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Common use of Service Recognition Clause in Contracts

Service Recognition. Employees shall receive for purposes of eligibility to participate and vesting, (but not for the purposes of benefit accrual) under any employee benefit plan, program or arrangement established or maintained by the Purchaser or the Pershing Companies credit for service accrued or deemed accrued on or prior to the Closing Date with the Pershing Companies or any of their Affiliates. Notwithstanding the above, Employees shall receive credit for purposes of eligibility to receive benefits for purposes of vacation pay, early retirement subsidy (if any), and any severance plan, program and arrangement.

Appears in 6 contracts

Samples: Transaction Agreement, Transaction Agreement (Credit Suisse Group), Transaction Agreement (Credit Suisse First Boston Usa Inc)

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Service Recognition. Employees shall receive for purposes of eligibility to participate and vesting, (but not for the purposes of benefit accrual) under any employee benefit plan, program or arrangement established or maintained by the Purchaser or the Pershing Companies credit for service accrued or deemed accrued on or prior to the Closing Date with the Pershing Companies or any of their Affiliates. Notwithstanding the above, Employees shall receive credit for purposes of eligibility to receive benefits for purposes of vacation pay, early retirement subsidy (if any), and any severance plan, program and arrangement.. Back to Contents

Appears in 1 contract

Samples: Transaction Agreement (Credit Suisse Group)

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