Compensation and Benefits of Transferred Employees. Coverage for -------------------------------------------------- Transferred Employees under Buyer's compensation and benefit plans and other programs shall commence as of 12:01 a.m. on the day after the Closing Date. Buyer shall be free to establish its own employee benefit plans; Buyer shall have no obligation to offer benefit plans of the same type or with terms similar to or better than the terms of Seller's current employee benefit plans. Buyer may, at its option, give each Transferred Employee credit for such Transferred Employee's years of most recent continuous service with Seller for purposes of determining participation and benefit levels under all of Buyer's vacation policies and benefit plans and programs.
Compensation and Benefits of Transferred Employees. Coverage for Transferred Employees under Buyer's benefit plans and programs shall commence as of 12:01 a.m.
Compensation and Benefits of Transferred Employees. Buyer shall be free to establish its own Employee Benefit Plans. Buyer shall make substantial commercially reasonable efforts to offer benefit plans of the same type or with terms substantially similar, in the aggregate, to the terms of Seller’s current employee benefit plans. [Buyer may, at its option,shall give each Transferred Employee credit for such Transferred Employee’s years of most recent continuous service with Seller for purposes of determining participationeligibility and benefit levelsvesting under all of Buyer’s vacation policies and benefit plans and programsCode Section 401(k) retirement plan]7 (other than a defined benefit plan), except where doing so would cause a duplication of benefits. Buyer shall allow distributions from the retirement plans terminated by the Seller to be rolled into the retirement plan(s) established by the Buyer. If transactions contemplated hereby is a qualifying event under Code Section 4980B, the Buyer shall provide COBRA coverage to all qualified beneficiaries
Compensation and Benefits of Transferred Employees. Coverage for Transferred Employees under Buyer's benefit plans and programs shall commence as of 12:01 a.m. on the Closing Date. Buyer shall give each Transferred Employee credit for such Transferred Employee's years of most recent continuous service (including time during approved leaves of absences of less than 26 weeks) with Seller for purpose of determining participation and benefit levels under all of Buyer's vacation policies and benefit plans and programs, unless otherwise prohibited by law or the terms of any of Buyer's benefit plans and programs, and shall give each Transferred Employee credit for any accrued vacation time to which each Transferred Employee would be entitled immediately prior to Closing under Seller's current vacation policy. Seller shall retain responsibility for any claims under their health insurance policies made by Transferred Employees arising out of insurable losses incurred or claims accrued on or prior to the Closing Date.
Compensation and Benefits of Transferred Employees. Coverage for Transferred Employees under Buyer's compensation and benefit plans and other programs shall commence as of 12:01 a.m. on the day after the Closing Date. Buyer shall be free to establish its own employee benefit plans; Buyer shall have no obligation to offer benefit plans of the same type or with terms similar to or better than the terms of Seller's current employee benefit plans. To the extent permitted by Buyer's benefit programs, Buyer shall use reasonable efforts to give each Transferred Employee credit for such Transferred Employee's years of most recent continuous service with Seller (and its predecessor) for purposes of determining participation and benefit levels under all of Buyer's vacation policies and benefit plans and programs.
Compensation and Benefits of Transferred Employees. Coverage for Transferred Employees under Buyer's compensation and benefit plans and other programs shall commence as of 12:01 a.m. on the day after the Closing Date. Buyer shall be free to establish its own employee benefit plans; Buyer shall have no obligation to offer benefit plans of the same type or with terms similar to or better than the terms of Seller's and Seller Sub's current employee benefit plans; provided, however, Buyer shall offer compensation packages, including salary, bonus, stock option grants and other benefit plans commensurate with the same level of employee of Buyer. Buyer shall give each Transferred Employee credit for such Transferred Employee's years of most recent continuous service with Seller or Seller Sub for purposes of determining participation and benefit levels under all of Buyer's vacation policies and benefit plans and programs.
Compensation and Benefits of Transferred Employees. Immediately after Closing, Transferred Employees shall receive salaries from Buyer no less favorable than salaries received by them prior to the Closing Date from Seller. The other terms of employment offered to Transferred Employees by Buyer shall be competitive with market conditions, as determined by Buyer in its reasonable business judgment. Transferred Employees shall receive standard Buyer employee benefits for employees of comparable status. Coverage for Transferred Employees under Buyer's benefit plans and programs shall commence as of 12:01 a.m. on the day after the Closing Date. Buyer shall give each Transferred Employee credit for such Transferred Employee's years of most recent continuous service (including time during approved leaves of absences of less than twenty-six (26) weeks) with Seller for purposes of determining participation and benefit levels under all of Buyer's vacation policies.
Compensation and Benefits of Transferred Employees. Buyer shall be -------------------------------------------------- free to establish its own employee benefit plans; Buyer shall have no obligation to offer benefit plans of the same type or with terms similar to or better than the terms of Seller's current employee benefit plans. Buyer may, at its option, give each Transferred Employee credit for such Transferred Employee's years of most recent continuous service with Seller for purposes of determining participation and benefit levels under all of Buyer's vacation policies and benefit plans and programs.
Compensation and Benefits of Transferred Employees. Coverage for Transferred Employees under the Parent's compensation and Employee Benefit Plans and other programs shall commence no earlier than 12:01 a.m. on the day after the Effective Time. The Parent shall not assume any of the Seller's employee benefit plans.
Compensation and Benefits of Transferred Employees. Coverage for Transferred Employees under Acquiror's compensation and benefit plans (if any) and other programs shall commence as of 12:01 a.m. on the day after the Closing Date. Acquiror shall be free to establish its own employee benefit plans; Acquiror shall have no obligation to offer benefit plans of the same type or with terms similar to or better than the terms of Transferor's current employee benefit plans. Acquiror may, at its option, give each Transferred Employee credit for such
