Vacation and Paid Time Off. Buyer shall be responsible for providing vacation benefits to Transferred Employees for so long as they are employed with Buyer or its Affiliates that are at least as favorable as those provided under the applicable vacation program of Buyer or its Affiliates; provided, however, that each Transferred Employee shall be entitled annually to at least the number of annual vacation days such Transferred Employee was entitled to under the applicable vacation program of Seller, the Company or their respective Affiliates immediately prior to the Closing Date. Effective as of the Closing Date, Buyer shall, or shall cause its Affiliates to, assume or retain, as the case may be, all obligations of Seller, the Company and their respective Affiliates for the accrued, unused vacation and paid time off of the Transferred Employees, and shall reimburse Seller or its Affiliates for any accrued and unused vacation and paid time off required to be paid by any of them to any Transferred Employees or former employees of the Company. Neither Seller nor any of its Affiliates shall have any obligation or liability to pay or provide any vacation or paid time off payments claimed by any Business Employee on or after the Closing Date.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Merit Medical Systems Inc), Stock Purchase Agreement (Merit Medical Systems Inc)
Vacation and Paid Time Off. Buyer The Purchaser shall, or shall be responsible for providing cause its Affiliates to, provide vacation benefits to Transferred Employees for so long as they are employed with Buyer the Purchaser or its Affiliates that are at least as favorable as those provided under the applicable vacation program of Buyer the Purchaser or its Affiliates; provided, however, that each Transferred Employee shall be entitled annually to at least the number of annual vacation days such Transferred Employee was entitled to under the applicable vacation program of Seller, the Company GE or their respective its Affiliates immediately prior to the Closing Date. Effective as of the Closing Date, Buyer the Purchaser shall, or shall cause its Affiliates to, assume or retain, as the case may be, all obligations of Seller, the Company GE and their respective its Affiliates for the accrued, unused vacation and paid time off of the Transferred EmployeesProduct Employees and former employees of the Business, and shall reimburse Seller GE or its Affiliates (other than the Business Subsidiaries) for any accrued and unused vacation and paid time off required to be paid by any of them to any Transferred Product Employees or former employees of the CompanyBusiness. Neither Seller nor any of its Affiliates GE shall have any no obligation or liability to pay or provide any vacation or paid time off payments claimed by any Business Product Employee on or after the Closing Date.
Appears in 2 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement (Probe Manufacturing Inc)
Vacation and Paid Time Off. The Buyer shall, or shall be responsible for providing cause its Affiliates to, during the Continuation Period, provide paid time off and vacation benefits to Transferred Employees for so long as they are employed with Buyer or its Affiliates that are at least as favorable to the Transferred Employees as those provided under the applicable paid time off or vacation program of the Buyer or its Affiliates; provided, however, that that, during the Continuation Period, each Transferred Employee shall be entitled annually to at least the number of annual vacation days and paid time off to which such Transferred Employee was entitled to under the applicable vacation program of Seller, the Company or their respective Affiliates Employee Plan immediately prior to the Closing Date. Effective as of the Closing Date, the Buyer shall, or shall cause its Affiliates (including the Transferred Entities) to, assume or retain, as the case may be, all obligations of Seller, the Company Seller and their respective its Affiliates for the accrued, unused vacation and paid time off of the Transferred Employees, and shall reimburse the Seller or and its Affiliates for any accrued and unused vacation and paid time off required to be paid by any of them the Seller or its Affiliates to any Transferred Employees at or former employees of following the CompanyClosing. Neither the Seller nor any of its Affiliates shall have any obligation or liability to pay or provide any vacation or paid time off payments claimed by any Business Transferred Employee on or after the Closing Date.
Appears in 1 contract
Samples: Stock and Asset Purchase Agreement (John Wiley & Sons, Inc.)