Participation in Benefit Plans; Credit Sample Clauses

Participation in Benefit Plans; Credit. From and after the Effective Time, Falls employees shall continue to participate in the Falls employee benefit plans in effect at the Effective Time unless and until Sky, in its sole discretion, shall determine that Falls employees shall, subject to applicable eligibility requirements, participate in employee benefit plans of Sky and that all or some of the Falls plans shall be terminated or merged into certain employee benefit plans of Sky. Falls employees continuing to be employed by Sky shall receive credit for service at Falls for eligibility and vesting purposes (but not for benefit calculation purposes) under Sky’s employee benefit plans and shall not be subject to any exclusion or penalty for pre-existing conditions that were covered under Falls’ welfare plans immediately prior to the Effective Date, or to any waiting period relating to such coverage, except in each case as otherwise required by applicable Law. Falls employees continuing to be employed by Sky shall transition to Sky’s sick time and vacation policies effective January 1, 2006. Between the Effective Date and January 1, 2006, such employees shall receive credit for earned and unused sick time and earned and unused vacation, with such sick time and vacation deemed to be earned on a pro rated basis (more specifically, applying the percentage of the year worked following the employee’s anniversary date in calendar year 2005 to the total annual sick time or vacation to which the employee would otherwise be entitled for the year following such anniversary date under the applicable policies at Falls). Any employees terminated by Sky shall be paid for all of their unused vacation and sick time and shall be entitled to elect so-called “COBRA” in accordance with, and subject to, the provisions of IRC Section 4980B(f).
Sample 1
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Participation in Benefit Plans; Credit. From and after the Effective Time, Xxxxx employees shall continue to participate in the Xxxxx employee benefit plans in effect at the Effective Time unless and until Sky, in its sole discretion, shall determine that Xxxxx employees shall, subject to applicable eligibility requirements, participate in employee benefit plans of Sky and that all or some of the Xxxxx plans shall be terminated or merged into certain employee benefit plans of Sky. Xxxxx employees continuing to be employed by Sky shall receive credit for service at Xxxxx and its Subsidiaries for eligibility and vesting purposes (but not for benefit calculation purposes) under Sky’s employee benefit plans and shall not be subject to any exclusion or penalty for pre-existing conditions that were covered under Xxxxx’ welfare plans immediately prior to the Effective Date, or to any waiting period relating to such coverage, except in each case as otherwise required by applicable Law. Xxxxx employees continuing to be employed by Sky shall transition to Sky’s sick time and vacation policies effective January 1, 2007, shall receive credit for earned and unused sick time and earned and unused vacation up to 80 hours total, and shall be paid for any earned and unused sick time and vacation in excess thereof. Unused sick time and vacation shall be deemed to be earned on a pro rated basis. Any employees terminated by Sky shall be paid for all of their unused vacation and sick time and shall be entitled to elect so-called “COBRA” in accordance with, and subject to, the provisions of IRC Section 4980B(f).
Sample 1

Related to Participation in Benefit Plans; Credit

  • Participation in Benefit Plans During the Term hereof, Executive shall be entitled to participate in any group insurance, hospitalization, medical, dental, health, accident, disability, or similar plan or program of the Company now existing or established hereafter to the extent that he is eligible under the general provisions thereof. The Company may, in its sole discretion and from time to time, amend, eliminate, or establish additional benefit programs as it deems appropriate. Executive shall also participate in all standard fringe benefits offered by the Company to its salaried executives.

  • Participation in Retirement and Employee Benefit Plans The Employee shall be entitled to participate in all plans relating to pension, thrift, profit-sharing, group life and disability insurance, medical and dental coverage, education, cash bonuses, and other retirement or employee benefits or combinations thereof, in which the Bank's executive officers participate.

  • Participation in Employee Benefit Plans The Executive shall be permitted during the Term, if and to the extent eligible, to participate in any group life, hospitalization or disability insurance plan, health program, or any pension plan or similar benefit plan of the Company, which is available generally to other senior executives of the Company.

  • Participation in Plans Notwithstanding any other provision of this Agreement, the Executive shall have the right to participate in any and all of the plans or programs made available by the Company (or it subsidiaries, divisions or affiliates) to, or for the benefit of, executives (including the annual stock option and restricted stock grant programs) or employees in general, on a basis consistent with other senior executives.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

  • Benefit Plans; ERISA (a) Section 2.09(a) of the Disclosure Schedule contains a true and complete list and description of each of the Benefit Plans and identifies each of the Benefit Plans that is a Qualified Plan and relates to Employees.

  • Employee Benefit Plans; New Hires; Pay Increases Adopt any employee benefit or stock purchase or option plan, or hire any new director level or officer level employee, pay any special bonus or special remuneration to any employee or director, or increase the salaries or wage rates of its employees;

  • Pension Benefit Plans All Pension Benefit Plans maintained by each Covered Person or an ERISA Affiliate of such Covered Person qualify under Section 401 of the Code and are in compliance with the provisions of ERISA to the extent ERISA is applicable and all other Material Laws. Except with respect to events or occurrences which do not have and are not reasonably likely to have a Material Adverse Effect on any Covered Person, and to the extent ERISA is applicable to any such Pension Benefit Plans:

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

  • Participation in Retirement, Medical and Other Plans The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans.

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