Common use of Savings Program Clause in Contracts

Savings Program. As of the Closing Date, the Savings Program of Seller shall not accept contributions from Employees. Buyer shall grant to each Continuing Employee covered by the Savings Plan immediately before the Closing credit for his or her period of employment with Aptus and Seller prior to the Closing Date for the purpose of eligibility and vesting under Buyer's defined contribution plan (the "Buyer's Savings Plan"), but not for the purpose of benefit accrual. The Buyer's Savings Plan will accept "rollovers" of account balances of Continuing Employees from the Savings Program with respect to before tax contributions only, in accordance with the terms and administrative policies of the Seller's Plan. Outstanding loans under the Savings Program will not be transferable to the Buyer's Savings Plan.