Recognition of Transferred Employee Service. On and after the Closing Date, Purchaser shall recognize the service of each Non-Union Transferred Employee prior to the Closing for each IPC Company, Seller and any Affiliates of Seller for purposes of eligibility, vesting and benefit accrual to the extent that such service was credited to each Non-Union Transferred Employee by Seller, such IPC Company or such Affiliate, as applicable, under a corresponding Employee Benefit Plan, except (i) for benefit accrual under any defined benefit pension plan and (ii) to the extent that such credit would result in duplication of benefits, provided that Seller provides, as soon as practicable after the Closing, a list containing each Transferred Employee's service credited by Seller to Purchaser. Notwithstanding the foregoing, in the event that Purchaser and/or any of its Affiliates adopts a benefit plan that provides benefits of a type that Transferred Employees had not received from Seller and its Affiliates before the Closing, Purchaser and/or such Affiliate(s) (as applicable) may credit service for Transferred Employees in the same manner as it credits service for other similarly situated employees. Commencing ninety (90) days prior to the Closing Date, Seller shall cooperate in good faith with Purchaser to determine, and effectuate, the most expeditious procedures subject to the limitations of applicable Law, for transferring from Seller to Purchaser such data relating to Transferred Employees that is necessary for the operation of employee benefit plans maintained by Purchaser in which Transferred Employees will participate immediately after Closing and so that all personnel records of Transferred Employees, the service of all Transferred Employees and all other information reasonably determined by Purchaser to be needed by Purchaser in connection with the employment of Transferred Employees will be provided to Purchaser on or prior to Closing.
Recognition of Transferred Employee Service. Except as otherwise provided herein, on and after the Closing Date, and subject to the provisions of any applicable collective bargaining agreement, Buyer shall recognize for all employment-related purposes the service of each Transferred Employee with Seller and its Affiliates. Schedule 8.1 shall list such service for each Transferred Employee. Except to the extent required by Section 8.2.1, Buyer shall not be required to credit any Transferred Employee with prior service for purposes of benefit accrual or contributions under any defined benefit pension plan or other retirement plan.
Recognition of Transferred Employee Service. On and after the Closing Date, and subject to the provisions of any applicable collective bargaining agreement, Buyer shall recognize the service of each Transferred Employee for all employment-related purposes (other than an employee achievement award, within the meaning of Section 274(j) of the IRC) determined in accordance with the practices and procedures of Seller in effect on the Closing Date, as if such service had been rendered to Buyer. Schedule 11.1 to be prepared by Seller and submitted to Buyer no later than fifteen (15) days prior to the Closing Date shall list the service of each Transferred Employee for the employment-related purposes referred to in the preceding sentence.
Recognition of Transferred Employee Service. On and after the Closing Date, and subject to the provisions of any applicable collective bargaining agreement, and except as otherwise provided in this Article 11, Buyer shall recognize the service of each Transferred Employee for all employment-related purposes determined in accordance with the practices and procedures of Seller in effect on the Closing Date, as if such service had been rendered to Buyer.
Recognition of Transferred Employee Service. On and after the Closing Date, Buyer shall cause the Company and its Subsidiaries to recognize the service of each Transferred Employee for the Company and its Subsidiaries, or Parent or its Affiliates before the Closing Date for all employment-related purposes (other than benefit accrual under any defined benefit pension plan) determined in accordance with the practices and procedures of Parent, the Company and its Subsidiaries in effect on the Closing Date.
Recognition of Transferred Employee Service. 55 11.1.4 Assumption of Obligation to Pay Bonuses.............56 11.1.5 No Duplicate Benefits; Dependents and Beneficiaries.......................................56 11.1.6 Affiliate Employees.................................56 11.1.7
Recognition of Transferred Employee Service. On and after the Closing Date, Buyer and its Affiliates shall recognize the service of each Transferred Employee for Seller or its Affiliates before the Closing Date for purposes of determining eligibility to participate and vesting under all employee benefit plans, policies or programs of Buyer and its Affiliates, other than under any defined benefit pension plan or any plan providing retiree medical benefits, determined in accordance with the practices and procedures of Seller in effect on the Closing Date.
Recognition of Transferred Employee Service. With respect to each Transferred Employee, Buyer shall take all necessary action so that, for purposes of determining eligibility to participate in and vesting under each employee benefit plan of Buyer or its Affiliates in which Transferred Employees become eligible to participate after the Effective Date, each Transferred Employee shall be given credit for his or her years of service with any Company prior to the Closing Date; provided, however, that such service shall (i) be recognized only to the extent it would have been recognized under the Employee Benefit Plans and (ii) not be recognized for purposes of (x) benefit accruals, (y) retirement eligibility under Buyer’s option and stock awards and (z) eligibility for post-retirement medical insurance; and provided, further, that nothing herein shall result in the duplication of any benefits.
Recognition of Transferred Employee Service. On and after the Closing Date, and subject to the provisions of any applicable collective bargaining agreement and Section 6.1(d), Purchaser shall recognize the service of each Transferred Employee prior to the Closing for each IPC Company, Sellers and any Affiliates of Sellers for all employment-related purposes determined in accordance with the practices and procedures of any Seller, such IPC Company or such Affiliate, as applicable, in effect on the Closing Date, provided that Sellers provide, as soon as practicable after the Closing, a list containing each Transferred Employee's service credited by Sellers to Purchaser. Commencing sixty (60) days prior to the Closing Date, Seller shall cooperate in good faith with Purchaser to determine, and effectuate, the most expeditious procedures subject to the limitations of applicable Law, for transferring from Sellers to Purchaser such data relating to Transferred Employees that is necessary for the operation of employee benefit plans maintained by Purchaser in which Transferred Employees will participate immediately after Closing and so that all personnel records of Transferred Employees, the service of all Transferred Employees and all other information reasonably determined by Purchaser to be needed by Purchaser in connection with the employment of Transferred Employees will be provided to Purchaser on or prior to Closing.
Recognition of Transferred Employee Service. On and after the Closing Date (or, in the case of Transition Employees, the Transition Employee Conversion Date), Buyer shall recognize the service of each Transferred Employee for all employment-related purposes (other than an employee achievement award, within the meaning of Section 274(j) of the Code) determined in accordance with the employee benefit policies, plans, arrangements, programs, practices and agreements of the Seller Group in effect on the Closing Date, as if such service had been rendered to Buyer, unless any other provision of this Article provides for an alternative method of determination. Schedule 7.1(a) may be conclusively relied upon by Buyer in crediting prior service in accordance with this Section. Buyer shall be required to credit Transferred Employees with prior service for purposes of vesting and participation under the Buyer Pension Plan, the Buyer Defined Contribution and Savings Plans, and other Buyer deferred compensation plans, but shall not be required to credit Transferred Employees with prior service for purposes of benefit accrual under any of such plans.
