Employee Benefits; Severance. Take any of the following actions: (i) increase or agree to increase the compensation payable or to become payable to its officers or employees, except for increases in salary or wages of non-officer employees in the ordinary course of business and in accordance with past practices, (ii) grant any additional severance or termination pay to, or enter into any employment or severance agreements with, any officer or employee, (iii) enter into any collective bargaining agreement, or (iv) establish, adopt, enter into or amend in any material respect any bonus, profit sharing, thrift, compensation, stock option, restricted stock, pension, retirement, deferred compensation, employment, termination, severance or other plan, trust, fund, policy or arrangement for the benefit of any directors, officers or employees;
Employee Benefits; Severance. (a) As soon as practicable following the Effective Time, Sterling shall, at its option, either (i) continue to provide, for such time as Sterling may elect in its sole discretion, generally the employee benefits currently maintained by the Company, including without limitation, health and welfare benefits, life insurance and incentive compensation programs, or (ii) provide generally to officers and employees of the Company and its Subsidiaries employee benefits, including without limitation health and welfare benefits, life insurance and vacation arrangements, on terms and conditions which when taken as a whole are substantially similar, in the good faith opinion of Sterling, to those provided from time to time by Sterling and its Subsidiaries to their similarly situated officers and employees. In that regard, such officers and employees of the Company shall be credited under the employee benefit plans of Sterling for their years of "eligibility service" and "vesting service" earned under the Company Benefit Plans as if such service had been earned with Sterling. Such officers and employees of the Company shall be credited with "benefit service" under the employee benefit plans of Sterling only with respect to their period of employment with Sterling and its Subsidiaries after the Effective Time in accordance with the terms and conditions of such employee benefit plans. As of the Effective Time, the employees and their dependents, if any, previously covered as of the Effective Time under the Company's health insurance plan shall be covered under Sterling's health insurance plan and, to the extent possible under the terms of Sterling's then current health insurance plan, will not be subject to any pre-existing condition limitations or exclusions, except those excluded under Sterling's health insurance plan. The Company's employees shall not be required to satisfy the deductible and employee payments required by Sterling's comprehensive medical and/or dental plans for the calendar year of the Effective Time to the extent of amounts previously credited during such calendar year under comparable plans maintained by the Company. Nothing in this Agreement shall operate or be construed as requiring Sterling or any of its Subsidiaries to continue to maintain or to terminate any Company Benefit Plan or any employee benefit plan of Sterling or to limit in any way Sterling's ability to amend any such plan.
Employee Benefits; Severance. Except as set forth in Schedule 4.2(m), take any of the following actions: (i) increase or agree to increase the compensation payable or to become payable to its officers or employees, except for increases in salary or wages of non-officer employees in the ordinary course of business and in accordance with past practices, (ii) grant any additional severance or termination pay to, or enter into any employment or severance agreements with, any officer or employee except (A) in the ordinary course of business consistent with past practice, (B) payments made pursuant to written agreements or company policies outstanding on the date hereof or (C) as required by applicable federal, state or local law or regulation, (iii) enter into any collective bargaining agreement, or (iv) establish, adopt, enter into or amend in any material respect any bonus, profit sharing, thrift, compensation, stock option, restricted stock, pension, retirement, deferred compensation, employment, termination, severance or other plan, trust, fund, policy or arrangement for the benefit of any directors, officers or employees;
Employee Benefits; Severance. (a) For purposes of determining eligibility to participate, vesting, entitlement to benefits and in all other respects where length of service is relevant (except for pension benefit accruals) under any employee benefit plan or arrangement covering employees of EFTC and its Subsidiaries ("EFTC Employees") or employees of K*TEC and its Subsidiaries ("K*TEC Employees") following the Effective Time, Parent shall cause such plans or arrangements to recognize service credit for service with EFTC or K*TEC (as applicable) and any of their respective Subsidiaries to the same extent such service was recognized under the applicable employee benefit plans immediately prior to the Effective Time.
Employee Benefits; Severance. (a) For purposes of determining eligibility to participate, entitlement to benefits and in all other respects where length of service is relevant under any of Benefit Plans of FRI and the FRI Subsidiaries, following the Effective Time, FRI shall cause the Benefit Plans of FRI and the FRI Subsidiaries (including vesting, other than vesting under any defined contribution or defined Benefit Plan of FRI and the FRI Subsidiaries), to credit an applicable employee for such employee's service with KKR and any of the KKR Subsidiaries to the same extent such service was credited under the applicable Benefit Plans of KKR and the KKR Subsidiaries immediately prior to the Effective Time.
Employee Benefits; Severance. (a) After the Effective Time, Interpore's management shall submit to Interpore's Board of Directors for its approval an annual bonus plan for management employees for the 1998 fiscal year, which plan shall replace the current Cross and Interpore annual bonus plans, and shall calculate the amounts payable to participants thereunder in accordance with the terms of such plan.
Employee Benefits; Severance. (a) Parent shall cause to continue to be maintained the Doubletree and Promus annual bonus plans for management employees for the 1997 fiscal year and shall calculate the amounts payable to participants thereunder on a basis consistent with the terms of each such plan and the past practice of Doubletree or Promus, as applicable. (b) For purposes of determining eligibility to participate, vesting, entitlement to benefits and in all other respects where length of service is relevant (except for pension benefit accruals) under any employee benefit plan or arrangement covering employees of Doubletree and its Subsidiaries ("Doubletree Employees") employees of Promus and its Subsidiaries ("Promus Employees") following the Effective Time, Parent shall cause such plans or arrangements to recognize service credit for service with Doubletree or Promus (as applicable) and any of their respective Subsidiaries to the same extent such service was recognized under the applicable employee benefit plans immediately prior to the Effective Time. (c) At the Effective Time, Parent shall assume and honor in accordance with their terms the severance agreements and severance pay policies identified in Section 5.27 of the Doubletree Disclosure Schedule and Section 5.27 of the Promus Disclosure Schedule. (d) Promus and Doubletree agree that each may enter into retention and transition bonus arrangements with its employees prior to the Effective Time, with the terms and amounts of such payments to be determined jointly by the Chief Executive Officers of Promus and Doubletree; provided, however, that in no event shall the aggregate of all such payments exceed approximately $2.5 million. (e) Promus agrees to use all reasonable efforts, including obtaining any necessary employee consents, to prevent the automatic funding of any escrow, trust or similar arrangement pursuant to any employment agreement, arrangement or benefit plan that arises in connection with the execution of this Agreement or the consummation of any of the transactions contemplated hereby. ARTICLE VI.
Employee Benefits; Severance. Take any of the following actions: (i) increase or agree to increase the compensation payable or to become payable to its officers or employees, except for increases in salary or wages of non-officer employees in the ordinary course of business (but not to exceed five percent (5%) of such employees existing salary or wages), (ii) grant any additional severance or termination pay to, or enter into any employment or severance agreements with, any officer or employee, (iii) enter into any collective bargaining agreement, (iv) establish, adopt, enter into or amend in any material respect any bonus, profit sharing, thrift, compensation, stock option, restricted stock, pension, retirement, deferred compensation, employment, termination, severance or other similar plan, trust, fund, policy or arrangement for the benefit of any directors, officers or employees except with respect to matters set forth in Section 4.1(p) of the Disclosure Letter, or (v) pay any bonus in excess of $500 per person;
Employee Benefits; Severance. (a) NewCo shall cause to continue to be maintained the N2K and CDnow annual bonus plans for management employees for the 1998 fiscal year and shall calculate the amounts payable to participants thereunder on a basis consistent with the terms of each such plan and the past practice of N2K or CDnow, as applicable.
Employee Benefits; Severance. Take any of the following ---------------------------- actions: (i) increase or agree to increase the compensation payable or to become payable to its officers or employees, except for increases in salary or wages of non-officer employees in the ordinary course of business and consistent with past practice, (ii) grant any additional severance or termination pay to, or enter into any employment or severance agreements with, any officer or employee, except pursuant to written agreements outstanding or policies existing on the date hereof (Target also agrees that prior to paying any termination or severance payments to any officers, director-level employees or technical personal, Target will first consult with Acquiror), (iii) enter into any collective bargaining agreement, or (iv) other than offer letters entered into in the ordinary course of business consistent with past practice with employees who are terminable "at will," establish, adopt, enter into or amend in any material respect any bonus, profit sharing, thrift, compensation, stock option, restricted stock, pension, retirement, deferred compensation, employment, termination, severance or other plan, trust, fund, policy or arrangement for the benefit of any directors, officers or employees;
