Current Employment Terms shall have the meaning set forth in Section 6.6(a)(ii).
Current Employment Terms means, for each Business Employee: (a) base salary or base wage, and target annual cash bonus opportunities and severance benefits that are, in each case, no less favorable in the aggregate than those provided to such Business Employee immediately prior to the Closing; (b) retirement and welfare benefits that are substantially similar in the aggregate to those provided to such Business Employee immediately prior to the Closing; (c) compensation opportunities (in lieu of the equity incentives, long-term incentives plans and similar incentives provided to each Business Employee immediately prior to the Closing) substantially similar in the aggregate to such compensation opportunities offered by Buyer to its employees generally who are similarly situated to such Business Employee; and (d) the same or substantially similar position and work location (within a thirty (30) mile radius) as those provided to such Business Employee immediately prior to the Closing.
Current Employment Terms means, for any Business Employee (a) salary (or wages) no less than the salary (or wages) provided to such Business Employee immediately prior to the Closing Date, (b) incentive bonus opportunities (including, without limitation, commission, bonus, short-term, long-term, cash-based and equity-based opportunities but excluding retention bonuses and transaction-based compensation) that are no less favorable in the aggregate than the incentive bonus opportunities provided to such Business Employee immediately prior to the Closing Date, (c) employee benefits (including benefits pursuant to defined benefit pension plans and retiree welfare benefits or any true-up payments in lieu thereof but excluding severance benefits) that are no less favorable in the aggregate than those provided to such Business Employee immediately prior to the Closing Date, (d) severance benefits that are no less favorable than those provided under the severance policy or practice applicable to such Business Employee immediately prior to the Closing Date, (e) the same work location (or such other work location no more than a thirty-five (35) kilometer driving distance from the current work location) applicable to such Business Employee immediately prior to the Closing Date, and (f) the same or substantially similar position and the continued sponsorship of existing visas applicable to such Business Employee immediately prior to the Closing Date.
Examples of Current Employment Terms in a sentence
Jeffrey Macartney29 Chimney Lane Ladera Ranch, CA 92694 RE: Confirmation of Current Employment Terms Dear Jeff, The purpose of this letter is to set forth the current terms of your employment with Environmental Power Corporation (“EPC”) in your capacity as Chief Financial officer, effective retroactive to July 1, 2004.
Nothing herein shall obligate Purchaser or one of its Affiliates to provide the Transferred Employees with the Current Employment Terms or retiree medical benefits unless required to do so by local laws.
More Definitions of Current Employment Terms
Current Employment Terms means (i) the same or substantially similar position and work location (within a 50 mile radius),
Current Employment Terms means (i) the same or substantially similar position and work location (within a 50 mile radius), (ii) aggregate total cash compensation (consisting of salary or wages, and bonus opportunities, including variable and other incentives) at least equal and (iii) other benefits (but excluding any stock-based benefits, “pension benefits” as defined below and post-retirement welfare benefits) and material employment terms that are substantially similar in the aggregate, to those provided to an Employee by Seller and its Affiliates immediately prior to the Closing Date (or, with respect to any STD Employee, provided by Seller and its Affiliates immediately prior to the date the relevant leave commenced), including, but not limited to, pursuant to any contract entered into in the ordinary course covering such Employee previously provided to Buyer or as required by applicable local law; provided, however, that for Employees who are deemed to be “executives” of Seller as of the date hereof, the Current Employment Terms with respect to each such Employee’s bonus and equity incentive opportunities and other benefits shall instead be comparable in the aggregate (while still excluding any “pension benefits” and post-retirement welfare benefits as defined below and recognizing that equity incentives, if any, provided by Buyer may be with respect to a non-public illiquid security); provided further that for the Designated Executives, the terms set forth in a written employment agreement between Buyer and a Designated Executive shall supersede any definition of Current Employment Terms as set forth herein with respect to such Designated Executive; provided further that the exclusion of “pension benefits” shall apply only to the extent Buyer provides the benefits required to be provided pursuant to Sections 5.5(o) and (p) hereof and the exclusion for post-retirement welfare benefits shall apply only if consistent with applicable Law and if such exclusion would not provide an Employee a claim for severance or termination benefits. For purposes of this definition, “pension benefits” means only those benefits provided pursuant to a “defined benefit pension plan” within the meaning of FAS87, but does not include a benefit under a cash balance or similar feature of a defined benefit pension plan.