Employees and management. Renesas attaches tremendous importance to the skill, knowledge and expertise of Dialog’s employees and management and recognises their important contribution to Dialog’s success. Renesas confirms that following completion of the Acquisition, the existing contractual and statutory employment rights of Dialog’s employees will be fully observed in accordance with applicable law. Furthermore, until 31 December 2022, Renesas will maintain base salary or wage rates and cash allowances, provide substantially comparable cash incentive compensation and long-term incentive compensation opportunities, and provide a benefits package which is at least substantially comparable in the aggregate to existing benefits arrangements. Following completion of the Acquisition, Renesas intends to carry out a detailed review of Dialog’s business and operations, to identify any areas of duplication or overlap and to optimize the structure of the merged business units of the Combined Group in order to achieve the anticipated benefits of the Acquisition. In identifying any areas of duplication or overlap, Renesas expects to review the merged business units of the Combined Group as a whole, and implement the best practices which Renesas and Dialog can learn from each other. Based on its experience from previous acquisitions, Renesas expects the Acquisition to result in limited headcount reductions across the Combined Group, with no more than a single digit percentage headcount reduction impacting the Dialog business. From its initial analysis, Renesas expects the majority of these synergies to be in the sales, general and administrative business functions of the Combined Group, although a greater proportion are likely to be in Dialog’s head office, corporate and support functions which overlap with Renesas’ existing functions. Renesas also expects to streamline the management structure where there is overlap in title and function across the Combined Group. Renesas will only develop and implement such proposals once the detailed review and integration planning referred to above has been completed and discussions have been undertaken with the people concerned. Dialog will assist with integration planning, as appropriate. The finalisation and implementation of any workforce reductions and, where applicable, other impacts of such proposals on Dialog’s employees (including for example, the impact on daily commute), will be subject to comprehensive planning, appropriate engagement with rele...
Employees and management. Whilst noting that key aspects of the GCP Group’s asset and property management function are carried out by Scape Student Limited, in its capacity as property manager, and Collegiate Accommodation Consulting Limited, in its capacity as asset and facilities manager, Scape Living and iQ attach great importance to the skill of the GCP employees and recognise the important contribution the employees of the GCP Group have made to the success of the business. Following the Acquisition becoming Effective, each of Scape Living and iQ intends that (a) the employees that are predominantly assigned to the Scape Living Transfer Assets and such employees of the GCP Group that carry out central operational functions as are agreed between iQ and Scape Living will transfer to the Scape Living Group such that they would become employees of the Scape Living Group and (b) the employees that are predominantly assigned to the iQ Transfer Assets and such employees of the GCP Group that carry out central operational functions as are agreed between iQ and Scape Living will transfer to the iQ Group such that they would become employees of the iQ Group (the “Transfer of Employees”). There may be a small non-material reduction in headcount following the Transfer of Employees, to the extent any employee of the GCP Group transfers (a) across to the Scape Living Group when such employee was intended under the terms of the Separation Agreement to transfer to the iQ Group or (b) across to the iQ Group when such employee was intended under the terms of the Separation Agreement to transfer to the Scape Living Group. Following the Effective Date and the Transfer of Employees, to the extent any employees remain employed by the GCP Group, there may be a small and non-material reduction in headcount (subject to any informing and consulting obligations) within the central corporate and support functions including listed company-related functions, following GCP ceasing to be a listed company. Any headcount reductions will be carried out in accordance with applicable law. Other than as described above, Scape Living and iQ do not intend to make any further reductions to the GCP Group’s headcount. Scape Living and iQ do not intend to make any changes to the conditions of employment or the balance of skills and functions of the employees and management of the GCP Group (other than to the extent any employees transfer to the Scape Living Group or the iQ Group by operation of law). It is intended that...
Employees and management. In addition to, or in lieu of, hiring employees, the Agency may engage one or more Members to manage any or all of the business of the Agency or to provide employees to manage any or all of the business of the Agency on terms and conditions acceptable to the Board of Directors. Any Member so engaged shall have such responsibilities and shall be compensated as set forth in the agreement for such Member’s services entered into by and between such Member and the Agency, which agreement shall be approved by the Board. Notwithstanding the foregoing, the Director appointed by the Member providing such services shall not vote on the agreement to provide such services.
Employees and management. In addition to, or in lieu of, hiring employees, the Authority may engage one or more General Members to manage any or all of the business of the Authority on terms and conditions acceptable to the Board of Directors. Any General Member so engaged shall have such responsibilities as are set forth in the contract for such General Member’s services which shall be approved by a majority vote of the Directors representing the non-contracting Members.
Employees and management. LMP Bidco attaches great importance to the skill and experience of Xxxxxxx Xxxxxx’x management and employees and recognises that the commitment of the employees and management of the Xxxxxxx Xxxxxx Group will be a critical part of the future success of Xxxxxxx Xxxxxx. Building on its current strategy, LMP Bidco intends to support the Xxxxxxx Xxxxxx management team in executing appropriate technology-related and other initiatives to drive efficiency, effectiveness and growth, and does not intend to initiate any material headcount reductions within the current Xxxxxxx Xxxxxx organisation as a result of the Offer. There are no intentions to make any changes to management structures or reporting lines. LMP Bidco confirms that, following completion of the Proposed Acquisition, the existing contractual and statutory rights and terms and conditions of employment, including pension obligations, of the management and employees of Xxxxxxx Xxxxxx and its subsidiaries will be fully safeguarded in accordance with applicable law. LMP Bidco has no intention to make any material change to the conditions of employment of Xxxxxxx Xxxxxx employees or in the balance of the skills and functions of the employees and management of Xxxxxxx Xxxxxx. It is expected that once Xxxxxxx Xxxxxx ceases to be a listed company, certain corporate and support functions will potentially require reduced headcount. LMP Bidco has not yet developed proposals as to how any such headcount reductions would be implemented. Following completion of the Proposed Acquisition, LMP Bidco intends to put in place incentivisation arrangements for certain managers and employees of Xxxxxxx Xxxxxx. The terms of these arrangements are to be determined at the appropriate time. LMP Bidco has not entered into, and has not had discussions on proposals to enter into, any form of incentivisation arrangement with any member of Xxxxxxx Xxxxxx’x management or with any Xxxxxxx Xxxxxx employee, and no such discussions will take place prior to completion of the Proposed Acquisition. Upon completion of the Proposed Acquisition, LMP Bidco does not intend to make any material restructurings or changes in location of Xxxxxxx Xxxxxx’x headquarters and headquarters functions, operations and places of business. In addition, no changes are expected with respect to the redeployment of Xxxxxxx Xxxxxx’x fixed asset base or the research and development functions of Xxxxxxx Xxxxxx. LMP Bidco expects that Xxxxxxx Xxxxxx’x non-executive dir...
Employees and management. In addition to, or in lieu of, hiring employees, the Agency may engage one or more Members to manage any or all of the business of the Agency on terms and conditions acceptable to the Board of Directors and the Member(s) to be so engaged. Any Member so engaged shall have such responsibilities as are set forth in the contract for such Member’s services which shall be approved by a majority vote of the Directors representing the non-contracting Member(s).
Employees and management. (a) Other than as set forth in the Disclosure Letter, no Employee has budgeted annual remuneration (including bonus) from any Target Company in excess of RUB 6,000,000 (six million roubles) in 2017.
Employees and management. 5.1. The Company Being Acquired does not have any employees.
Employees and management. 9.1. The merging funds do not have employees. A subsidiary of the Acquiring Fund as well as a subsidiary of the Fund Being Acquired have employees employed under employment contracts where this is appropriate considering the specifics of the assets and interests of the merging funds (for example in shopping centres), also where this is required under the law, and the merger does not affect the employment contracts concluded with the merging funds subsidiaries’ employees, which continue to remain valid under the same terms and conditions.
Employees and management. Bidco attaches great importance and value to the skills, experience and commitment of Network’s management and employees. Until the review referenced above is completed, Bidco cannot be certain what, if any, repercussions there shall be on employment of the management and employees of the Enlarged Group, the location of Magnati’s or Network’s places of business or any redeployment of Network’s fixed assets and currently has no firm intentions, nor have any firm proposals been developed, with regard to the foregoing. Bidco recognises however, that in order to achieve the expected benefits of the Brookfield Offer, some operational and administrative restructuring may be required across both Magnati and Network following completion of the Brookfield Offer. Preliminary integration work carried out to date has confirmed that there is likely to be administrative overlap between the Network and Magnati businesses and that there is the potential to generate cost savings for the Enlarged Group through corporate and administrative efficiencies. In particular, in the event of a delisting of Network Shares and re-registration of Network as a private limited company, a number of corporate and support functions, including certain functions relating to Network’s status as a public listed company, are likely to see reduced headcount. Bidco would approach any integration in an open and transparent manner and will work with the Network management team to support the integration with the aim of maintaining operational momentum and retaining and motivating the best talent across the Enlarged Group. The finalisation and implementation of any restructuring, integration, and workforce reductions shall be subject to detailed and comprehensive planning, and to appropriate engagement (including, where applicable, consultation) with stakeholders, including affected employees and any appropriate employee representative bodies in accordance with the legal obligations of the Enlarged Group. Bidco would commence this engagement (including, where applicable, consultation) process long enough before any final decision is taken to implement any job reductions so as to ensure that relevant legal obligations are complied with. It is intended that, upon completion of the Brookfield Offer, each of the non-executive members of the Network Board shall resign from their office as a director of Network. Existing rights and pension schemes Following the completion of the Brookfield Offer, the exist...
