Establishment of Allegion Welfare Plans. Following the Effective Time and prior to the Allegion Welfare Plan Implementation Date, Allegion shall, or shall cause another Allegion Entity to, establish and adopt Allegion Welfare Plans that will provide welfare benefits, effective as of January 1, 2014, or such later date agreed to in writing by IR (as applicable, the “Allegion Welfare Plan Implementation Date”), to each Allegion Group Employee or Former Allegion Group Employee who is a participant in any IR Welfare Plan (and their eligible spouses and dependents, as the case may be) (collectively, the “Allegion Welfare Plan Participants”) under terms and conditions that are similar to the IR Welfare Plans. The Parties may vary the Allegion Welfare Plan Implementation Date of each Allegion Welfare Plan. Coverage and benefits under the Allegion Welfare Plans shall then be provided to the Allegion Welfare Plan Participants on an uninterrupted basis under the newly established Allegion Welfare Plans which shall contain similar benefit provisions as in effect under the corresponding IR Welfare Plans immediately prior to the Effective Time. Allegion Welfare Plan Participants shall cease to be eligible for coverage under the IR Welfare Plans on the Allegion Welfare Plan Implementation Date with respect to the specific IR Welfare Plan affected on such date. For the avoidance of doubt, Allegion Welfare Plan Participants shall not participate in any IR Welfare Plans after the time set forth in the immediately preceding sentence, and IR Group Employees and Former IR Group Employees shall not participate in any Allegion Welfare Plans at any time.
Appears in 4 contracts
Samples: Employee Matters Agreement, Employee Matters Agreement (Allegion PLC), Employee Matters Agreement (Ingersoll-Rand PLC)
