Preservation of Employee Benefit Plans. 53 10.6 Dividends.......................................................54
Preservation of Employee Benefit Plans. Following the Closing Date, VPI shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as VPI is able to replace such plan with a plan that is applicable to VPI and all of its then existing subsidiaries. VPI shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, except as may be required by ERISA or other applicable law; provided, however, that any new health insurance plan shall provide for coverage for preexisting conditions for employees of the COMPANY who were covered by the COMPANY's health insurance plan immediately prior to the Closing Date or as otherwise required by law.
Preservation of Employee Benefit Plans. Following the Funding and Consummation Date, CSI shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as CSI is able to replace such plan with a plan that is applicable to CSI and all of its then existing subsidiaries, provided that CSI shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, further, that any new health insurance plan shall provide for coverage for preexisting conditions. 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 CSI to assess workforce needs and make appropriate adjustments as necessary or desirable within their discretion subject to applicable laws and collective bargaining agreements).
Preservation of Employee Benefit Plans. Following the Closing Date, Parent shall not terminate any health insurance, life insurance or 401(k) plan in effect at Company until such time as Parent is able to replace such plan with a plan that is applicable to Parent and all of its then existing Subsidiaries; provided that Parent shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans; provided, further, that any new health insurance plan shall provide for coverage for preexisting conditions. On the Closing Date, the employees of 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 Parent to assess workforce needs and make appropriate adjustments as necessary or desirable within its discretion subject to applicable laws and collective bargaining agreements).
Preservation of Employee Benefit Plans. Following the Closing Date, CTS shall not terminate any health insurance, life insurance, 401(k) or any other Benefit Plan in effect at the COMPANY until such time as CTS is able to replace such Benefit Plan with a Plan that is applicable to CTS and all of its then existing subsidiaries. CTS shall have no obligation to provide replacement Plans that have the same terms and provisions as the existing Benefit Plans, provided, that any new health insurance plan shall provide for coverage for preexisting conditions.
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).
Preservation of Employee Benefit Plans. Following the Closing Date, HOLDING shall not require that the COMPANY terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as HOLDING is able to replace such plan with a plan that is applicable to HOLDING and all of its then existing subsidiaries. HOLDING shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, that any new health insurance plan shall provide for 49 coverage for preexisting conditions. Notwithstanding the foregoing, on or following the Closing Date, HOLDING may require that the COMPANY freeze or terminate any defined benefit pension plans in effect at the COMPANY at any time, subject to applicable laws, and HOLDING shall have no obligation to provide replacement defined benefit pension plans.
Preservation of Employee Benefit Plans. Following the Funding and Consummation Date, PARENT shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as PARENT is able to replace such plan with a plan that is applicable to PARENT and all of its then existing subsidiaries, provided that PARENT shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, further, that any new health insurance plan shall provide for coverage for preexisting conditions. 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 PARENT to assess workforce needs and make appropriate adjustments as necessary or desirable within their discretion subject to applicable laws and collective bargaining agreements).
Preservation of Employee Benefit Plans. Following the Effective Time, MARINEMAX shall not terminate any health insurance, life insurance or 401(k) plan in effect at COMPANY until such time as MARINEMAX is able to replace such plan with a plan that is applicable to MARINEMAX and all of its then existing subsidiaries, provided that MARINEMAX shall have no obligation to provide replacement plans that have the same terms and provisions as the existing plans, provided, further, that any new health insurance plan shall provide for coverage for preexisting conditions. At the Effective Time, the employees of 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 MARINEMAX to assess work force needs and make appropriate adjustments as necessary or desirable within their discretion (subject to applicable laws).
Preservation of Employee Benefit Plans. Following the Consummation Date, VESTCOM shall not terminate any health insurance, life insurance or 401(k) plan in effect at the COMPANY until such time as VESTCOM is able to replace such plan with a plan that is applicable to VESTCOM and all of its then existing subsidiaries which will in combination with all COMPANY employee benefit plans in the aggregate provide substantially equivalent value to the COMPANY'S employees as that provided in the aggregate to such employees prior to the VESTCOM Plan of Organization, provided however, that VESTCOM shall have no obligation to provide any particular replacement plan or any plan that has the same or similar terms and provisions as the existing plans.
