Additional Agreement Regarding Benefit Plans. For a period of one year after the Effective Time, Parent will cause the Surviving Corporation to provide benefit plans and arrangements to employees of the Surviving Corporation who were employees of the Company or the Company Subsidiaries as of the Effective Time that are no less favorable in the aggregate than the benefit plans and arrangements (excluding compensation and equity-based plans and arrangements) provided to such employees as of the date hereof. Parent shall, or shall cause the Surviving Corporation to (a) waive all limitations as to pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to the employees of the Surviving Corporation who were employees of the Company or the Company Subsidiaries as of the Effective Time under any welfare plan in which such employees are eligible to participate after the Effective Time, to the extent that such conditions, exclusions and waiting periods would not apply under a similar plan of the Company in which such employees participated prior to the Effective Time and (b) provide each such employee with credit for service with the Company and the Company Subsidiaries under each employee benefit plan, program, or arrangement in which such employees become eligible to participate following the Effective Time for purposes of eligibility to participate and vesting of benefits, but not for purposes of benefit accruals, levels or amounts of benefits including any employer contributions.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (Retek Inc), Agreement and Plan of Merger (Ruby Merger Corp.), Agreement and Plan of Merger (Retek Inc)
Additional Agreement Regarding Benefit Plans. For a period of one year after the Effective Time, Parent will cause the Surviving Corporation to provide benefit plans and arrangements to employees of the Surviving Corporation who were employees of the Company or the Company Subsidiaries as of the Effective Time that are no less favorable in the aggregate than the benefit plans and arrangements (excluding compensation and equity-based plans and arrangements) provided to such employees as of the date hereof. Parent shall, or shall cause the Surviving Corporation to (a) waive all limitations as to pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to the employees of the Surviving Corporation who were employees of the Company or the Company Subsidiaries as of the Effective Time under any welfare plan in which such employees are eligible to participate after the Effective Time, to the extent that such conditions, exclusions and waiting periods would not apply under a similar plan of the Company in which such employees participated prior to the Effective Time and (b) provide each such employee with credit for service with the Company and the Company Subsidiaries under each employee benefit plan, program, or arrangement in which such employees become eligible to participate following the Effective Time for purposes of eligibility to participate and vesting of benefits, but not for purposes of benefit accruals, levels or amounts of benefits including any employer contributions.. 58
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Ruby Merger Corp.), Agreement and Plan of Merger (Ruby Merger Corp.)
