Buyer Continuation of Company Benefits Sample Clauses

Buyer Continuation of Company Benefits. Buyer and Seller acknowledge that, as of the Closing Date, Esoco Crocxxxx, Inc. will no longer be able to comply with those provisions of the Collective Bargaining Agreement between Esoco Crocxxxx, Xxc. and International Union of Operating Engineers, Stationary Local No. 39, AFL-CIO (the "Union Contract") which requires that Esoco Crocxxxx, Xxc. continue the participation of certain employees in Employee Benefit Plans maintained by Seller or an Affiliate of Seller. Buyer shall use its best efforts to negotiate with said union to substitute Buyer's Employee Benefit Plans for the Employee Benefit Plans referenced in the Union Contract. If such negotiations result in an agreement that employees of Esoco Crocxxxx, Xxc. who are covered by the Union Contract ("Union Employees") shall be covered by a defined benefit plan with benefits substantially similar to the PacifiCorp Retirement Plan, then, and only in that event, shall the following provisions of this Section 6(d)(iv) apply. Buyer shall assumes as of the date of the transfer of assets pursuant to this Section 6(d)(iv), the liabilities and obligations of the PacifCorp Retirement Plan for all Union Employees. Buyer shall establish, effective as of the Closing Date, a tax-qualified "defined benefit plan", as defined in Section 3(35) of ERISA ("Buyer's Pension Plan"), which shall discharge the obligations of Buyer as set forth in this Section 6(d)(iv). As soon as practicable after the Closing Date, Seller shall cause a transfer from the PacifiCorp Retirement Plan of the liabilities and obligations of the Union Employees and of the assets described below to the Buyer's Pension Plan. The assets to be transferred from the PacifiCorp Retirement Plan with respect to the Union Employees shall be an amount equal to the greater of (i) the total value of the assets (including accrued but unpaid contributions) as of the Closing Date of the PacifiCorp Retirement Plan multiplied by a fraction the denominator of which is the "projected benefit obligation," as defined within Financial Accounting Standards No. 87, for the pension benefits of all participants in the PacifiCorp Retirement Plan and the numerator of which is the "projected benefit obligation" of the pension benefits of the Union Employees in the PacifiCorp Retirement Plan, as of the Closing Date, and (ii) the "projected benefit obligation" for the pension benefits of the Union Employees under the PacifiCorp Retirement Plan as of the Closing Date, with adjustment...
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Related to Buyer Continuation of Company Benefits

  • Continuation of Benefits Following the termination of Executive’s employment hereunder, the Executive shall have the right to continue in the Company’s group health insurance plan or other Company benefit program as may be required by COBRA or any other federal or state law or regulation.

  • Continuation of Welfare Benefits For the twenty-four (24) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents life, disability, accident and health insurance benefits and other benefits and perquisites (including employee stay rates) substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior to such date or occurrence. Benefits otherwise receivable by the Executive pursuant to this Section 6(a)(2) shall be reduced to the extent benefits of the same type are received by the Executive from another employer during the twenty-four (24) month period following the Executive's termination of employment; provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an event or circumstance constituting Good Reason.

  • Benefit Continuation You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

  • Time-Off Benefits Spinco shall credit each Spinco Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as such Spinco Participant had with the MSG Networks Group as of the Distribution Date or as of an employee’s transfer date for an MSG Networks Employee who becomes a Spinco Employee prior to the Service Crediting Date. MSG Networks shall credit each MSG Networks Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as of an employee’s transfer date for a Spinco Employee who becomes an MSG Networks Employee prior to the Service Crediting Date. Notwithstanding the above, Spinco shall not be required to credit any Spinco Participant and MSG Networks shall not be required to credit any MSG Networks Participant with any accrual to the extent that a benefit attributable to such vacation time, sick time and other time-off benefits is paid by the MSG Networks Group or Spinco Group, respectively.

  • Company Benefits The Officer shall be entitled to all benefits received by employees of the Company in accordance with the Company’s policies and plans.

  • Continuation of Employee Benefits For a period of 24 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of the Executive, all employee benefit plans and programs to which the Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the general terms and provisions of such plans, and programs, except that if the Executive’s participation in any health, medical, life insurance, or disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies or programs which provide to the Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Conversion and Continuation Elections (a) The Company may, upon irrevocable written notice to the Agent in accordance with subsection 2.4(b):

  • Benefits Continuation In addition, Executive shall be entitled to health and dental insurance benefits for a period of eighteen (18) months following the termination of this Agreement. These benefits will be provided at Employer’s expense, but such period shall count towards the Employer’s continuation of coverage obligation under Section 4980B of the Internal Revenue Code (commonly referred to as “COBRA”).

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

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