Buyer’s Benefit Plans. (a) Except as hereinafter provided, Buyer shall adopt or shall cause the Cabot LNG Companies to adopt and provide for the benefit of employees of the Cabot LNG Companies effective on and after the Closing Date such employee benefit plans or programs as the Buyer or the Cabot LNG Companies shall in their sole discretion determine from time to time.
(b) Notwithstanding the foregoing, for a period of three years following the Closing, Buyer shall cause the Cabot LNG Companies to provide (a) retirement plans, bonuses or similar benefits such that the aggregate benefits (including the employee's vested benefits under the Cabot Retirement Plans) for any employee of the Cabot LNG Companies who shall terminate employment within such three-year period shall be substantially the same amount or value in the aggregate as the benefits the employee would have received upon such a termination of employment if the employee had continued to be a participant in the Cabot Retirement Plans; (b) health insurance plans such that the health insurance benefits for every employee of the Cabot LNG Companies shall be substantially comparable to the health insurance benefits provided under the terms of Cabot's Comprehensive Medical Plan at the Closing Date; and (c) employer paid life and disability insurance such that the coverage for any employee of the Cabot LNG Companies shall be substantially comparable to the coverage provided under the terms of Cabot's life and disability insurance plans as in effect at the Closing Date, provided that this Section 13.6 shall not prohibit the Cabot LNG Companies from implementing changes or reductions in aggregate benefits to the extent that such changes and benefits are performance based or implemented on a substantially consistent basis for the employees of Buyer and all of its subsidiaries, including the Cabot LNG Companies.
Buyer’s Benefit Plans. Subject to the terms of the Transition Services Agreement, all employees of the Company shall be eligible to participate after Closing in Purchaser’s and ICF’s employee benefit plans, subject to the terms, conditions and requirements thereof, on the same basis as similarly situated employees of Purchaser and ICF participate in such plans.
Buyer’s Benefit Plans. Buyer shall establish defined benefit pension plans for the Railcar Subsidiaries' employees who participated in such plans sponsored by Railcar Subsidiaries immediately prior to the Closing Date. The defined benefit and defined contribution plans established and maintained by Buyer for the Railcar Subsidiaries' employees, as well as Buyer's other benefit plans or policies which use length of service as criteria, shall provide credit to employees for service with Railcar Subsidiaries prior to the Closing Date, and to the extent Railcar Subsidiaries are required to do so, Bethlehem Steel Corporation, for all purposes; provided, however, that benefits payable under any defined benefit pension plan so established or maintained by Buyer shall be offset or reduced by any pension benefits received, or which a person upon application would be eligible to receive, under the terms of Bethlehem's and Railcar Subsidiaries' defined benefit plans.
Buyer’s Benefit Plans. Section 10.11(c) Cause ........................................................ Section 10.11(d) Claim Notice ................................................. Section 12.05(b) Closing ......................................................... Section 10.01
Buyer’s Benefit Plans. (a) Andersons shall treat the Transferred Employees' service with Sellers as service with Andersons under Andersons' defined benefit pension plan for purposes of eligibility and vesting but not for purposes of benefit accruals.
(b) Andersons shall treat the Transferred Employees' service with Sellers as service with Andersons under Andersons' defined contribution retirement plan for purposes of eligibility to make Section 401(k) contributions but not for vesting. Matching contributions will be allocated at the time of employee deferral contributions.
Buyer’s Benefit Plans. (1) Any Opco Employees who accept offers of employment by the Buyer and who begin employment with the Buyer as of the Closing Date (the “Transferred Employees”), effective as of the Closing Date, shall cease to participate in all Benefit Plans and shall be entitled to participate in the Buyer’s benefit plans, programs, policies and arrangements (the “Buyer’s Plans”). Periods of employment with Etratech Opco, to the extent recognized under the Benefit SHARE AND ASSET PURCHASE AGREEMENT Plans immediately prior to the Closing Date, shall be taken into account for purposes of determining, as applicable, eligibility for participation, eligibility for early retirement and subsidy, distributions, vesting and benefit accruals of any Transferred Employee under Buyer’s Plans.
(2) Without limiting the generality of Section 5.2(1), the Buyer shall (i) cause medical and prescription drug, dental, life insurance, disability and other health plans to be available immediately, and without any waiting period, to cover each Transferred Employee (and his or her eligible dependents) as of the Closing Date, (ii) cause the Buyer’s medical and prescription drug, dental, life insurance, disability and other health plans to waive any limitation of coverage of Transferred Employees (and their eligible dependents) due to pre-existing conditions, and (iii) cause the Buyer’s medical and prescription drug, dental and other applicable health plans to credit each Transferred Employee with all deductible payments and co-payments paid by such Transferred Employee under the Benefit Plans program during the year in which the closing occurs for the purpose of determining the extent to which any such Transferred Employee has satisfied his or her deductible and whether he or she has reached the out-of-pocket maximum under the Buyer’s medical and prescription drug, dental and other applicable health plans for such year.
Buyer’s Benefit Plans. To the extent permitted under applicable law and except as otherwise expressly prohibited by the terms of the relevant plans, Buyer shall treat service with the Company and the Subsidiaries as if it were service with the Buyer but only for purposes of eligibility and vesting under Buyer's pension plans. Buyer shall treat the time insured under the Company's welfare benefit plans as if it were the same time insured under Buyer's welfare benefit plans only for purposes of eligibility and for determining pre-existing condition limitations. This covenant shall be applicable only to employees of the Company and the Subsidiaries on the Closing Date and does not represent a commitment by Buyer to offer any of its benefit plans to any employees of the Company or the Subsidiaries.
Buyer’s Benefit Plans. Buyer shall offer and provide to all of the Hired Employees medical coverage and medical benefits comparable to those received by the Hired Employees as of the date of this Agreement. The Hired Employees shall not be credited with any service with the Company for any purpose whatsoever, other than for the purpose of determining vacation pay eligibility for such employees.
Buyer’s Benefit Plans. At Closing, Buyer shall provide employees of the Company Parties the opportunity to participate in all employee health and welfare benefit plans, and practices maintained by Buyer for its employees generally in accordance with the terms of such plans and practices as in effect from time to time. After Closing, Buyer and Seller will cooperate to review the benefit plans provided by Buyer for its employees and the employees of the Company Parties and consider potential changes to and improvements in such benefits plans. Employees of the Company Parties shall receive credit for their pre-Closing tenure with the Company Parties for purposes of determining the benefits to which they are entitled under Buyer’s benefit plans. Employees of the Company Parties shall receive credit for their pre-Closing tenure with the Company Parties for purposes of determining the benefits to which they are entitled under Buyer’s benefit plans.
Buyer’s Benefit Plans. The Buyers and the Selling Stockholders shall jointly give notice to all employees of the Companies on the Closing Date that the active participation of Affected Employees in the Seller Plans shall terminate on the Closing Date, as of which date the Affected Employees shall be eligible to participate in the Buyers’ Pension Plans and Welfare Plans and other employee benefits (the “Buyers’ Benefit Programs”), subject to the terms and conditions of Buyers’ Benefit Programs. In no event shall any employee of the Companies be entitled to accrue any benefits under the Seller Plans with respect to services rendered or compensation paid after the Closing Date. For a period of one year beginning on and immediately following the Closing Date or such other period as required by applicable Requirements of Law or collective bargaining agreement, the Affected Employees shall receive employee benefits (including, for the avoidance of doubt, retirement, bonus, welfare and fringe benefits, but excluding emergence-related equity-based compensation and retiree medical benefits) under Buyers’ Benefit Programs that are no less favorable in the aggregate than those benefits provided under the Plans in effect immediately prior to the Closing Date as listed on Schedule 5.16(a) and (b).
