Covenants Regarding Certain Benefit Plans. Parent agrees that it shall cause the Surviving Corporation to continue the employee benefit plans and programs of the Company (other than equity-based plans and programs) through December 31, 1998, or to provide during such period employee benefits no less favorable in the aggregate than are provided pursuant to such employee benefit plans and programs; provided that with respect to employees of the Company who are subject to collective bargaining, all benefits shall be provided in accordance with the applicable collective bargaining agreement. Parent shall provide employees of the Company who continue as employees of the Surviving Corporation or Parent with credit for years of service with the Company and its subsidiaries for purposes of vesting, eligibility and benefit accrual (other than benefit accrual under any defined benefit plans, including supplemental retirement plans) under the employee benefit plans of the Surviving Corporation and Parent which are made available to such employees, to the extent such service was credited under similar employee benefit plans and programs of the Company.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (Onex Corp), Agreement and Plan of Merger (Ameriserve Food Distribution Inc /De/), Agreement and Plan of Merger (Prosource Inc)
