Substantially Equivalent Benefits Sample Clauses

Substantially Equivalent Benefits. (a) With respect to the Company Employee Plans in effect immediately prior to the Effective Time, Parent shall for a period of no less than one year following the Effective Time continue to provide or cause to be provided such plans, programs, agreements or arrangements on behalf of the employees of the Company or its Subsidiaries (the "AFFECTED EMPLOYEES") so as to provide, in the aggregate, employee benefits which are at least substantially equivalent to the benefits provided to such individuals under the Company Employee Plans immediately prior to the Effective Time; PROVIDED, that Affected Employees who are not covered by any binding severance arrangements of the Company (including, without limitation, the Company's Change in Control Severance Benefit Plan for Key Employees) shall be covered under the severance policy of Tyco in the manner and the extent applicable to similarly situated employees of Tyco, PROVIDED FURTHER that such Affected Employees shall be entitled to credit for past service at the Company under the severance policy of Tyco. (b) To the fullest extent permitted by law, Parent shall take all actions necessary to cause the Surviving Corporation to maintain in effect, for a period of at least two years following the Effective Time, the AFC Cable Systems, Inc. Selective Retirement Plan, as in effect as of the date hereof (the "SRP"), and to provide to the employees of the Company who actively participate in the SRP as of the date hereof an annual Benefit contribution during the period that the SRP remains in effect determined on a basis substantially similar to the benefit contributions made with respect to such employees for plan years ending prior to the Effective Time; PROVIDED that the maximum aggregate annual contribution that shall be required to be made to the SRP for any plan year ending after the Effective Time shall not exceed $325,000. Parent and the Company agree that the consummation of the Merger shall not be treated as a sale of the Company for purposes of the SRP and shall not result in the accelerated payment of any benefits or deferrals under the SRP, and Parent and the Company shall cause to be taken all actions reasonably necessary and appropriate to assure this result and to prevent any actions to the contrary. (c) It is expressly agreed that the provisions of this Section 8.08 are not intended to be for the benefit of or otherwise be enforceable by any third party, including, without limitation, any former employee,...
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Substantially Equivalent Benefits. 48 11.3. WARN.........................................................................49 11.4. Third-Party Rights...........................................................49 11.5. Indemnity....................................................................49 12. INDEMNIFICATION............................................................................50
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Substantially Equivalent Benefits. For a twelve (12) month period following the Closing, Buyer shall provide each Affected Employee who continues to be employed by Buyer with benefits that are at least substantially equivalent in the aggregate to either (i) the benefits provided to each such Affected Employee immediately prior to the Closing or (ii) the benefits provided to employees of Buyer that are similarly situated as, or hold positions similar to, the Affected Employees, except as otherwise required by applicable law; provided, however, that Buyer, in providing such substantially equivalent benefits, shall not be required to provide or maintain any particular plan or benefit that was provided to or maintained for Affected Employees prior to the Closing.
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Substantially Equivalent Benefits. With respect to the Company Plans in effect
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Substantially Equivalent Benefits. Following the Closing Date, Parent shall continue the Company Plans on behalf of Company Employees or, with respect to any such Company Plan not so continued, Parent shall provide or cause its Affiliates to provide Company Employees with the similar benefit plan, program, agreement or arrangement as provided to Parent’s similarly-situated employees. This Section 8.1 shall not obligate Parent or its Affiliates to create or enter into any new benefit plans, program, agreements or arrangements.
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Substantially Equivalent Benefits. Except as provided in Section 2.3(e), for a twelve (12) month period following the Closing, Buyer shall provide each U.S. Affected Employee with benefits that are at least substantially equivalent in the aggregate to the benefits provided to each such U.S. Affected Employee immediately prior to the Closing; provided that Buyer, in providing such substantially equivalent benefits, shall not be required to provide or maintain any particular plan or benefit that was provided to or maintained for U.S. Affected Employees prior to the Closing, except as otherwise required by an applicable collective bargaining agreement then in effect.
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Substantially Equivalent Benefits. With respect to the Company Plans --------------------------------- in effect immediately prior to the Closing Date, Buyer shall for a period of no less than one year following the Closing Date continue to provide or cause to be provided such plans, programs, agreements or arrangements on behalf of the Affected Employees so as to provide, in the aggregate, employee benefits which are substantially equivalent to the benefits provided to such individuals under the Company Plans immediately prior to the Closing Date; provided, however, that -------- ------- in no event shall such benefits in the aggregate be less than the benefits provided to other similarly situated employees of Buyer and, provided, further -------- ------- that the foregoing shall not limit the obligation of any Iron Age Company to maintain a plan which, pursuant to an existing contract, must be maintained for a period longer than one year. Notwithstanding the foregoing, Buyer shall maintain or cause to be maintained for a period of not less than one year following the Closing Date severance and benefit continuation arrangements for the Affected Employees no less favorable to the Affected Employees than those in effect immediately prior to the Closing Date and shall assume sole responsibility for the payment of severance and benefit continuation benefits to any Affected Employee whose employment with Buyer or with the Company or any of its Subsidiaries is terminated on or after the Closing Date.
Sample 1
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Substantially Equivalent Benefits. With respect to the Company Plans in effect immediately prior to the Closing Date, Parent shall for a period of not less than one (1) year following the Closing Date continue to provide or cause to be provided such plans, programs, agreements or arrangements on behalf of the Company Employees so as to provide, in the aggregate, employee benefits which are substantially equivalent to the benefits provided to such individuals under the Company Plans immediately prior to the Closing Date; provided, however, that the foregoing shall not limit the obligation of the Company to maintain a Company Plan which, pursuant to an existing contract, must be maintained for a period longer than a year.
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Substantially Equivalent Benefits. For a one (1) year period following the Closing, Buyer shall provide each Transferred Employee with benefits that are at least substantially equivalent in the aggregate to the benefits provided to each such Transferred Employee immediately prior to the Closing without regard, however, to any equity-based compensation or retiree life insurance or retiree health benefits provided to such employees; provided that Buyer, in providing such substantially equivalent benefits, shall not be required to assume, provide or maintain any Plan or other particular plan or benefit that was provided to or maintained for Affected Employees prior to the Closing, except as otherwise required by an applicable collective bargaining agreement.
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Related to Substantially Equivalent Benefits

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of three

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • Survivors Benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

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