Examples of Parent DC Plan in a sentence
Effective as of the Closing Date or any subsequent date reasonably requested by Xxxxxx (but not later than the 60th day following the Closing Date), all such Continuing Employees shall be eligible to effect a “direct rollover” (as described in Section 401(a)(31) of the Code) of their account balances (including participant loans) under the Company DC Plan to the Parent DC Plan in the form of cash and participant loan notes.
If the election specified pursuant to Section 5.04(f)(ii) is made with respect to an International Parent DC Plan, the corresponding International Buyer DC Plan shall have terms and features that are substantially identically to such International Parent DC Plan, so that such International Parent DC Plan is substantially replaced by such corresponding International Buyer DC Plan.
No assets or liabilities of any Parent DC Plan shall be transferred to any Buyer DC Plan, other than in connection with a rollover of a Transferred Employee’s account balance under a Parent DC Plan.
To the extent an International Parent DC Plan is not required to be funded by applicable Law and is not voluntarily funded as of the Closing, there shall be no transfer of assets.
Parent shall take all actions reasonably necessary to fully vest each Covered Employee who is a participant in the Parent DC Plan in their account balances in the Parent DC Plan.
Upon the distribution of the assets in the accounts under the Company DC Plans to the participants, Thermo Fisher will take any action necessary to permit the Continuing Employees to make rollover contributions of “eligible rollover distributions” from the applicable Company DC Plan to the applicable Parent DC Plan (including in cash or notes (in the case of loans)).
For the avoidance of doubt, none of Purchaser, the Transferred Companies or any of their respective Affiliates, nor the MHE DC Plan shall assume any Liabilities or expenses arising under or relating to the Parent DC Plan other than the obligation to distribute the account balances (and any earnings thereon through the date of distribution) in accordance with the MHE DC Plan and applicable Law.
Purchaser agrees that it will provide for earnings on account balances under the MHE DC Plan on a basis that is substantially as favorable to Transferred Employees as the earnings alternative available to participants in the Parent DC Plan.
Effective as of the Closing, Sellers shall take any action necessary to ensure that the accounts of each Transferred Employee in a Parent DC Plan shall be fully vested and nonforfeitable.
Prior to the Closing, Sellers shall cause a member of the Education Group to establish a deferred compensation plan (the “MHE DC Plan”) that is substantially identical to Parent’s Key Executive Short-Term Incentive Deferred Compensation Plan, as amended and restated as of January 1, 2008 (the “Parent DC Plan”) and Sellers shall cause the transfer from the Parent DC Plan to the MHE DC Plan of all outstanding obligations with respect to each Transferred Employee.