Plans Following the Closing. Buyer will, or will cause the Company to, give Transferred Employees full credit for purposes of eligibility and vesting under any plans or arrangements maintained by Buyer or the Company for such Transferred Employees' service recognized for such purposes under the Employee Plans and Benefit Arrangements. Buyer shall cause all health and welfare plans in which Transferred Employees become participants on or after the Closing Date to waive any and all pre-existing condition exclusions and waiting period requirements to the extent necessary to provide a Transferred Employee with the same status as such Transferred Employee had under the Employee Plans as of the date of this Agreement, and to recognize, to the extent such participation commences other than at the beginning of a plan year, expenses previously incurred for purpose of applicable deductible and co-payment rules to the extent such expenses would have been recognized under the applicable Seller plan as in effect immediately prior to the Closing Date.
Plans Following the Closing. (a) Except to the extent changes are (i) required by Applicable Law; (ii) necessary to maintain the tax favored status of any employee plan or benefit arrangement; (iii) permitted or required under any applicable collective bargaining agreement; or (iv) necessary to eliminate the use of any equity securities as the basis for any equity-based incentive compensation, during the one-year period following the Closing, Newco will maintain employee compensation and employee plans and benefit arrangements for the benefit of the Transferred Employees and Transferred Beneficiaries, in either case, who are not covered by collective bargaining agreements, that are substantially similar to the Employee Plans and Benefit Arrangements (excluding any stock options, stock appreciation or other equity based incentive compensation) in effect on the Closing Date; provided, however, that layoff, severance and retention benefits (including the Special Severance Program) shall be identical during this period; provided, further, that post-retirement benefits for Camden Transferees shall also be provided in accordance with Sections G.03(b) and G.05(f). During such period, for Transferred Employees and Transferred Beneficiaries who are covered by collective bargaining agreements, Newco shall provide such benefits as are required by any and such collective bargaining agreements as are assumed pursuant to Section G.04. Newco will give Transferred Employees full credit for purposes of eligibility, vesting and benefit accrual under any such plans or arrangements maintained by Newco pursuant to this Section G.03 for such Transferred Employees' service recognized for such purposes under the Employee Plans and Benefit Arrangements at Closing; provided, however, that any Newco pension plan may offset pension benefits provided under Newco's pension plan to a Transferred Employee and attributable to service before the Closing Date by any pension benefits provided to that Transferred Employee under any Lockheed Xxxxxx pension plan and attributable to that same pre-Closing service.
Plans Following the Closing. (a) For the period from the Closing Date through the date 12 months after the Closing Date, Purchaser will cause the Company to maintain employee benefit plans and arrangements for the benefit of the Transferred Employees that are substantially comparable in the aggregate to the Employee Plans. Notwithstanding the foregoing, Purchaser shall not be obligated or required to establish or maintain a defined benefit plan (as defined in ERISA Section 3(35) or Code Section 414(j)) for the benefit of any Transferred Employee. Purchaser will cause the Company to give Transferred Employees full credit for all purposes, including eligibility, vesting and benefit accrual, under any such plans or arrangements maintained by the Company pursuant to this Section 9.7 for such Transferred Employees' service recognized for such purposes under the Employee Plans and Benefit Arrangements.
Plans Following the Closing. Buyer will, or will cause the Company to, give Transferred Employees full credit for purposes of eligibility and vesting under any plans or arrangements maintained by Buyer or the Company for such Transferred Employees' service recognized for such purposes under the Employee Plans and Benefit Arrangements. Buyer shall cause all health and welfare plans in which Transferred Employees become participants on or after the Closing Date to waive any and all pre-existing condition exclusions and waiting period requirements to the extent necessary to provide a Transferred Employee with the same status as such Transferred Employee had under the Employee Plans as of the date of this Agreement, and to recognize, to the extent such participation commences other than at the beginning of a plan year, expenses previously
Plans Following the Closing. (a) Except to the extent changes are required by Applicable Law or necessary to maintain the tax-favored status of any employee benefit plan or arrangement, from the Closing Date through December 31, 1998, the Company will maintain or cause to be maintained employee compensation and benefit plans and arrangements for the benefit of the Transferred Employees that are substantially similar to the Employee Plans and Benefit Arrangements (other than the LM Supplemental Savings Plan and any deferred bonus plan) in the form furnished or made available to the Company prior to the Closing Date; provided that layoff benefits and severance benefits shall be identical during this period; and provided, further, that for those Transferred Employees who are currently participating in the LM nonqualified defined benefit pension plans, the Company will provide, or cause to be provided, an equivalent plan or plans during the term of their employment with the Company and its Affiliates. The Company will give Transferred Employees full credit for purposes of eligibility, vesting and benefit accrual under any such plans or arrangements maintained by the Company pursuant to this Section IV.04 for such Transferred Employees' service recognized for such purposes under the Employee Plans and Benefit Arrangements.
Plans Following the Closing. (a) Immediately following the Closing, the Purchaser shall provide CE Employees Employee Plans and Benefit Arrangements that are substantially equivalent to the Employee Plans and Benefit Arrangements maintained by the Purchaser on behalf of its other employees who are employed in comparable positions. CE Employees shall be credited for purposes of participation, eligibility and vesting for the service credited under Benefit Arrangements and Employee Plans which are similar to Employee Plans and Benefit Arrangements maintained by the Purchaser for CE Employees; provided however that no service for the Seller and its Affiliates shall be required to be recognized for any benefit accrual purposes; and provided, further, that layoff and severance shall be identical to those provided under the Seller's Employee Plans and Benefit Arrangements for any CE Employee terminated or laid off in the 180-day period following the Closing.
Plans Following the Closing. (a) With respect to ___________________________ 132 the Transferred Employees who would have been eligible for benefits under Seller's Retiree Medical and Life Program ("Retiree Benefit Program") had they remained employed by Seller or an Affiliate of Seller until December 31, 1997, each such Transferred Employee shall continue to participate in the Retiree Benefit Program at the sole cost of Seller or its Affiliates and shall be credited for service with any Company or any Subsidiary of any Company on and after the Closing Date until December 31, 1997 for all purposes thereunder provided such Transferred Employee is a participant in Seller's Medical/Dental Plan or Seller's Life Insurance Plan on the day prior to the Closing Date.
