Benefits; Service Recognition Sample Clauses

Benefits; Service Recognition. For the twelve-month period immediately following the Closing, Purchaser (or an Affiliate of Purchaser) shall maintain employee benefit and compensation (including incentive bonus opportunity) plans, programs and arrangements for the benefit of the Affected Employees (other than the Represented Employees) that, when taken as a whole, are comparable to those provided to similarly situated employees of Parent or its Affiliates as in effect on the date hereof; provided, that for the twelve-month period immediately following the Closing, each Affected Employee (other than the Represented Employees) who remains employed by the Business shall be provided at least the same base salary or base hourly wage rate as was in effect for such individual immediately prior to the Closing. Seller and Purchaser shall cooperate so that there shall be in effect, as of Closing, medical, life insurance, disability and other welfare plans sponsored by Purchaser, and/or one or more Affiliates of Purchaser, that provide Affected Employees (other than the Represented Employees) with substantially the same benefits, on substantially the same terms and conditions, as are provided to similarly situated employees at Parent or its Affiliates as in effect on the date hereof. Purchaser shall cause the employee benefit plans of Purchaser and its Affiliates providing benefits to Affected Employees after the Closing (the “Purchaser Plans”) (i) to give credit to Affected Employees for service previously credited with the Business prior to the Closing Date for the purposes of eligibility, vesting, retirement eligibility and benefit accrual (except as would result in the duplication of benefits and excluding benefit accrual under any defined benefit pension plan) under such Purchaser Plans to the same extent as each such Affected Employee was entitled, before the Closing, to credit for such service under any similar Seller Employee Benefit Plans, (ii) to give credit to Affected Employees for any deductible or co-payment amounts paid prior to the Closing in respect of the plan year in which the Closing Date occurs to the extent that, following the Closing Date, they participate in any corresponding Purchaser Plan for which deductibles or co-payments are required, and (iii) to waive for Affected Employees any pre-existing condition exclusion or restriction, any waiting period limitation, or any evidence of insurability requirements to the extent such exclusions, restrictions, limitations or requir...