General Employment Matters. After the Closing, it is the current intention of PSC to cause Surviving Corporation to continue to offer employment to the current employees of M1, other than Petralli, at compensation rates and benefits similar to other employees of PSC similarly situated. After the Closing, PSC agrees to provide vesting credit to the employees of M1 who continue in the employment of PSC for purposes of PSC's benefit plans for their years of employment with M1 prior to the Closing; provided, however, that no service credit will be given for PSC's retirement plan. Notwithstanding the foregoing, nothing contained in this Agreement shall limit or restrict the right of PSC or Surviving Corporation to terminate the employment of such employees or subsequently to modify the benefits or other terms of employment of such employees, to the extent permitted by enforceable Legal Requirements.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Pacific Scientific Co)
