Common use of Purchaser Plans Clause in Contracts

Purchaser Plans. (a) Following the Closing Date, Purchaser shall cause the Company to provide to persons who were employees of the Company or any of its subsidiaries prior to the Closing Date (the "Company Personnel") employee benefit plans, programs and arrangements (the "Purchaser Plans") which in the aggregate are substantially comparable to those employee benefit plans, programs and arrangements generally provided to similarly situated employees of Purchaser from time to time. (b) Following the Closing Date, Purchaser shall cause the Purchaser Plans to recognize any prior accrued service, compensation credit, credit toward satisfying deductible expense requirements, out-of-pocket expense limits and maximum lifetime benefit limits of such Company Personnel and/or such Company Personnel's eligible dependents, to the extent such prior service, credits and limits were recognized under the comparable employee benefit plans, programs or arrangements of the Company on the Closing Date, for all purposes under the Purchaser Plans (including, but not limited to, participation, eligibility, vesting and the calculation of benefits), and Purchaser shall cause the Purchaser Plans to waive any preexisting condition, exclusion or limitation under any such Plan to the extent such condition, exclusion or limitation would be covered by the comparable plan, program or arrangement of the Company on the Closing Date. (c) Each of the employment agreements, the employment security agreements and severance agreements for the benefit of Company Personnel identified in Section 5.10 of the Company Disclosure Schedule shall be continued by the Company on the Closing Date on the same terms and subject to the same conditions as in effect under such agreements immediately prior to the Closing Date.