CONTINUANCE OF PLAN BY SUCCESSOR EMPLOYER Sample Clauses
The "Continuance of Plan by Successor Employer" clause ensures that if the current employer is succeeded by another entity—such as through a merger, acquisition, or sale—the new employer is obligated to continue the existing plan, such as a benefits or retirement plan, for the affected employees. In practice, this means that employees will not lose their accrued benefits or coverage simply because the company changes ownership; the successor must honor the terms and conditions of the original plan. This clause primarily serves to protect employees from disruptions or losses in their benefits due to corporate restructuring, providing stability and continuity in their employment terms.
CONTINUANCE OF PLAN BY SUCCESSOR EMPLOYER. Notwithstanding the preceding Section 9.06, a successor of the Employer may continue the Plan and be substituted in the place of the present Employer. The successor and the present Employer (or, if deceased, the executor of the estate of a deceased Self-Employed Individual who was the Employer) must execute a written instrument authorizing such substitution and the successor must complete and sign a new plan document.
CONTINUANCE OF PLAN BY SUCCESSOR EMPLOYER. Notwithstanding the preceding Plan Section 7.09, a successor of the Adopting Employer may continue the Plan and be substituted in the place of the present Adopting Employer. The successor and the present Adopting Employer (or, if deceased, the executor of the estate of a deceased Self-Employed Individual who was the Adopting Employer) must execute a written instrument authorizing such substitution, and the successor shall amend the Plan in accordance with Plan Section 7.06.