Special Provisions for Leave Recipients. (1) With respect to any Prospective Employee who is not actively at work on the Closing Date as a result of short-term disability leave, or other approved personal leave (including, without limitation, military leave with reemployment rights under federal law and leave under the Family Medical Leave Act of 1993) (collectively, the "Leave Recipients") Buyer will explain to Leave Recipients Buyer's intention to make an offer of employment in the manner required by Section 6.01(a) contingent on such Prospective Employee's return to active status at the termination of such disability or approved leave of absence, respectively, provided that he or she returns to active service before the later of (A) the end of the Lease Period or (B) the date such employee's reemployment rights expire under applicable laws or under the Compensation and Benefit Plans. (2) When the Leave Recipient returns to active status pursuant to the terms of clause (1) above, such Leave Recipient shall be considered a Transferred Employee (as defined above) and the following provisions shall apply: (A) the Leave Recipient shall become eligible for coverage and benefits under all employee benefit plans or programs maintained by Buyer under the same terms and conditions that apply to other Transferred Employees; and (B) the Leave Recipient's period of leave shall be treated as a period of service under the employee benefit plans and programs of Buyer to the same extent as if the Leave Recipient had received benefits under a similar plan or was subject to a similar policy of Selling Companies except to the extent such service credit will result in duplication of benefits to the Leave Recipient.
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Samples: Asset Purchase/Liability Assumption Agreement (Homeside Lending Inc), Asset Purchase/Liability Assumption Agreement (Homeside International Inc)
Special Provisions for Leave Recipients. (1) With respect to any Prospective Employee who is not actively at work on the Closing Date as a result of short-term disability leave, or other approved personal leave (including, without limitation, military leave with reemployment rights under federal law and leave under the Family Medical Leave Act of 1993) (collectively, the "Leave Recipients") Buyer will explain to Leave Recipients Buyer's intention to make an offer of employment in the manner required by Section 6.01(a) contingent on such Prospective Employee's return to active status at the termination of such disability or approved leave of absence, respectively, provided that he or she returns to active service before the later of (A) the end of the Lease Period or (B) the date such employee's reemployment rights expire under applicable laws or under the Compensation and Benefit Plans.
(2) When the Leave Recipient returns to active status pursuant to the terms of clause (1) above, such Leave Recipient shall be considered a Transferred Employee (as defined above) and the following provisions shall apply: (A) the Leave Recipient shall become eligible for coverage and benefits under all employee benefit plans or programs maintained by Buyer under the same terms and conditions that apply to other Transferred Employees; and (B) the Leave Recipient's period of leave shall be treated as a period of service under the employee benefit plans and programs of Buyer to the same extent as if the Leave Recipient had received benefits under a similar plan or was subject to a similar policy of Selling Companies except to the extent such service credit will result in duplication of benefits to the Leave Recipient.and
Appears in 1 contract
Samples: Asset Purchase Agreement (National Australia Bank LTD)
Special Provisions for Leave Recipients. (1) With respect to any Prospective Employee who is not actively at work on the Closing Date as a result of short-term disability leave, or other approved personal leave (including, without limitation, military leave with reemployment rights under federal law and leave under the Family Medical Leave Act of 1993) (collectively, the "“Leave Recipients") ”), Buyer will explain to Leave Recipients Buyer's ’s intention to make an offer of employment in the manner required by Section 6.01(a) contingent on such Prospective Employee's ’s return to active status at the termination of such disability or approved leave of absence, respectively, provided that he or she returns to active service before the later of (A) the end of the Lease Leave Period or (B) the date such employee's ’s reemployment rights expire under applicable laws Applicable Laws or under the Compensation and Benefit Plans. In no event shall a Leave Recipient exceed six (6) months of leave from the Closing Date to be considered a Transferred Employee, subject to Applicable Laws.
(2) When the Leave Recipient returns to active status pursuant to the terms of clause (1) above, such Leave Recipient shall be considered a Transferred Employee (as defined above) and the following provisions shall apply: (A) the Leave Recipient shall become eligible for coverage and benefits under all employee benefit plans or programs maintained by Buyer under the same terms and conditions that apply to other Transferred Employees; and (B) the Leave Recipient's ’s period of leave shall be treated as a period of service under the employee benefit plans and programs of Buyer to the same extent as if the Leave Recipient had received benefits under a similar plan or was subject to a similar policy of Selling Companies Seller except to the extent such service credit will result in duplication of benefits to the Leave Recipient.
Appears in 1 contract
Samples: Asset Purchase Agreement (Gleacher & Company, Inc.)