Dealership Employees Clause Samples
Dealership Employees. Seller will notify all of its employees who are engaged at or in connection with the operations of the Dealership (the "Employees") that the Assets are being sold to Purchaser. Seller shall terminate all employees effective on the Closing Date and except as otherwise provided in Section 9.2, Seller assumes the responsibility and obligation for discharging any and all benefits owed to such terminated employees. Purchaser will receive applications for employment from such employees and will decide in its sole and absolute discretion which persons to hire, if any.
Dealership Employees. Immediately prior to the Closing, Sellers shall terminate the Business Employees (other than the Excluded Employees) and their participation in all of the Employee Benefit Plans, effective as of the Closing. Additionally, immediately prior to the Closing, Sellers shall settle all open accounts with such employees, including amounts due as payroll or bonus compensation for all work performed prior to the Closing Date, amounts payable on account of vacation time accrued prior to the Closing Date and similar employee benefits (if any).
Dealership Employees. Immediately prior to the Closing, each Seller shall terminate (or cause its Affiliates to terminate) the employees of such Seller (or an Affiliate of such Seller) other than the Excluded Employees (the “Closing Employees”) and their participation in all of the Employee Benefit Plans, effective as of the Closing. Additionally, immediately prior to the Closing, except with respect to the Assumed PTO, Sellers shall settle all open accounts with such employees, including amounts due as payroll or bonus compensation for all work performed prior to the Closing Date, amounts payable on account of vacation time accrued prior to the Closing Date and similar employee benefits (if any).