Store Employees Clause Samples

Store Employees. (a) At the Closing, Buyer shall extend offers of employment to all of the Store Employees and provide such Store Employees at the Closing with (A) a base salary or an hourly wage rate, as applicable, that is no lower than the base salary or hourly wage rate provided to such Store Employee immediately prior to the Closing and (B) substantially comparable employee benefits, including health, welfare and severance benefits that are no less favorable, in the aggregate, considering all benefit plans taken as a whole, and not with reference to any individual employee, than those provided to such Store Employees immediately prior to the Closing (the Store Employees who accept such employment and commence employment on the Closing Date, the “Transferred Employees”). (b) Buyer hereby assumes all obligations with respect to Transferred Employees, if any, under the WARN Act Laws, which obligations arise after the Closing, with respect to the transactions contemplated hereby; and Buyer hereby covenants and agrees to indemnify, defend and hold harmless the Seller Indemnified Parties, from and against all Losses sustained or incurred as a result of any violation of the WARN Act Laws by Buyer or its Affiliates that occurs after the Closing with respect to the Transferred Employees (“Post-Closing (c) With respect to Transferred Employees, Buyer shall carry over any fringe benefit eligibility, length of service, sick leave, vacation not paid out at Closing, paid time off, personal holidays and similar items accrued by Transferred Employees during their term of their employment with Sellers and shall afford FMLA and USERRA entitlements to the Transferred Employees as though they were continuously employed from Sellers to Buyer, counting service with Sellers for determining the Transferred Employees’ eligibility for leave and reinstatement after the sale. With respect to each Transferred Employee, Buyer shall cause: (i) to be waived any waiting periods to participate in any employee benefit plan of Buyer, (ii) to be waived any pre-existing condition exclusions and actively-at-work requirements and (iii) any co-payments, deductibles and other eligible expenses incurred by such Transferred Employees and/or his or her covered dependents during the applicable plan year to be credited for purposes of satisfying all deductible, coinsurance and maximum out-of-pocket requirements applicable to such Transferred Employee and his or her covered dependents for the applicable plan year o...