Employment of Affected Employees. The Buyer shall cause the Steel Heddle Companies to employ on the Closing Date, at not less than the same rate of pay as in effect immediately preceding the Closing Date, all Affected Employees.
Employment of Affected Employees. Prior to the Closing, Lynx or GTS, as directed by the Buyer, will offer employment to each Transferred Employee who is employed by the Seller on the Closing Date and the Acquired Companies will continue the employment of the other Affected Employees, each on the employment terms and conditions then in effect (each Affected Employee who accepts or continues employment, a “Continuing Employee”). For a period of at least twelve (12) months after the Closing Date (or if earlier, the date of the employee’s termination of employment), the Buyer will or will cause the Acquired Companies to provide to each of the Continuing Employees annual base salary and base wages and incentive compensation opportunities (excluding equity-based compensation) that are no less favorable than such annual base salary and base wages and incentive compensation opportunities (excluding equity-based compensation) provided to such Affected Employees immediately prior to the Closing Date. For a period of at least twelve (12) months after the Closing Date (or if earlier, the date of the employee’s termination of employment), the Buyer will, or will cause the Acquired Companies or an Affiliate thereof to, provide (including pursuant to the Transition Services Agreement) employee benefits (other than any equity or equity-based benefits, defined benefit pension benefits, or retiree health or welfare benefits) to the Continuing Employees which are no less favorable in the aggregate to (i) the employee benefit plans, programs, arrangements and policies provided to such Continuing Employees immediately prior to the Closing Date as set forth on Schedule 3.11.1 (but other than any equity or equity-based plans, defined benefit pension plans, or retiree health or welfare plans), or (ii) the employee benefit plans, programs, arrangements and policies provided to similarly situated employees of the Buyer or its Subsidiaries (other than any equity or equity-based plans, defined benefit pension plans, or retiree health or welfare plans); provided, that nothing in this sentence shall require the Buyer, its Subsidiaries or the Acquired Companies to continue any specific employee benefit plans during such period. Nothing set forth in this Section 8.8.2 will create a contract of employment with, or for the benefit of, any -48- Transferred Employee or Continuing Employee or change such employee’s status as an employee at will. Notwithstanding the foregoing, with respect to any Affected Employee who is not a...
Employment of Affected Employees. For a period of one year following the Closing Date, the Buyer will cause the Target Companies to continue to employ each of the Affected Employees from and after the Closing Date in a position, and with compensation, benefits and other terms and conditions of employment, which are substantially comparable in the aggregate to those being provided to such Affected Employee immediately prior to the Closing Date. Notwithstanding the above, nothing set forth in this Section 8.8.2 will create a contract of employment with, or for the benefit of, any Affected Employee, or change such employee’s status as an employee at will, or restrict the ability of the Buyer to terminate the employment of, or change the position or title of, any such employee; provided, however, that Buyer shall not cause any employment loss within 90 days following the Closing Date that would result in any obligation by the Seller to have provided notice pursuant to the WARN Act or similar state, local or foreign Law to any employee of the Target Companies.
Employment of Affected Employees. Buyer shall cause the Iron Age -------------------------------- Companies to employ on the Closing Date, at the same rate of pay as in effect immediately preceding the Closing Date, all Affected Employees. The Sellers shall not retain any obligations or liabilities with respect to any benefits or wages, regardless of whether such benefits or wages were accrued (or relate to claims incurred) prior to, on or after the Closing Date, with respect to Affected Employees. Except as set forth on Schedule 10.1, no Iron Age Company ------------- or Seller (or any of their Affiliates) has agreed or is committed to make to any Affected Employee any payment contingent upon or otherwise in connection with this Agreement or any of the transactions contemplated hereby. Except as set forth on Schedule 10.1, no obligation or liability to any Affected Employee will ------------- be triggered or otherwise made effective solely by the execution and delivery of this Agreement and the consummation of sale of the Shares, Warrants and Options hereunder.
Employment of Affected Employees. Buyer shall cause the WEFA Companies to employ on the Closing Date, at the same rate of pay as in effect immediately preceding the Closing Date, all Affected Employees; provided that Buyer shall have no obligation to continue such employment or rate of pay subsequent to the Closing Date. The Sellers shall not retain any obligations or liabilities with respect to any benefits or wages, regardless of whether such benefits or wages were accrued (or relate to claims incurred) prior to, on or after the Closing Date, with respect to Affected Employees.
Employment of Affected Employees. Seller shall terminate the employment of each Affected Employee as of the Closing Date. Buyer agrees to offer employment (at no less than over one-half time) to at least 80 percent of the Affected Employees who were employed by Seller immediately prior to the Closing Date.
