Eligibility for Parent Employee Plans Sample Clauses

Eligibility for Parent Employee Plans. Upon the Closing, each of the employees of the Company who becomes an employee of Parent upon the Effective Time ("Parent Employee") shall cease to participate in or accrue benefits under the Company Employee Plans (except to the extent contemplated by Section 1.4(b) under the Option Plan) and shall be eligible to participate in the Parent employee benefit plans generally applicable to employees of Parent, and if the Parent determines to be appropriate, such enhanced plans appropriate to such employee's position with Parent (the "Parent Employee Plans"), provided, that upon the Closing, each of the employees of the Company who remains an employee of Surviving Corporation upon the Effective Time ("Continuing Employee") shall continue to participate in or accrue benefits under the Company Employee Plans in accordance with the terms of each such plan and shall not be eligible to participate in the Parent Employee Plans until Parent shall freeze or terminate the Company Employee Plans. Parent shall freeze or terminate the Company Employee Plans on or before January 1, 1999 and at such time such Continuing Employees shall be deemed to be Parent Employees for the purposes of this Agreement. For purposes of the Parent Employee Plans (with the exception of the Parent vision plan) the years of service of each Parent Employee that were recognized by the Company as of the Effective Time of the Merger for a Company Employee Plan shall be recognized by Parent for purposes of each Parent Employee Plan that Parent determines to be a corresponding plan, in each case to the extent allowed under the provisions of each of the applicable Parent Employee Plans. Pursuant to the terms of Parent's 401(k) plan, any matching contributions by Parent under the 401(k) plan for any Parent Employee shall be only with respect to such Parent Employee's contributions after the Effective Time (or, in the case of a Continuing Employee, the time at which such Continuing Employee become eligible to participate in the Parent Employee Plans) and not with respect to contributions made by the Parent Employee to the Company's 401(k) plan prior to the Effective Time(or, in the case of a Continuing Employee, the time at which such Continuing Employee become eligible to participate in the Parent Employee Plans).
Sample 1
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Eligibility for Parent Employee Plans. Upon the Closing, each of the employees of the Company who becomes an employee of Parent upon the Effective Time (each, a "Continuing Employee") shall cease to participate in or accrue benefits under the Compensation and Benefit Plans (except to the extent contemplated by Section 1.11 under the Stock Option Plan) and shall be eligible to participate in the Parent employee benefit plans generally applicable to similarly situated employees of Parent, and if the Parent determines, in its sole discretion, to be appropriate, a Continuing Employee may be eligible to participate in such enhanced plans appropriate to such employees position with Parent (the "Parent Employee Plans") in accordance with the terms of each such plan. For purposes of eligibility and participation in the Parent Employee Plans (with the exception of the Parent vision plan) the years of service of each Continuing Employee that were recognized by the Company as of the Effective Time of the Merger for a Company Compensation and Benefit Plan shall be recognized by Parent for purposes of each Parent Employee Plan that Parent determines to be a corresponding plan, in each case to the extent allowed under the provisions of each of the applicable Parent Employee Plans (and in no event shall employees of the Company who were employees of Parent prior to their employment with the Company receive service credit for such prior employment by Parent); provided, however, that this provision shall not apply with respect to any defined benefit pension plan of Parent. Pursuant to the terms of Parent's 401(k) plan, any matching contributions by Parent under the 401(k) plan for any Continuing Employee shall be only with respect to such Continuing Employee's contributions after the Effective Time and not with respect to contributions made by the Continuing Employee to the Company's 401(k) plan prior to the Effective Time.
Sample 1

Related to Eligibility for Parent Employee Plans

  • Company Employee Plans (a) Part 3.19(a) of the Disclosure Schedule sets forth a complete and accurate list of each material Company Employee Plan. For purposes of this Agreement, “

  • Company Benefit Plans (a) Section 4.13(a) of the Company Disclosure Letter sets forth a complete list, as of the date hereof, of each material Company Benefit Plan. For purposes of this Agreement, a “

  • Benefit Plans The Executive shall be eligible to participate in any employee benefit plan of the Company, including, but not limited to, equity, pension, thrift, profit sharing, medical coverage, education, or other retirement or welfare benefits that the Company has adopted or may adopt, maintain or contribute to for the benefit of its senior executives, at a level commensurate with his positions, subject to satisfying the applicable eligibility requirements. The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement for any reason in its sole discretion.

  • Welfare Benefit Plans During the Employment Period, the Executive and/or the Executive's family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Benefit Plan Any of (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Code or (iii) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or a plan in such entity.

  • Company Plans Section 1.10(a),.................... 5 Company..........................................................................

  • Employee Matters; Benefit Plans (a) Except as required by applicable Legal Requirements, the employment of each of the Acquired Corporations’ employees is terminable by the applicable Acquired Corporation at will.

  • Employee Plans Except as provided in Section 4.12, the Assuming Institution shall have no liabilities, obligations or responsibilities under the Failed Bank’s health care, bonus, vacation, pension, profit sharing, deferred compensation, 401K or stock purchase plans or similar plans, if any, unless the Receiver and the Assuming Institution agree otherwise subsequent to the date of this Agreement.

  • Employees; Benefit Plans (a) Following the Closing Date, BHB may choose to maintain any or all of the LSBG Benefit Plans in its sole discretion. Effective no later than the day immediately preceding the Closing Date, LSBG shall terminate any LSBG Benefit Plans for which participant consent is not required and that BHB has requested to be terminated by providing written notice to LSBG at least fifteen (15) days prior to the Closing Date. No later than the day immediately preceding the Closing Date, LSBG shall provide BHB with evidence that such LSBG Benefit Plans have been terminated. However, for any LSBG Benefit Plan terminated for which there is a comparable BHB Benefit Plan of general applicability (other than the defined benefit pension plan or any nonqualified deferred compensation plans or arrangements maintained by BHB), BHB shall take all reasonable action so that employees of LSBG shall be entitled to participate in such BHB Benefit Plan to the same extent as similarly-situated employees of BHB (it being understood that inclusion of the employees of LSBG in the BHB Benefit Plans may occur at different times with respect to different plans). BHB shall cause each BHB Benefit Plan in which employees of LSBG are eligible to participate to take into account for purposes of eligibility and vesting under the BHB Benefit Plans (but not for purposes of benefit accrual) the service of such employees with LSBG and its Subsidiaries to the same extent as such service was credited for such purpose by LSBG (other than for the defined benefit pension plan or any nonqualified deferred compensation plans or arrangements maintained by BHB); provided, however, that such service shall not be recognized to the extent that such recognition would result in a duplication of benefits. Nothing herein shall limit the ability of BHB to amend or terminate any of the LSBG Benefit Plans or BHB Benefit Plans in accordance with their terms at any time; provided, however, that BHB shall continue to maintain the LSBG Benefit Plans (other than stock-based or incentive plans and the defined benefit pension plan and any nonqualified deferred compensation plans or arrangements) for which there is a comparable BHB Benefit Plan until the LSBG Employees are permitted to participate in the BHB Benefit Plans, unless such BHB Benefit Plan has been frozen or terminated with respect to similarly-situated employees of BHB or any Subsidiary of BHB.

  • Employee Plan Section 4.17.5(a) Environmental and Safety Requirements...........................Section 4.19 ERISA......................................................Section 4.17.5(b) Excluded Assets................................................Section 7.1.4 Excluded Liabilities...........................................Section 7.1.4

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