Common use of Crediting Service Clause in Contracts

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, “Parent Benefit Plans”) in which any Company Continuing Employees will participate effective as of the Effective Time, and subject to the terms of the governing plan documents, Parent shall, or shall cause the Surviving Corporation to, credit all service of the Company Continuing Employees with the Company, as the case may be as if such service were with Parent, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company Employee Plan.

Appears in 3 contracts

Samples: Agreement and Plan of Merger (IMAC Holdings, Inc.), Agreement and Plan of Merger (Theralink Technologies, Inc.), Agreement and Plan of Merger (International Baler Corp)

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Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, “Parent Benefit Plans”) in which any Company Continuing Employees will participate effective as of the Effective Time, and subject to the terms of the governing plan documents, Parent shall, or shall cause the Surviving Corporation to, credit all service of the Company Continuing Employees with the CompanyCompany or any of its Subsidiaries, as the case may be as if such service were with Parent, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company Employee Plan.

Appears in 3 contracts

Samples: Agreement and Plan of Merger (FaZe Holdings Inc.), Agreement and Plan of Merger (GameSquare Holdings, Inc.), Plan of Reorganization and Asset Purchase Agreement (Allarity Therapeutics, Inc.)

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, “Parent Benefit Plans”) in which any Company Continuing Employees will participate effective as of the Effective Time, and subject to the terms of the governing plan documents, Parent shall, or shall cause the Surviving Corporation to, use commercially reasonable efforts to credit all service of the Company Continuing Employees with the CompanyCompany or any of its Subsidiaries, as the case may be as if such service were with Parent, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; provided, that such service shall not be credited to the extent thatcredited: (i) to the extent that such crediting would result in a duplication of benefits; or (ii) to the extent that such service was not credited under the corresponding Company Employee Plan, or (iii) with respect to participation in any defined benefit pension plan, retiree health or welfare plan or any nonqualified deferred compensation plan.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Apex Global Brands Inc.), Agreement and Plan of Merger (Apex Global Brands Inc.)

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent High Tide or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent High Tide or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent High Tide or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent High Tide or any of its Subsidiaries (collectively, “Parent High Tide Benefit Plans”) in which any Company DSD Continuing Employees will participate effective as of the Effective TimeClosing Date, and subject to the terms of the governing plan documents, Parent High Tide shall, or shall cause the Surviving Corporation DSD to, credit all service of the Company DSD Continuing Employees with the CompanyDSD, as the case may be as if such service were with ParentHigh Tide, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent High Tide Benefit Plan in which such Company DSD Continuing Employees may be eligible to participate after the Effective TimeClosing Date; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company DSD Employee Plan.

Appears in 1 contract

Samples: Acquisition Agreement (High Tide Inc.)

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent High Tide or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent High Tide or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent High Tide or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent High Tide or any of its Subsidiaries (collectively, “Parent High Tide Benefit Plans”) in which any Company Fab CBD Continuing Employees will participate effective as of the Effective TimeClosing Date, and subject to the terms of the governing plan documents, Parent High Tide shall, or shall cause the Surviving Corporation Fab CBD to, credit all service of the Company Fab CBD Continuing Employees with the CompanyFab CBD, as the case may be as if such service were with ParentHigh Tide, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent High Tide Benefit Plan in which such Company Fab CBD Continuing Employees may be eligible to participate after the Effective TimeClosing Date; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company Fab CBD Employee Plan.

Appears in 1 contract

Samples: Acquisition Agreement (High Tide Inc.)

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, “Parent Benefit Plans”) in which any Company Continuing Employees will participate effective as of the Effective Time, and subject to the terms of the governing plan documents, Parent shall, or shall cause the Surviving Corporation to, credit all service of the Company Continuing Employees with the CompanyCompany or any of its Subsidiaries, as the case may be as if such service were with Parent, for purposes of eligibility to participate and vesting (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company Employee Plan.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Corning Natural Gas Holding Corp)

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Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent High Tide or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent High Tide or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent High Tide or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent High Tide or any of its Subsidiaries (collectively, “Parent High Tide Benefit Plans”) in which any Company DHC Continuing Employees will participate effective as of the Effective TimeClosing Date, and subject to the terms of the governing plan documents, Parent High Tide shall, or shall cause the Surviving Corporation DHC to, credit all service of the Company DHC Continuing Employees with the CompanyDHC, as the case may be as if such service were with ParentHigh Tide, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent High Tide Benefit Plan in which such Company DHC Continuing Employees may be eligible to participate after the Effective TimeClosing Date; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company DHC Employee Plan.

Appears in 1 contract

Samples: Agreement and Plan of Merger (High Tide Inc.)

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, “Parent Benefit Plans”) in which any Company Continuing Employees will participate effective as of the Effective Time, and subject to the terms of the governing plan documents, Parent shall, or shall cause the Surviving Corporation Company to, credit all service of the Company Continuing Employees with the CompanyCompany or any of its Subsidiaries, as the case may be as if such service were with Parent, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company Employee Plan.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Realnetworks Inc)

Crediting Service. With respect to any “employee benefit plan” as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding any retiree health plans or programs maintained by Parent or any of its Subsidiaries, any defined benefit retirement plans or programs maintained by Parent or any of its Subsidiaries, and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, “Parent Benefit Plans”) in which any Company Continuing Employees will participate effective as of the Effective Time, and subject to the terms of the governing plan documents, Parent shall, or shall cause the Surviving Corporation Entity to, credit all service of the Company Continuing Employees with the Company, as the case may be as if such service were with Parent, for purposes of eligibility to participate (but not for purposes of vesting or benefit accrual, except for vacation, if applicable) for full or partial years of service in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; provided, that such service shall not be credited to the extent that: (i) such crediting would result in a duplication of benefits; or (ii) such service was not credited under the corresponding Company Employee Plan.

Appears in 1 contract

Samples: Agreement and Plan of Merger (High Tide Inc.)

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