Continuation of Employment; Assumption of Current Liabilities for Employees Sample Clauses

Continuation of Employment; Assumption of Current Liabilities for Employees. Effective as of the Closing Date, Purchaser shall, or shall cause an Affiliate to, offer employment to (A) all Dedicated Employees with respect to the United States Business and the Shared Employees with respect to the United States Business in either case if then actively at work, or on any form of leave other than employees on long-term disability leave or leave for military service. Such Employees accepting Purchaser’s or its Affiliate’s offer, will become “Transferred U.S. Employees” as of the Effective Time. For those Employees who would otherwise be required to be offered employment by Purchaser or an Affiliate pursuant to this Section 5.9(a)(i) but who are on long-term disability leave as of the Effective Time and described on Section 5.9(a)(i) of the Disclosure Schedules, Purchaser shall, or shall cause its Affiliate to, offer employment to each such Employee to the extent he recovers from his disability and presents himself to Purchaser or such Affiliate for active employment prior to the Closing Date. For those Employees who would otherwise be required to be offered employment by Purchaser or an Affiliate pursuant to this Section 5.9(a)(i) but who are on leave for military service as of the Effective Time, Purchaser shall, or shall cause its Affiliate to, offer employment to each such Employee to the extent he presents himself to Purchaser or such Affiliate for active employment within the period his reemployment rights are guaranteed by applicable Law. Each Employee described in the two preceding sentences who accepts Purchaser’s (or its Affiliate’s) offer of employment will become a Transferred U.S. Employee as of the date he returns to work with Purchaser or its Affiliate. Terms of employment continuation for each Transferred U.S. Employee (I) shall require employment at the same work location and (II) shall, for the one year period commencing on the Closing Date, provide (a) a base wage rate, (b) an incentive compensation opportunity and (c) health (including medical, dental and vision care), life insurance, disability, flexible spending account, and retirement savings (but not defined benefit retirement) benefits that are not less favorable in the aggregate than those provided to the Transferred U.S. Employees by Chemtura and its Affiliates immediately prior to the Closing Date and (III) otherwise comply with all other applicable provisions of this Section 5.9(a). Purchaser shall credit, or shall cause its Affiliates to credit, each Transfer...
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Related to Continuation of Employment; Assumption of Current Liabilities for Employees

  • Continuation of Employment This Agreement shall not confer upon the Participant any right to continue employment with the Company or its Subsidiaries, nor shall this Agreement interfere in any way with the Company’s or its Subsidiaries’ right to terminate the Participant’s employment at any time. The Participant’s employment shall continue to be on an “at-will” basis.

  • Voluntary Termination of Unutilized Commitments (a) Upon at least three Business Days’ prior notice to the Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, at any time or from time to time, without premium or penalty, to terminate or reduce the Total Unutilized Loan Commitment, in whole or in part, in integral multiples of $1,000,000 in the case of partial reductions thereto, provided that each such reduction shall apply proportionately to permanently reduce the Revolving Loan Commitment of each Lender.

  • Termination of 401(k) Plan The Company agrees to terminate its 401(k) plan immediately prior to the Closing, unless Parent, in its sole and absolute discretion, agrees to sponsor and maintain such plan by providing the Company with notice of such election at least five days before the Effective Time.

  • Termination of Employees At closing the Vendor will terminate the employment of all employees to whom the Purchaser has made an offer of employment under section 8.1 and will indemnify and save harmless the Purchaser from and against all claims by any employee of the Vendor for wages, salaries, bonuses, pension or other benefits, severance pay, notice or pay in lieu of notice and holiday pay in respect of any period before closing.

  • Termination of Employee Plans The Company shall have provided Parent with evidence, reasonably satisfactory to Parent, as to the termination of the benefit plans referred to in Section 5.9.

  • Termination of Employment Generally In the event the Executive’s employment with the Company terminates, for any reason whatsoever including death or disability the Executive shall be entitled to the benefits described in this Section 2.2.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Compensation of Employees Compensate its employees for services rendered at an hourly rate at least equal to the minimum hourly rate prescribed by any applicable federal or state law or regulation.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

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