Common use of Nonsolicitation of Purchaser's Employees Clause in Contracts

Nonsolicitation of Purchaser's Employees. (a) In consideration of the consummation of the transactions contemplated hereby, each Seller agrees that, for a period of two (2) years following the Closing Date, it shall not, directly or indirectly, solicit for employment, retain as an independent contractor or consultant, induce to terminate employment with Purchaser or otherwise interfere with Purchaser's employment relationship with any Transferred Employee; provided, however, that this Section 8.5 shall not apply (i) if any such employee has been terminated by Purchaser or any of its Affiliates for any reason or (ii) if such employee is hired by a Seller or any of its Affiliates as a result of a general solicitation for employment in newspaper advertisements or other periodicals of general circulation not specifically targeted to employees of Purchaser.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Sovereign Bancorp Inc)

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Nonsolicitation of Purchaser's Employees. (a) In consideration of the consummation of the transactions contemplated hereby, each Seller agrees Sellers agree that, for a period of two (2) years following the Closing Date, it they shall not, directly or indirectly, solicit for employment, retain as an independent contractor or consultant, induce to terminate employment with Purchaser or otherwise interfere with Purchaser's employment relationship with any Transferred Employee; provided, however, that this Section 8.5 shall not apply (i) if any such employee has been terminated by Purchaser or any of its Affiliates for any reason or (ii) if such employee is hired by a Seller or any of its Affiliates as a result of a general solicitation for employment in newspaper advertisements or other periodicals of general circulation not specifically targeted to employees of Purchaser.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Independent Bank Corp)

Nonsolicitation of Purchaser's Employees. (a) In consideration of the consummation of the transactions contemplated hereby, each Seller agrees that, for a period of two (2) years following the Closing Date, it shall not, directly or indirectly, solicit for employment, retain as an independent contractor or consultant, induce to terminate employment with Purchaser or otherwise interfere with Purchaser's employment relationship with any Transferred Employee; provided, however, that this Section 8.5 shall not apply (i) if any such employee has been terminated by Purchaser or any of its Affiliates for any reason or (ii) if such employee is hired by a Seller or any of its Affiliates as a result of a general solicitation for employment in newspaper advertisements or other periodicals of general circulation not specifically targeted to employees of Purchaser.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Enterprise Bancorp Inc /Ma/)

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Nonsolicitation of Purchaser's Employees. (a) In consideration of the consummation of the transactions contemplated hereby, each Seller agrees that, for a period of two (2) years following the First Closing Date, it shall not, directly or indirectly, solicit for employment, retain as an independent contractor or consultant, induce to terminate employment with Purchaser or otherwise interfere with Purchaser's employment relationship with any Person who becomes a Transferred EmployeeEmployee as of the First Closing Date; provided, however, that this Section 8.5 7.5(a) shall not apply (i) if any such employee has been terminated by Purchaser or any of its Affiliates for any reason or (ii) if such employee is hired by a Seller or any of its Affiliates as a result of a general solicitation for employment in newspaper advertisements or other periodicals of general circulation not specifically targeted to employees of Purchaser.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Sovereign Bancorp Inc)

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