Common use of Preservation of Employee Benefit Plans Clause in Contracts

Preservation of Employee Benefit Plans. Following the Funding and Consummation Date, METALS shall use all reasonable efforts to permit the COMPANY to maintain all health insurance, life insurance, 401(k) plan and other employee benefit plans in effect at the COMPANY, unless any such change is (a) approved by a vote of at least two-thirds of the members of the Board of Directors of METALS, or (b) required by applicable laws or regulations, including the antidiscriminatory provisions of ERISA and the related regulations. In the event that any such changes (other than changes so approved by the Board of Directors of METALS) are required, subject to applicable law, METALS shall permit the COMPANY to implement alternative benefits that provide the affected employees of the COMPANY with an undiminished aggregate level of benefits. On the Funding and Consummation Date, the employees of the COMPANY will be the employees of the Surviving Corporation (provided that this provision is for purposes of clarifying that the Merger, in and of itself, will not have any impact on the employment status of any employee and provided, further that this provision shall not in any way limit the management rights of the Surviving Corporation or METALS to assess workforce needs and make appropriate adjustments as necessary or desirable within their discretion subject to applicable laws and collective bargaining agreements).