Substantially Equivalent Benefits Clause Samples
The Substantially Equivalent Benefits clause ensures that if a party is unable to provide the exact benefits originally agreed upon, they must instead offer benefits that are materially similar in value and effect. In practice, this means that if a service, product, or feature changes or becomes unavailable, the provider must substitute it with an alternative that closely matches the original in terms of quality and utility. This clause is designed to maintain the overall value of the agreement for both parties, preventing disputes over minor changes and ensuring that neither party is unfairly disadvantaged by unavoidable substitutions.
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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 Parent in the manner and the extent applicable to similarly situated employees of Parent, PROVIDED FURTHER, that such Affected Employees shall be entitled to credit for past service at the Company under the severance policy of Parent.
(b) Parent shall take all actions necessary to cause the Surviving Corporation to maintain in effect, for a period of at least two years following the Effective Time, the AFC Cable Systems, Inc. Selective Retirement Plan, as in effect as of the date hereof (the "SRP"), and to provide to the employees of the Company who actively participate in the SRP as of the date hereof an annual benefit contribution during the period that the SRP remains in effect determined on a basis substantially similar to the benefit contributions made with respect to such employees for plan years ending prior to the Effective Time; PROVIDED, that the maximum aggregate annual contribution that shall be required to be made to the SRP for any plan year ending after the Effective Time shall not exceed $325,000. Parent and the Company agree that the consummation of the Merger shall not be treated as a sale of the Company for purposes of the SRP and shall not result in the accelerated payment of any benefits or deferrals under the SRP, and Parent and the Company shall cause to be taken all actions reasonably necessary and appropriate to assure this result and to prevent any actions to the contrary.
Substantially Equivalent Benefits. 38 10.3. WARN......................................................... 38 10.4. Third-Party Rights........................................... 39 10.5. Indemnity.................................................... 39
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.
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. 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. 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. 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. With respect to the Company Plans in effect
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.