Buyer’s Employee Benefit Plans Generally. As of the Effective Time, Buyer shall make available to each Transferred Employee employee benefits (other than benefits under Buyer's employee benefit plan which is a defined benefit plan within the meaning of Section 414(j) of the Code) that are at least comparable to the benefits that are made available to an employee of Buyer who performs comparable services or undertakes comparable responsibilities for Buyer and who has completed the same length of service with Buyer. After the Effective Time, except as otherwise provided in the following subsections of this Section 8.3, the following shall apply:
Appears in 1 contract
Samples: Asset Purchase Agreement (Belk Inc)
Buyer’s Employee Benefit Plans Generally. As of the Effective Time, Buyer shall make available to each Transferred Retained Employee employee benefits (other than benefits under Buyer's ’s employee benefit plan which is a defined benefit plan within the meaning of Section 414(j) of the Code) that are at least comparable to the benefits that are made available to an employee of Buyer who performs comparable services or undertakes comparable responsibilities for Buyer and who has completed the same length of service with Buyer. After the Effective Time, except as otherwise provided in the following subsections of this Section 8.37.3, the following shall apply:
Appears in 1 contract
Samples: Stock Purchase Agreement (Saks Inc)
Buyer’s Employee Benefit Plans Generally. As of the Effective Time, Buyer shall make available to each Transferred Retained Employee employee benefits (other than benefits under Buyer's employee benefit plan which is a defined benefit plan within the meaning of Section 414(j) of the Code) that are at least comparable to the benefits that are made available to an employee of Buyer who performs comparable services or undertakes comparable responsibilities for Buyer and who has completed the same length of service with Buyer. After the Effective Time, except as otherwise provided in the following subsections of this Section 8.37.3, the following shall apply:
Appears in 1 contract
Samples: Stock Purchase Agreement (Belk Inc)
Buyer’s Employee Benefit Plans Generally. As of the Effective Time, Buyer shall make available to each Transferred Employee employee benefits (other than benefits under Buyer's ’s employee benefit plan which is a defined benefit plan within the meaning of Section 414(j) of the Code) that are at least comparable to the benefits that are made available to an employee of Buyer who performs comparable services or undertakes comparable responsibilities for Buyer and who has completed the same length of service with Buyer. After the Effective Time, except as otherwise provided in the following subsections of this Section 8.3, the following shall apply:
Appears in 1 contract
Samples: Asset Purchase Agreement (Saks Inc)