Common use of Continuation of Plans Clause in Contracts

Continuation of Plans. Notwithstanding anything to the contrary contained herein, the Buyer shall have sole discretion with respect to the determination as to whether or when to terminate, merge or continue any employee benefit plans and programs of the Company; provided, however, that the Buyer shall continue to maintain such plans (other than stock based or incentive plans or stock funds in retirement plans) until the continuing employees of the Company are permitted to participate in the Buyer's or its Affiliates' plans.

Appears in 3 contracts

Samples: Merger Agreement, Merger Agreement (Pc Connection Inc), Merger Agreement (Cyberian Outpost Inc)

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Continuation of Plans. Notwithstanding anything to the contrary contained herein, the Buyer shall have sole discretion with respect to the determination as to whether or when to terminate, merge or continue any employee benefit plans and programs of the CompanySeller, the Seller's Bank or any of the Subsidiaries; provided, however, that the Buyer shall continue to maintain such plans (other than stock based or incentive plans or stock funds in retirement plans) until the continuing employees of the Company are permitted to participate in the Buyer's or its Affiliates' plans.to

Appears in 1 contract

Samples: Agreement and Plan of Merger (Andover Bancorp Inc)

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