Levels of Compensation and Benefits for Employees. (a) During the Benefit Continuation Period, the Red Lion Group shall provide to each Continuing Employee and Xxxxx Employee either, or a combination of, as determined in the sole discretion of Red Lion and its appropriate officers, comparable types and levels of employee benefits (including salary, cash incentive compensation and health and welfare benefits) as those provided immediately prior to the Effective Time (or any applicable Hire Date) to similarly-situated employees of Xxxxx or to similarly-situated Red Lion Employees (except that, with respect to the Canadian Defined Contribution Plan and the Xxxxxx Industries, Inc. Retirement Savings Plan (the “Navy 401(k) Plan”), such comparable types and levels of benefits shall be provided as soon as administratively feasible, but in any event no later than May 31, 2015 (or, if later, the applicable Hire Date with respect to Continuing Employees who are Delayed Transfer Service Providers)); provided, however, that the Red Lion Group shall continue to provide the type and level of employee benefits to Continuing Employees to the extent necessary to comply with any comparable employment or similar requirement contained in the applicable Navy Severance Plan; and provided further, however, that nothing in this Section 3.1(a) shall restrict or prevent the Red Lion Group from taking any actions during the Benefit Continuation Period with respect to the Continuing Employees that would result in the payment of severance benefits pursuant to Section 3.1(b), so long as such actions do not result in any Liability to the Navy Group.
Appears in 5 contracts
Samples: Employee Benefits Agreement, Employee Benefits Agreement, Employee Benefits Agreement (Nabors Industries LTD)
