Employment; Employee Benefits Sample Clauses
Employment; Employee Benefits. (a) Nothing in this Agreement will be construed to create a right in any employee of the Company to employment with Buyer, the Surviving Corporation or any other Subsidiary of Buyer (including the Company), and, subject to any agreement between an employee and Buyer, the Surviving Corporation or any other Subsidiary of Buyer (including the Company), the employment of each employee of the Company who continues employment with Buyer, the Surviving Corporation or any other Subsidiary of Buyer (including the Company) after the Closing Date (a "Continuing Employee") will be "at will" employment. Notwithstanding anything provided for in this subsection 7.5
(a) to the contrary, Buyer agrees to cause the Surviving Corporation to execute and enter into at Closing (1) an employment agreement with Xxxxx Xxxxxx in the form attached hereto as Exhibit G, and (2) an employment agreement with Xxxxx Xxxxxxxxx in the form attached hereto as Exhibit H.
(b) Each Continuing Employee will be eligible to continue to participate in the Surviving Corporation's health, vacation and other non-equity based employee benefit plans; provided, however, that nothing in this Section 7.5(b) or elsewhere in this Agreement will limit the right of Buyer or the Surviving Corporation to amend or terminate any such health, vacation or other employee benefit plan at any time. Nothing in this Section 7.5(b) will be interpreted to require Buyer to provide for the participation of any Continuing Employee in any Buyer Plan. Notwithstanding anything provided for in this subsection 7.5(b) to the contrary, consummation of the transactions contemplated in this Agreement shall not impact in any fashion the retiree health insurance plan (benefit) presently in place at the Company for former employees of the Company currently receiving such benefit; such benefit (already earned as a qualifying retiree of the Company) shall be continued in full force and effect after the Closing, at the cost and expense of the Company, until age 65 with respect to each former employee of the Company currently receiving such benefit. Buyer will cause the Surviving Corporation to honor the health insurance commitment to each former employee of the Company currently receiving such benefit as provided for in this subsection 7.5(b).
Employment; Employee Benefits. Prior to the Effective Time, TPT shall, if requested to do so by Raptor, terminate all of any TPT Corporation’s defined contribution 401(k) plans.
Employment; Employee Benefits. Prior to the Effective Time, Beacon shall, if requested to do so by Optos, terminate all or any of Beacon Corporations’ defined contribution 401(k) plans.
Employment; Employee Benefits. Each employee of an Acquired Company who continues employment with any of the Acquired Companies after Closing (a “Continuing Employee”) shall be eligible to continue to participate in Buyer’s health, vacation and other non- equity based employee benefit plans; provided, however, that nothing in this Section 6.5 or elsewhere in this Agreement shall limit the right of Buyer to amend or terminate any such health, vacation or other employee benefit plan at any time. Nothing in this paragraph shall be interpreted to require Buyer to provide for the participation of any Continuing Employee in any Plan of Buyer.
Employment; Employee Benefits. Each U.S. employee of the Company who continues employment with the Company after Closing (a “U.S. Continuing Employee”) shall be eligible to participate in Buyer’s health, vacation and other non-equity based employee benefit plans; provided, however, that nothing in this Section 6.8 or elsewhere in this Agreement shall limit the right of Buyer to amend or terminate any such health, vacation or other employee benefit plan at any time. Nothing in this paragraph shall be interpreted to require Buyer to provide for the participation of any U.S. Continuing Employee in any Plan of Buyer.
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Employment; Employee Benefits. (a) Buyer shall continue, or shall cause Panasia to continue, the employment of each Panasia employee (whether salaried or hourly, and full-time or part-time) whether or not actively employed at the Closing Date (e.g., including employees on vacation, leave of absence, including military, maternity, family, sick or short-term disability leave) at the same location where such employee was employed immediately prior to the Closing Date for a reasonable period after the Closing Date with compensation that is reasonably comparable in the aggregate to the compensation in effect immediately prior to the Closing Date and benefits as provided in this Section 5.10.
(b) Buyer shall provide, or shall cause Panasia to provide, benefits to employees of Panasia after the Closing Date that are no less favorable than the benefits, in the aggregate provided by Buyer to similarly situated employees of Buyer or Buyer's ERISA Affiliates (determined by substituting "Buyer" for "Panasia" in the definition of "Panasia ERISA Affiliate"). No benefit plan shall contain any exclusion or limitation with respect to any condition of any such employee (or beneficiary) in existence on or before the Closing Date (except to the extent that such exclusion or limitation was imposed under the applicable Panasia plan).
Employment; Employee Benefits. (a) Nothing in this Agreement will be construed to create a right in any employee of the Company to employment with Buyer, the Company or any Subsidiary of Buyer, and, subject to any agreement between an employee and Buyer, the Company or any Subsidiary of Buyer, the employment of each employee of the Company who continues employment with Buyer, the Company or any Subsidiary of Buyer after the Closing Date (a “Continuing Employee”) will be “at will” employment.
(b) Each Continuing Employee will be eligible to continue to participate in the Company’s health, vacation and other non-equity based employee benefit plans; provided, however, that (a) nothing in this Section 7.4(b) or elsewhere in this Agreement will limit the right of Buyer or the Company to amend or terminate any such health, vacation or other employee benefit plan at any time. Nothing in this Section 7.4(b) will be interpreted to require Buyer to provide for the participation of any Continuing Employee in any Buyer Plan.
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Employment; Employee Benefits. Prior to the Effective Time, SyntheMed shall, if requested to do so by Pathfinder, terminate all of any SyntheMed Corporation’s defined contribution 401(k) plans.