Common use of Employment and Employee Benefits Matters Clause in Contracts

Employment and Employee Benefits Matters. (a) Without limiting any additional rights that any Company Employee may have under any Company Plan, Parent shall cause the Surviving Corporation and each of its subsidiaries, for a period commencing at the Effective Time and ending on December 31, 2005, to maintain the existing severance plans of the Company and any subsidiary of the Company and to provide the severance payments and benefits required thereunder in accordance with the terms of such plans to be provided to any Company Employee terminated during that period. In respect of the annual bonus payable to the Company Employees for service rendered in fiscal year 2004, Parent shall, or shall cause the Surviving Corporation to, continue to honor the terms and conditions of and obligations (existing as of the date of this Agreement) under the Company's year 2004 annual bonus program and the award or participation agreements thereunder (the "2004 Bonus Program"), which 2004 Bonus Program shall be administered in a manner consistent with the Company's historic annual bonus programs. Aggregate annual discretionary bonuses and SMIP allocations for 2004 shall be made in accordance with Section 6.6(a) of the Company Disclosure Schedule.

Employment and Employee Benefits Matters. (a) Without limiting any additional rights that any Company Employee may have under any Company Plan, Parent shall cause the Surviving Corporation and each of its subsidiaries, for a period commencing at the Effective Time and ending on December 31, 2005the second anniversary thereof, to maintain the severance-related provisions of existing severance plans of the Company and any subsidiary of the Company Plans and to provide 100% of the severance payments and benefits required thereunder in accordance with the terms of such plans to be provided to any Company Current Employee (as defined below) terminated during that twenty-four month period. In respect of the annual bonus payable to the Company Employees for service rendered in fiscal year 20042005, Parent shall, or shall cause the Surviving Corporation to, continue to honor the terms and conditions of and obligations (whether existing as of the date of this AgreementAgreement or thereafter) under the Company's ’s year 2004 2005 annual bonus program and the award or participation agreements thereunder (the "2004 “2005 Bonus Program"”), which 2004 2005 Bonus Program shall be administered in a manner consistent with the Company's ’s historic annual bonus programs. Aggregate annual discretionary bonuses programs and SMIP allocations for 2004 shall be made in accordance any individual agreements with Section 6.6(a) of the Company Disclosure ScheduleEmployees.