No Right to Employment; Benefit Plans Sample Clauses

No Right to Employment; Benefit Plans. Except as provided in this Section 6.8(f), nothing contained in this Agreement shall confer upon any employee of the Company, any ERISA Affiliate or any of the Company’s subsidiaries any right with respect to employment by Parent, the Purchaser or any of the Parent’s subsidiaries or the Surviving Corporation or any of its ERISA Affiliates, nor shall anything herein interfere with the right of Parent, the Purchaser or any of the Parent’s subsidiaries, or the Surviving Corporation or any of its ERISA Affiliates, to terminate the employment of any employee who continues employment with the Surviving Corporation or any ERISA Affiliate after the Effective Time (“Continuing Employee”) at anytime, with or without cause, or except as otherwise expressly provided in this Section 6.8 restrict Parent, the Purchaser or any of the Parent’s subsidiaries in the exercise of their independent business judgment in modifying any other terms and conditions of the employment of any Continuing Employee. No provision of this Agreement shall create any third party beneficiary rights in any Continuing Employee, any beneficiary or any dependent thereof with respect to the compensation, terms and conditions of employment or benefits that may be provided to any Continuing Employee by the Surviving Corporation or its ERISA Affiliates or under any Benefit Plan which the Surviving Corporation or its ERISA Affiliates may maintain or cause to be maintained with respect to such Continuing Employee. Notwithstanding the forgoing, Parent agrees that following the Share Acquisition Date (assuming Purchaser’s designees under Section 1.4(a) constitute at least a majority of the Board of Directors) it will use its commercially reasonable best efforts to cause the Company and the Surviving Corporation to comply with the applicable terms and provisions of the agreements listed on Section 6.8(f) of the Company Disclosure Schedule if such agreements are then in effect. Nothing herein shall require Parent or the Surviving Corporation to continue any particular Benefit Plan, agreement, policy or arrangement or prevent the amendment or termination thereof; provided, however, that subject to applicable law the Company’s employees shall receive full credit for prior years of service to the Company under, and shall not be subject to any waiting periods under, any benefit plans which Parent or the Surviving Corporation make available to Continuing Employees.
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Related to No Right to Employment; Benefit Plans

  • No Right to Employment Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause.

  • Other Employment Benefits During the Employment Term, the Executive shall be entitled to the following employment benefits: (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the Executive is employed hereunder (one week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or sick leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a Change of Control (as hereinafter defined) where the Executive is no longer employed; (b) participation, subject to qualification requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; (d) an automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; (e) EDGEN shall purchase (subject to the insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and (f) a supplemental payment of $9500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term.

  • No Rights to Continued Employment Neither this Letter Agreement nor any of the rights or benefits evidenced hereby shall confer upon you any right to continuance of employment by the Company or interfere in any way with the right of the Company to terminate your employment, subject to the provisions of Section 4 above, for any reason, with or without Cause.

  • No Right to Continued Employment Nothing in this Agreement shall be deemed to confer on the Employee any right to continue in the employ of the Company or any Subsidiary, or to interfere with or limit in any way the right of the Company or any Subsidiary to terminate such employment at any time.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • No Rights to Employment The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or purchasing shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all.

  • No Right of Continued Employment I acknowledge and agree that nothing contained herein shall be construed as granting me any right to continued employment by the Company, and the right of the Company to terminate my employment at any time and for any reason, with or without cause, is specifically reserved.

  • No Right to Employment or Service Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause, in accordance with and subject to the terms and conditions of the Employment Agreement.

  • No Right to Continued Employment or Service This Agreement and the grant of Restricted Stock hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.

  • Award Confers No Rights to Continued Employment In no event shall the granting of the Award or its acceptance by the Employee give or be deemed to give the Employee any right to continued employment by the Company or any Affiliate of the Company.

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