business Benefit Plan definition

Business Benefit Plan means each Benefit Plan entered into, maintained, sponsored or contributed to by Seller or any of its Subsidiaries or to which Seller or any of its Subsidiaries has any obligation to contribute, or with respect to which Seller or any of its Subsidiaries has any liability, direct or indirect, contingent or otherwise (including a liability arising out of an indemnification, guarantee, hold harmless or similar agreement), in each case with respect to any Business Employee or Former Business Employee or to any beneficiary or dependent thereof.

Business Benefit Plan means each Benefit Plan that is contributed to or required to be contributed to or sponsored or maintained by Seller or one of its Subsidiaries or Affiliates and under which any Business Employee or any dependent or beneficiary thereof has a present or future right to benefits (other than a Miraclon Entity Benefit Plan).

Business Benefit Plan has the meaning set forth in Section 4.7(a).

Examples of Business Benefit Plan in a sentence

• With respect to each Business Benefit Plan that is not an Assumed Benefit Plan and that is required to be listed on Section 4.09-1 of the Seller Disclosure Letter, Seller has made available to Purchaser the most recent summary plan description.

• This Section 4.9 does not relate to matters with respect to Taxes, which are the subject of Section 4.8, to environmental matters, which are the subject of Section 4.12, or to Business Benefit Plan matters, which are the subject of Section 4.14.

• No compensation or benefits payable to, earned or accrued in respect of any current or former employee or consultant Related to the Transferred Businesses, including the Transferred Employees, at or prior to the Closing is payable under any Business Benefit Plan that will continue to be sponsored or maintained by Splitco or Clorox Korea after the Closing or with respect to which any such Person will continue as a party or otherwise continue to be bound.

• As of the date hereof, Seller has made available to Purchaser in respect of each Conveyed Company Benefit Plan and each material Business Benefit Plan, either the current plan document or a summary of such plan’s material terms that is accurate in all material respects.

• Effective as of the Closing, each Transferred Employee shall cease to participate in any Business Benefit Plan (other than as a former employee of Seller or any of its affiliates to the extent, if any, permitted by the terms of such Business Benefit Plan).

More Definitions of Business Benefit Plan

Business Benefit Plan means each Benefit Plan that is sponsored or maintained by the Company.

Business Benefit Plan means any “employee benefit plan” (as defined in Section 3(3) of ERISA), and each other material plan, program, arrangement or agreement providing bonus, incentive, deferred compensation, vacation, sick pay, stock purchase, stock option, severance, employment, change of control or fringe benefits in which any Business Employee and/or any current or former employee of a Seller’s Affiliate engaged primarily in the Business, or independent contractors or directors of the Business, participates or to which the Company or any ERISA Affiliate has any Liability, whether contingent or otherwise, arising from or related to the Business.

Business Benefit Plan means any Employee Benefit Plan maintained, or contributed to, by any Seller, Business Subsidiary, Operating Subsidiary or any ERISA Affiliate for the benefit of one or more Business Employees or former Business Employees.

Business Benefit Plan means a Benefit Plan that is sponsored, maintained or contributed to, or required to be maintained or contributed to in any country or jurisdiction for the benefit of any Business Employee.

Business Benefit Plan means each Employee Benefit Plan in which any Business Employee or any of his or her dependents or beneficiaries participates or is otherwise eligible.

Business Benefit Plan has the meaning set forth in Section 3.13(a).

Business Benefit Plan means any “employee benefit plan” (within the meaning of Section 3(3) of ERISA) and each other material program, agreement, arrangement or policy providing for compensation, bonuses, profit-sharing, stock option or other stock related rights or other forms of incentive or deferred compensation, vacation benefits, insurance (including any self-insured arrangements), health or medical benefits, employee assistance program, disability or sick leave benefits, workers’ compensation, supplemental unemployment benefits, change in control benefits, severance benefits and post-employment or retirement benefits (including compensation, pension, health, medical or life insurance benefits), or other employee benefits, in each case, which is either maintained, administered, sponsored or contributed to by Seller or any ERISA Affiliate for the benefit of any Employee.