Common use of General Employee Provisions Clause in Contracts

General Employee Provisions. (i) Sellers and Buyers shall give any notices required by Legal Requirements and take whatever other reasonable actions with respect to the plans, programs and policies described in this Section 5.1 as may be reasonably necessary to carry out the arrangements described herein. (ii) Sellers and Buyers shall provide each other with such plan documents and summary plan descriptions, employee data or other information as may be reasonably required to carry out the arrangements described herein. (iii) If any of the arrangements described in this Section 5.1 are determined by the IRS or other Governmental Body to be prohibited by applicable Legal Requirement, Sellers and Buyers shall modify such arrangements to as closely as possible reflect their expressed intent and retain the allocation of economic benefits and burdens to the parties contemplated herein in a manner that is not prohibited by applicable Legal Requirement. (iv) Sellers shall provide Buyers with completed I-9 forms and attachments with respect to all Hired Active Employees, except for such employees exempt from such requirement.

Appears in 2 contracts

Samples: Asset Purchase Agreement, Asset Purchase Agreement (API Technologies Corp.)

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General Employee Provisions. (i) Sellers and Buyers Buyer shall give any notices required by Legal Requirements and take whatever other reasonable actions with respect to the plans, programs and policies described in this Section 5.1 as may be reasonably necessary to carry out the arrangements described hereinin this Section. (ii) Sellers and Buyers Buyer shall provide each other with such plan documents and summary plan descriptions, employee data or other information as may be reasonably required to carry out the arrangements described hereinin this Section. (iii) If any of the arrangements described in this Section 5.1 are determined by the IRS or other Governmental Body governmental entity to be prohibited by applicable Legal Requirementlaw, Sellers and Buyers Buyer shall modify such arrangements to as closely as possible reflect their expressed intent and retain the allocation of economic benefits and burdens to the parties contemplated herein in a manner that is not prohibited by applicable Legal Requirementlaw. (iv) Sellers Each Seller shall provide Buyers Buyer with completed I-9 forms and attachments with respect to all Hired Active Employees, except for such employees as such Seller certifies in writing to Buyer are exempt from such requirement.

Appears in 1 contract

Samples: Asset Purchase Agreement (Ifco Systems Nv)

General Employee Provisions. (i) Sellers Seller and Buyers Buyer shall give any notices required by Legal Requirements and take whatever other reasonable actions with respect to the plans, programs and policies described in this Section 5.1 7.1 as may be reasonably necessary to carry out the arrangements described hereinin this Section 7.1. (ii) Sellers Seller and Buyers Buyer shall provide each other with such plan documents and summary plan descriptions, employee data or other information as may be reasonably required to carry out the arrangements described hereinin this Section 7.1. (iii) If any of the arrangements described in this Section 5.1 7.1 are determined by the IRS or other Governmental Body to be prohibited by applicable Legal Requirementlaw, Sellers Seller and Buyers Buyer shall modify such arrangements to as closely as possible reflect their expressed intent and retain the allocation of economic benefits and burdens to the parties contemplated herein in a manner that is not prohibited by applicable Legal Requirementlaw. (iv) Sellers Seller shall provide Buyers Buyer with completed I-9 forms and attachments with respect to all Hired Active Employees, except for such employees as Seller certifies in writing to Buyer are exempt from such requirement.

Appears in 1 contract

Samples: Asset Purchase Agreement (Allis Chalmers Energy Inc.)

General Employee Provisions. (i) Sellers Seller and Buyers Buyer shall give any notices required by Legal Requirements and take whatever other reasonable actions with respect to the plans, programs and policies described in this Section 5.1 as may be reasonably necessary to carry out the arrangements described herein. (ii) Sellers Seller and Buyers Buyer shall provide each other with such plan documents and summary plan descriptions, employee data or other information as may be reasonably required to carry out the arrangements described herein. (iii) If any of the arrangements described in this Section 5.1 are determined by the IRS or other Governmental Body to be prohibited by applicable Legal Requirement, Sellers Seller and Buyers Buyer shall modify such arrangements to as closely as possible reflect their expressed intent and retain the allocation of economic benefits and burdens to the parties contemplated herein in a manner that is not prohibited by applicable Legal Requirement. (iv) Sellers Seller shall provide Buyers Buyer with completed I-9 forms and attachments with respect to all Hired Active Employees, except for such employees exempt from such requirement.

Appears in 1 contract

Samples: Asset Purchase Agreement (Red Cat Holdings, Inc.)

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General Employee Provisions. (i) Sellers The Seller and Buyers Buyer shall give any notices required by Legal Requirements Law and take whatever other reasonable actions with respect to the plans, programs and policies described in this Section 5.1 6.7 as may be reasonably necessary to carry out the arrangements described hereinin this Section 6.7. (ii) Sellers The Seller and Buyers the Buyer shall provide each other with such plan documents and summary plan descriptions, employee data or other information as may be reasonably required to carry out the arrangements described hereinin this Section 6.7. (iii) If any of the arrangements described in this Section 5.1 6.7 are determined by the IRS or other Governmental Body Authority to be prohibited by applicable Legal Requirementprohibited, Sellers the Seller and Buyers the Buyer shall modify such arrangements to as closely as possible reflect their expressed intent and retain the allocation of economic benefits and burdens to the parties contemplated herein in a manner that is not prohibited by applicable Legal Requirementprohibited. (iv) Sellers The Seller shall provide Buyers the Buyer with completed I-9 forms and attachments with respect to all Hired Active Employees, except for such employees as the Seller certifies in writing to the Buyer are exempt from such requirement.

Appears in 1 contract

Samples: Asset Purchase Agreement (American Leisure Holdings, Inc.)

General Employee Provisions. (i) Sellers Seller and Buyers Buyer shall give any notices required by Legal Requirements and take whatever other reasonable actions with respect to the plans, programs and policies described in this Section 5.1 7.1 as may be reasonably necessary to carry out the arrangements described hereinin this Section 7.1. (ii) Sellers Seller and Buyers Buyer shall provide each other with such plan documents and summary plan descriptions, employee data or other information as may be reasonably required to carry out the arrangements described hereinin this Section 7.1. (iii) If any of the arrangements described in this Section 5.1 are 7.1 is determined by the IRS or other Governmental Body to be prohibited by applicable Legal Requirementlaw, Sellers Seller and Buyers Buyer shall modify such arrangements to as closely as possible reflect their expressed intent and retain the allocation of economic benefits and burdens to the parties contemplated herein in a manner that is not prohibited by applicable Legal Requirementlaw. (iv) Sellers Seller shall provide Buyers Buyer with completed I-9 forms and attachments with respect to all Hired Active Employees, except for such employees as Seller certifies in writing to Buyer are exempt from such requirement.

Appears in 1 contract

Samples: Asset Purchase Agreement

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