CIC Agreements; SAR Plans; Retiree Benefits Sample Clauses

CIC Agreements; SAR Plans; Retiree Benefits. Parent will cause DSLT and DCSFI to continue to administer and to honor all of their respective obligations under the CIC Agreements and the SAR Plans. Parent will cause DSLT and DCSFI to continue to administer and to honor all of their respective obligations under the DSLT retiree health care policy (as summarized on Schedule 8.01), DSLT Salaried Retirement Plan, DSLT Top Management Plan, the DSLT Executive Management Performance Incentive Plan, the Diamond Crystal Executive Management Performance Incentive Plan, and the Diamond Crystal Hourly Retirement Plan. With respect to the DSLT retiree health care policy, (i) Parent will cause DSLT and DCSFI to continue to administer such policy and to continue to honor all of their respective obligations under such policy with respect to (a) all former employees of DSLT or its Subsidiaries who are participants receiving or eligible to receive benefits under such policy, (b) all current employees of DSLT or its Subsidiaries who, as of the Closing Date, would be eligible to retire and receive benefits under such policy (without the necessity of actual retirement by such employees prior to the Closing Date) and (c) the individuals named in clause (iii) of this sentence, (ii) after the Effective Time Parent or DSLT (as the surviving corporation) may elect at any time to modify or terminate such policy with respect to any employees of DSLT or its Subsidiaries who, as of the Closing Date, would not be eligible to retire and receive benefits under such policy, and (iii) notwithstanding the provisions of clause (ii) of this sentence, Frederick S. Moore and Hugh D. McMorran, current employees of DSLT, shall continue to be eligible to receive all benefits under such policy (in the case of Mr. McMorran without regard to his age) without the necessity of actual retirement by such employees prior to the Closing Date and whether or not such employees actually retire prior to the Closing Date. The benefits and coverage for all individuals covered or to be covered by the DSLT retiree health care policy within the scope of the preceding sentence shall continue at a level equal to or greater than the benefits and coverage as in effect on the date hereof, with the understanding that the providers of selected coverage items or the terms of such coverage may be substituted or modified from time to time so long as the overall benefits and coverage are not reduced in the aggregate. Effective on the Closing Date, all unvested DSLT partic...