Employment Covenant. (a) Parent shall provide each employee of the Company with credit for all service with or credited by the Company under each of Parent's employee benefit plans, programs and arrangements for purposes of eligibility, vesting and, to the extent not prohibited by applicable regulation, calculation of benefits (except to the extent crediting such service would result in the duplication of benefits). Nothing herein obligates Parent to maintain any Plan, program or arrangement which it otherwise has the ability to terminate.
Appears in 3 contracts
Samples: Agreement and Plan of Merger (Shopko Stores Inc), Agreement and Plan of Merger (Citigroup Inc), Agreement and Plan of Merger (Pamida Holdings Corp/De/)
Employment Covenant. (a) Parent shall provide each employee of the Company with credit for all service with or credited by the Company under each of Parent's employee benefit plans, programs and arrangements for purposes of eligibility, vesting and, to the extent not prohibited by applicable regulation, calculation of benefits (except to the extent crediting such service would result in the duplication of benefits). Nothing herein obligates Parent to maintain any Plan, program or arrangement which it otherwise has the ability to terminate.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (HSC Acquisition Corp), Agreement and Plan of Merger (Hills Stores Co /De/)
