Assumed employment agreements and business benefit plans; retention pool
Assumed Employment Agreements and Business Benefit Plans; Retention Pool Sample Clauses
Assumed Employment Agreements and Business Benefit Plans; Retention Pool. The Buyers shall, or shall cause any of their Affiliates to, assume all rights, liabilities and obligations in respect of the Employment Agreements and Business Benefit Plans set forth on Schedule 1.1(c) and Schedule 5.14(a) of the Disclosure Schedules (other than the retention letters set forth on Schedule 9.9(d) of the Disclosure Schedules), respectively; provided that Seller shall be responsible for satisfying the payments under the retention letters set forth on Schedule 1.1(c) of the Disclosure Schedules that are payable on Closing and solely as a result of the transactions contemplated by this Agreement, and the Buyers shall assume and be liable for all other payments under such agreements. The Buyers shall allocate a retention award pool in the aggregate amount of $1,000,000 (the “Retention Pool”) to be awarded to the Transferred Employees by the Buyers on such terms and conditions as determined by the Buyers. The Retention Pool award allocations shall be set forth in an award agreement and delivered to the applicable Transferred Employee.