TRANSITION OF SCHEDULED EMPLOYEES Sample Clauses

TRANSITION OF SCHEDULED EMPLOYEES. (a) The employees of the Sellers listed on Schedule 7.2 are collectively referred to as "Scheduled Employees." Subject to Section 7.2, the Sellers agree to offer to continue to employ each of the Scheduled Employees, at such Scheduled Employee's existing terms of employment for the time period set forth next to each Scheduled Employee's name on Section 7.2 (the "Employment Term"); provided, however, that it is understood that all such employees are employed "at will" and may terminate their employment with the Sellers at any time; and provided, further, that the Sellers may terminate or demote any of the Scheduled Employees at their sole discretion at any time if any such employee violates company policy. Notwithstanding the foregoing, no later than thirty (30) days prior to the end of the applicable Employment Term, the Buyer shall inform the Sellers which of the Scheduled Employees to whom the Buyer will make offers of employment. Any Scheduled Employee to whom Buyer makes an offer of employment and who accepts such offer of employment (the "New Buyer Employees") shall be subject to the Buyer's standard employment practices and policies upon the commencement date of such New Buyer Employee's employment with the Buyer, such commencement date to be agreed upon by each New Buyer Employee and the Buyer (the "Start Time"). The employment of each New Buyer Employee with the Sellers shall terminate upon the earlier to occur of either (i) the Start Time or (ii) the end of the applicable Employment Term. The terms of employment with the Buyer (or the Buyer's Affiliates) shall be as mutually agreed between each New Buyer Employee and the Buyer (or the Buyer's Affiliate, as the case may be), subject to the provisions of this Section 7. As of the Start Time, all New Buyer Employees will be under the exclusive supervision of the Buyer and subject to the Buyer's policies and procedures. The Sellers shall waive any non-compete provisions of employment or other contracts with Sellers that would affect the ability of the New Buyer Employees to be employed by the Buyer in connection with the Program from and after the Start Time.
Sample 1
AutoNDA by SimpleDocs
TRANSITION OF SCHEDULED EMPLOYEES. Subject to and in accordance with the provisions of this Section 7, effective as of the Closing Date, Medarex shall offer employment to those employees of the Sellers listed on Schedule 7.1 to the Seller Disclosure Memorandum (the "Scheduled Employees"), and such Scheduled Employees who accept employment with Medarex after the Closing Date (the "New Medarex Employees") shall be subject to Medarex's standard employment practices and policies. The employment by the Sellers of each Scheduled Employee shall terminate as of 11:59 p.m. on the Closing Date, and the at-will employment by Medarex of the New Medarex Employees shall commence as of (i) 12:00 a.m. midnight on the date immediately after the Closing Date, provided that such New Medarex Employee has accepted employment with Medarex by such time or within five (5) business days after the Closing Date or (ii) such later time as such New Medarex Employee has accepted employment with Medarex (the "Start Time"). The terms of employment with Medarex (or Medarex's Affiliates) shall be as mutually agreed between each New Medarex Employee and Medarex (or Medarex's Affiliate, as the case may be), subject to the provisions of this Section 7. As of the Start Time, all New Medarex Employees will be under the exclusive supervision of Medarex and subject to Medarex's policies and procedures.
Sample 1

Related to TRANSITION OF SCHEDULED EMPLOYEES

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Post-Employment Benefits A. If Employee's employment is terminated by ARAMARK for any reason other than Cause, Employee shall be entitled to the following post-employment benefits:

  • Affected Employees Affected Employees" shall mean employees of the Seller who are employed by Buyer immediately after the Closing Date.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any of its directors, officers or employees or those of its subsidiaries or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (1) for normal individual increases in compensation to employees (other than executive officers or directors) in the ordinary course of business consistent with past practice, (2) for other changes that are required by applicable law and (3) to satisfy Previously Disclosed contractual obligations.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Compensation; Employment Agreements 16 5.15 Noncompetition, Confidentiality and Nonsolicitation Agreements; Employee Policies...... 16 5.16

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Termination of 401(k) Plan The Company agrees to terminate its 401(k) plan immediately prior to the Closing, unless Parent, in its sole and absolute discretion, agrees to sponsor and maintain such plan by providing the Company with notice of such election at least five days before the Effective Time.

Time is Money Join Law Insider Premium to draft better contracts faster.