Substantially Equivalent Benefits. (a) With respect to the Company Employee Plans in effect immediately prior to the Effective Time, Parent shall for a period of no less than one year following the Effective Time continue to provide or cause to be provided such plans, programs, agreements or arrangements on behalf of the employees of the Company or its Subsidiaries (the "AFFECTED EMPLOYEES") so as to provide, in the aggregate, employee benefits which are at least substantially equivalent to the benefits provided to such individuals under the Company Employee Plans immediately prior to the Effective Time; PROVIDED, that Affected Employees who are not covered by any binding severance arrangements of the Company (including, without limitation, the Company's Change in Control Severance Benefit Plan for Key Employees) shall be covered under the severance policy of Tyco in the manner and the extent applicable to similarly situated employees of Tyco, PROVIDED FURTHER that such Affected Employees shall be entitled to credit for past service at the Company under the severance policy of Tyco.
Substantially Equivalent Benefits. 38 10.3. WARN......................................................... 38 10.4. Third-Party Rights........................................... 39 10.5. Indemnity.................................................... 39
Substantially Equivalent Benefits. Following the Closing Date, Parent shall continue the Company Plans on behalf of Company Employees or, with respect to any such Company Plan not so continued, Parent shall provide or cause its Affiliates to provide Company Employees with the similar benefit plan, program, agreement or arrangement as provided to Parent’s similarly-situated employees. This Section 8.1 shall not obligate Parent or its Affiliates to create or enter into any new benefit plans, program, agreements or arrangements.
Substantially Equivalent Benefits. With respect to the Company Plans --------------------------------- in effect immediately prior to the Closing Date, Buyer shall for a period of no less than one year following the Closing Date continue to provide or cause to be provided such plans, programs, agreements or arrangements on behalf of the Affected Employees so as to provide, in the aggregate, employee benefits which are substantially equivalent to the benefits provided to such individuals under the Company Plans immediately prior to the Closing Date; provided, however, that -------- ------- in no event shall such benefits in the aggregate be less than the benefits provided to other similarly situated employees of Buyer and, provided, further -------- ------- that the foregoing shall not limit the obligation of any Iron Age Company to maintain a plan which, pursuant to an existing contract, must be maintained for a period longer than one year. Notwithstanding the foregoing, Buyer shall maintain or cause to be maintained for a period of not less than one year following the Closing Date severance and benefit continuation arrangements for the Affected Employees no less favorable to the Affected Employees than those in effect immediately prior to the Closing Date and shall assume sole responsibility for the payment of severance and benefit continuation benefits to any Affected Employee whose employment with Buyer or with the Company or any of its Subsidiaries is terminated on or after the Closing Date.
Substantially Equivalent Benefits. For a twelve (12) month period following the Closing, Buyer shall provide each Affected Employee who continues to be employed by Buyer with benefits that are at least substantially equivalent in the aggregate to either (i) the benefits provided to each such Affected Employee immediately prior to the Closing or (ii) the benefits provided to employees of Buyer that are similarly situated as, or hold positions similar to, the Affected Employees, except as otherwise required by applicable law; provided, however, that Buyer, in providing such substantially equivalent benefits, shall not be required to provide or maintain any particular plan or benefit that was provided to or maintained for Affected Employees prior to the Closing.
Substantially Equivalent Benefits. For a one (1) year period following the Closing, Buyer shall provide each Transferred Employee with benefits that are at least substantially equivalent in the aggregate to the benefits provided to each such Transferred Employee immediately prior to the Closing without regard, however, to any equity-based compensation or retiree life insurance or retiree health benefits provided to such employees; provided that Buyer, in providing such substantially equivalent benefits, shall not be required to assume, provide or maintain any Plan or other particular plan or benefit that was provided to or maintained for Affected Employees prior to the Closing, except as otherwise required by an applicable collective bargaining agreement.
Substantially Equivalent Benefits. Except as provided in Section 2.3(e), for a twelve (12) month period following the Closing, Buyer shall provide each U.S. Affected Employee with benefits that are at least substantially equivalent in the aggregate to the benefits provided to each such U.S. Affected Employee immediately prior to the Closing; provided that Buyer, in providing such substantially equivalent benefits, shall not be required to provide or maintain any particular plan or benefit that was provided to or maintained for U.S. Affected Employees prior to the Closing, except as otherwise required by an applicable collective bargaining agreement then in effect.
Substantially Equivalent Benefits. With respect to the Company Plans in effect
Substantially Equivalent Benefits. With respect to the Company Plans in effect immediately prior to the Closing Date, Parent shall for a period of not less than one (1) year following the Closing Date continue to provide or cause to be provided such plans, programs, agreements or arrangements on behalf of the Company Employees so as to provide, in the aggregate, employee benefits which are substantially equivalent to the benefits provided to such individuals under the Company Plans immediately prior to the Closing Date; provided, however, that the foregoing shall not limit the obligation of the Company to maintain a Company Plan which, pursuant to an existing contract, must be maintained for a period longer than a year.
