Compensation and Benefit Continuation. For the period commencing on the Effective Time and ending on the twelve (12) month anniversary of the Effective Time, Parent shall provide, or shall cause to be provided, to each Company Employee and Parent Employee who, in each case, is not employed within a bargaining unit that is represented by a union, labor organization, or works council (i) base compensation that is no less favorable to such Company Employee or Parent Employee than the base compensation provided to the applicable Company Employee or Parent Employee immediately prior to the Effective Time; (ii) annual cash incentive opportunities and cash-based long-term incentive opportunities that are no less favorable to such Company Employee or Parent Employee than the annual cash incentive opportunities and cash-based long-term incentive opportunities provided to the applicable Company Employee or Parent Employee immediately prior to the Effective Time; (iii) annual equity-based incentive award opportunity in a mix of equity award types that is substantially comparable to the mix of equity award types provided to similarly situated Company Employees immediately prior to the Effective Time, and with an aggregate opportunity that is no less favorable to such Company Employee or Parent Employee than the aggregate opportunity for annual equity-based incentive awards provided to the applicable Company Employee or Parent Employee immediately prior to the Effective Time, and (iv) other compensation and employee benefits that are no less favorable in the aggregate than the other compensation and benefits provided to such Company Employee or Parent Employee immediately prior to the Effective Time. With respect to Company Employees and Parent Employees who, in each case, are employed within a bargaining unit that is represented by a union, labor organization or works council, Parent shall provide compensation, employee benefits and other terms and conditions of employment as set forth in the applicable collective bargaining agreements or other applicable agreement with any employee representative or works council, until such time as those agreements are terminated, modified or renewed, to the extent required by applicable Law.
Compensation and Benefit Continuation. For the period commencing on the Closing Date (or, with respect to Group II Seller Employees, the Employment End Date) and ending on December 31, 2012 (the “Employment Period”), each Buyer Employee shall be entitled to (and Buyer shall, or shall cause the Company Group to, provide each Buyer Employee with): (i) base salary or wages not less than the base salary or wages provided to each such Buyer Employee immediately prior to the Closing Date (or, with respect to Group II Seller Employees, the Employment End Date), (ii) cash incentive compensation opportunities not less than the cash incentive compensation opportunities provided to each such Buyer Employee immediately prior to the Closing Date (or, with respect to Group II Seller Employees, the Employment End Date) and (iii) employee benefits not less favorable in the aggregate than those to be provided to each such Buyer Employee under (A) the employee benefit plan documents and policies prepared, or caused to be prepared, by Seller pursuant to Section 5.10(l), in each case as in effect on the Closing Date, (B) the Company 401(k) Retirement Plan and (C) the employee benefit plan documents and policies identified on Schedule C, attached hereto, as already existing on the date hereof on a stand-alone basis for the Company.
Compensation and Benefit Continuation. Computone agrees to continue to ------------------------------------- pay Xxxxxxxx all of his base compensation and provide all benefits for a period of six (6) consecutive months following the Effective Date (hereinafter referred to as the "Payment Period") as required by Article VII(e)(1) of the November 26, 1996 Employment Agreement between Computone and Xxxxxxxx (the "Employment Agreement"). It is expressly agreed that Xxxxxxxx waives any right to any commission or bonus contemplated by the Employment Agreement or otherwise.
Compensation and Benefit Continuation. On and after the Closing, with respect to each Mexx Europe Service Provider who is an employee of an Acquired Company immediately prior to the Closing (each, a “Transferred Employee”), the Buyers shall honor all of the terms and conditions of employment that were in effect for each such Transferred Employee immediately prior to the Closing, in all cases, to the fullest extent, and for no less than the minimum period, required pursuant to applicable local Law.
Compensation and Benefit Continuation. For a period of twelve (12) months from and after the Closing Date (the “Covered Period”), the Buyer shall (or shall cause its Affiliates to) provide each Continuing Employee: (a) with base salary or wage rates and a target annual bonus opportunity that is, in each case, not less than those in effect for such Continuing Employee immediately prior to the Closing; and (b) other compensation (including long-term incentive compensation) and employee benefits that are substantially similar in the aggregate to (and otherwise on the same terms and conditions as) those provided by the Buyer or its Affiliates to their similarly situated employees.
Compensation and Benefit Continuation. The Seller and its Affiliates will take such action as is necessary such that, as of the Closing, the Business Employees other than the Inactive Employees (as defined below in Section 5.6(b)) and Transferred Entities cease participation in each Benefit Plan that is not a Transferred Entity Benefit Plan. The Seller and its Affiliates will retain all Liabilities under each Seller Benefit Plan, whenever incurred, and all Liabilities under each Transferred Entity Benefit Plan incurred on or prior to the Closing Date.
Compensation and Benefit Continuation. Computone agrees to pay Alba ------------------------------------- $7,500 per month and continue all employee benefits Alba was receiving from Computone immediately prior to his resignation for a period of seven consecutive months following the Termination Date (hereinafter referred to as the "Payment Period"). It is expressly agreed that Alba waives and releases Computone from all other duties and obligations under any and all employment agreements between Computone and Alba or otherwise other than any rights to indemnification.
Compensation and Benefit Continuation
