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.
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Samples: Asset Purchase Agreement (Atroad Inc), Asset Purchase Agreement (Pointshare Corp)
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.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Popmail Com Inc), Asset Purchase Agreement (Digital Lightwave Inc)
Compensation and Benefits of Transferred Employees. Coverage for -------------------------------------------------- Transferred Employees under Buyer's ’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 ’s current employee benefit plans. Buyer may, at its option, give each Transferred Employee credit for such Transferred Employee's ’s years of most recent continuous service with Seller for purposes of determining participation and benefit levels under all of Buyer's ’s vacation policies and benefit plans and programs.
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