Medical and Dental. (a) Seller shall be responsible in accordance with ------------------ its applicable medical and dental plans for all medical and dental claims for expenses incurred prior to the Closing Date by Continued Employees and their dependents. Reimbursement of Continued Employees and their dependents for such medical and dental expenses shall be determined in accordance with the terms of Seller's medical and dental programs as then in effect. Seller shall terminate coverage of Continued Employees and their dependents effective for claims for medical and dental expenses incurred on and after the Closing Date. CompuCom shall be responsible in accordance with its applicable medical and dental plans for all medical and dental claims made by Continued Employees and their dependents for expenses incurred on and after the Closing Date. Reimbursement of Continued Employees for such medical and dental expenses shall be determined in accordance with the terms of CompuCom's medical and dental programs. For purposes of this Section 10.6, a medical or dental claim otherwise covered under Seller's or CompuCom's applicable medical or dental plan shall be deemed incurred when the services giving rise to the claim are rendered (regardless of when such claim is billed by the service provider or filed by the Continued Employee). No waiting period or exclusion from coverage of any pre-existing medical condition shall apply to any such Continued Employee's (or eligible dependent's) participation in CompuCom's applicable medical or dental plans on and after the Closing Date; provided, however, that with respect to any Continued Employee (or eligible dependent) who is subject to a waiting period or exclusion from coverage of any pre-existing medical condition under any of Seller's applicable medical or dental plans as of the Closing Date, such Continued Employee (or eligible dependent) shall continue to be subject to such a waiting period or exclusion from coverage to the extent required by CompuCom's applicable medical or dental plans, but shall receive full credit under CompuCom's applicable welfare benefits plan for the time during which they have been subject to the exclusion from coverage of any pre-existing medical condition under any of Seller's medical or dental plans as of the Closing Date. All charges and expenses of such Continued Employees and their eligible dependents which were applied to the deductible and out-of-pocket maximums under Seller's medical or dental plans during the plan year of Seller in which the Closing Date falls shall be credited toward any deductible and out-of-pocket maximum applicable in the plan year of CompuCom in which the Closing Date falls. Notwithstanding anything to the contrary in this Section 10.6(a), all rights, obligations and duties with respect to Seller's flexible spending arrangements shall be governed by Section 10.6(c). (b) Seller shall be responsible for any continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Former Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) prior to, on, or after, the Closing Date. CompuCom shall be responsible solely for continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Continued Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) after the Closing Date. (c) CompuCom shall, effective as of the Closing, allow Continued Employees to participate in its flexible spending account and dependent care assistance plans by (i) hon-
Appears in 1 contract
Samples: Asset Purchase Agreement (Safeguard Scientifics Inc Et Al)
Medical and Dental. (a) Seller shall be responsible in accordance with ------------------ its applicable medical and dental plans for all medical and dental claims for expenses incurred prior to the Closing Date by Continued Employees and their dependents. Reimbursement of Continued Employees and their dependents for such medical and dental expenses shall be determined in accordance with the terms of Seller's medical and dental programs as then in effect. Seller shall terminate coverage of Continued Employees and their dependents effective for claims for medical and dental expenses incurred on and after the Closing Date. CompuCom shall be responsible in accordance with its applicable medical and dental plans for all medical and dental claims made by Continued Employees and their dependents for expenses incurred on and after the Closing Date. Reimbursement of Continued Employees for such medical and dental expenses shall be determined in accordance with the terms of CompuCom's medical and dental programs. For purposes of this Section 10.6, a medical or dental claim otherwise covered under Seller's or CompuCom's applicable medical or dental plan shall be deemed incurred when the services giving rise to the claim are rendered (regardless of when such claim is billed by the service provider or filed by the Continued Employee). No waiting period or exclusion from coverage of any pre-existing medical condition shall apply to any such Continued Employee's (or eligible dependent's) participation in CompuCom's applicable medical or dental plans on and after the Closing Date; provided, however, that with respect to any Continued Employee (or eligible dependent) who is subject to a waiting period or exclusion from coverage of any pre-existing medical condition under any of Seller's applicable medical or dental plans as of the Closing Date, such Continued Employee (or eligible dependent) shall continue to be subject to such a waiting period or exclusion from coverage to the extent required by CompuCom's applicable medical or dental plans, but shall receive full credit under CompuCom's applicable welfare benefits plan for the time during which they have been subject to the exclusion from coverage of any pre-existing medical condition under any of Seller's medical or dental plans as of the Closing Date. All charges and expenses of such Continued Employees and their eligible dependents which were applied to the deductible and out-of-pocket maximums under Seller's medical or dental plans during the plan year of Seller in which the Closing Date falls shall be credited toward any deductible and out-of-pocket maximum applicable in the plan year of CompuCom in which the Closing Date falls. Notwithstanding anything to the contrary in this Section 10.6(a), all rights, obligations and duties with respect to Seller's flexible spending arrangements shall be governed by Section 10.6(c).
(b) Seller shall be responsible for any continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Former Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) prior to, on, or after, the Closing Date. CompuCom shall be responsible solely for continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Continued Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) after the Closing Date.
(c) CompuCom shall, effective as of the Closing, allow Continued Employees to participate in its flexible spending account and dependent care assistance plans by (i) hon-honoring all elections made by Continued Employees under Seller's flexible spending account plan ("Seller's FSA") and Seller's dependent care assistance plan ("Seller's DCA") in respect of the year in which the Closing Date occurs and (ii) giving credit thereunder for all unused amounts credited in respect of each Continued Employee as of the Closing Date under Seller's FSA and Seller's DCA; provided, however, that CompuCom's covenant in this paragraph is contingent upon receipt from Seller, Seller's FSA or Seller's DCA of the unused credit amounts in each Continued Employee's accounts in Seller's FSA and Seller's DCA, after netting of credit and debit amounts in different individual Seller FSA and Seller DCA accounts.
Appears in 1 contract
Samples: Asset Purchase Agreement (Entex Information Services Inc)
Medical and Dental. (a) Seller shall be responsible in accordance with ------------------ its applicable medical and dental welfare plans for all medical and dental claims for expenses incurred prior to the Closing Date by Continued Employees and their dependents. Reimbursement of Continued Employees and their dependents for such medical and dental expenses shall be determined in accordance with the terms of Seller's medical and dental programs as then in effect. Seller shall terminate coverage of Continued Employees and their dependents effective for claims for medical and dental expenses incurred on and after the Closing Date. CompuCom The medical and dental plans provided for Continued Employees will be reasonably comparable as described in Section 8.02. Buyer shall be responsible in accordance with its applicable medical and dental welfare plans for all medical and dental claims made by Continued Employees and their dependents for expenses incurred on and after the Closing Date. Reimbursement of Continued Employees for such medical and dental expenses shall be determined in accordance with the terms of CompuComBuyer's medical and dental programs. For purposes of this Section 10.68.07, a medical or dental claim otherwise covered under Seller's or CompuComBuyer's applicable medical or dental welfare benefit plan shall be deemed incurred when the services giving rise to the claim are rendered (regardless of when such claim is billed by the service provider or filed by the Continued Employee). No waiting period or exclusion from coverage of any pre-existing medical condition shall apply to any such Continued Employee's (or eligible dependent's) participation in CompuComBuyer's applicable medical or dental welfare benefit plans on and after the Closing Date; provided, however, that with respect to any Continued Employee (or eligible dependent) who is subject to a waiting period or exclusion from coverage of any pre-existing medical condition under any of Seller's applicable medical or dental plans as of the Closing Date, such Continued Employee (or eligible dependent) shall continue to be subject to such a waiting period or exclusion from coverage to the extent required by CompuCom's applicable medical or dental plans, but shall receive full credit under CompuCom's applicable welfare benefits plan for the time during which they have been subject to the exclusion from coverage of any pre-existing medical condition under any of Seller's medical or dental plans as of the Closing Date. All and all charges and expenses of such Continued Employees and their eligible dependents which were applied to the deductible and out-of-pocket maximums under Seller's medical or dental welfare benefit plans during the plan year of Seller in which the Closing Date falls shall be credited toward any deductible and out-of-pocket maximum applicable in the plan year of CompuCom Buyer in which the Closing Date falls. Notwithstanding anything to the contrary in this Section 10.6(a8.07(a), all rights, obligations and duties with respect to Seller's flexible spending arrangements following the Closing shall be governed by Section 10.6(c8.07(c).
(b) Seller shall be responsible for any continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Former Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) prior to, on, or after, to the Closing Date. CompuCom Buyer shall be responsible solely for any continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Continued Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) on or after the Closing Date.
(c) CompuCom shallBuyer shall establish, effective as of the Closing, allow Continued Employees to participate in its a flexible spending account and dependent care assistance plans by plan for Continued Employees which will (i) hon-honor all elections made by Continued Employees under Seller's flexible spending account plan ("Seller's FSA") in respect of the year in which the Closing Date occurs and (ii) give credit thereunder for all unused amounts credited in respect of each Continued Employee as of the Closing Date under Seller's FSA; provided, however, that Buyer's covenant in this paragraph is contingent upon receipt of the unused amounts in Seller's flexible spending account plan applicable to the Continued Employees.
Appears in 1 contract
Samples: Stock and Asset Purchase Agreement (Smithkline Beecham PLC)
Medical and Dental. (a) Seller shall be responsible in accordance with ------------------ its applicable medical and dental welfare plans (including, for this purpose, its health care reimbursement accounts) for all medical and dental claims for expenses incurred prior to the Closing Date by Continued Employees and their dependents. Reimbursement of Continued Employees and their dependents for such medical and dental expenses shall be determined in accordance with the terms of Seller's medical and dental programs as then in effect. Seller shall terminate coverage of Continued Employees and their dependents effective for claims for medical and dental expenses incurred on and after the Closing Date. CompuCom Buyer shall have comparable medical and dental plans in effect as of the Closing Date for the benefit of Continued Employees and their eligible dependents. Buyer shall be responsible in accordance with its applicable medical and dental welfare plans for all medical and dental claims made by Continued Employees and their dependents for expenses incurred on and after the Closing Date. Reimbursement of Continued Employees for such medical and dental expenses shall be determined in accordance with the terms of CompuComBuyer's medical and dental programs. For purposes of this Section 10.68.07, a medical or dental claim otherwise covered under Seller's or CompuComBuyer's applicable medical or dental welfare benefit plan shall be deemed incurred when the services giving rise to the claim are rendered (regardless of when such claim is billed by the service provider or filed by the Continued Employee). No waiting period or exclusion from coverage of any pre-existing medical condition shall apply to any such Continued Employee's (or eligible dependent's) participation in CompuComBuyer's applicable medical or dental welfare benefit plans on and after the Closing Date; provided, however, that with respect to any Date (provided such Continued Employee (or eligible dependent) who is Employees were not subject to a waiting period or preexisting condition exclusion from coverage of any pre-existing medical condition under any of Seller's the applicable medical or dental plans as of the Closing DateCompany Benefit Plan), such Continued Employee (or eligible dependent) shall continue to be subject to such a waiting period or exclusion from coverage to the extent required by CompuCom's applicable medical or dental plans, but shall receive full credit under CompuCom's applicable welfare benefits plan for the time during which they have been subject to the exclusion from coverage of any pre-existing medical condition under any of Seller's medical or dental plans as of the Closing Date. All and all charges and expenses of such Continued Employees and their eligible dependents which were applied to the deductible and out-of-pocket maximums under Seller's medical or dental welfare benefit plans during the plan year of Seller in which the Closing Date falls shall be credited toward any deductible and out-of-pocket maximum applicable in the plan year of CompuCom Buyer in which the Closing Date falls. Notwithstanding anything to the contrary .
(b) Seller shall retain all liability (if any) in this Section 10.6(a), all rights, obligations and duties accordance with respect to Seller's flexible spending arrangements shall be governed by Section 10.6(capplicable post-retirement medical and dental plans for post-retirement medical and dental claims of any Continued Employees and Former Employees (and their dependents).
(bc) Seller shall be responsible for any continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Former Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) prior to, on, or after, to the Closing Date. CompuCom Buyer shall be responsible solely for any continuation of group health coverage required under Section 4980B of the Code or Sections 601 through 608 of ERISA with respect to any Continued Employee or any "qualified beneficiary" (as defined in Section 4980B of the Code) of any such employee who incurs a "qualifying event" (as defined in Section 4980B of the Code) after the Closing Date.
(cd) CompuCom shallBuyer shall establish, effective as of the Closing, allow Continued Employees to participate in its a flexible spending account and dependent care assistance plans by plan for Continued Employees which will (i) hon-honor all elections made by Continued Employees ("BUYER'S FSA") under Seller's flexible spending account plan ("SELLER'S FSA") in respect of the year in which the Closing Date occurs and (ii) give credit thereunder for all unused amounts credited in respect of each Continued Employee as of the Closing Date under Seller's FSA (the "UNUSED AMOUNT") and Seller shall cause an amount equal to the Unused Amount to be transferred to Buyer's FSA from Seller's FSA as soon as reasonably practicable following the Closing Date.
Appears in 1 contract