Common use of Continuation Period Clause in Contracts

Continuation Period. For the nine (9) month period following the Closing Date (the “Continuation Period”), Purchaser shall (i) provide each Transferred Employee, during any portion of the Continuation Period that such employee is employed by Purchaser, a rate of pay that is no less than the rate of pay that such Transferred Employee receives immediately prior to the Closing Date and (ii) provide such Transferred Employees (as a group) with the employee benefit plans, programs and policies (other than equity-based plans, programs or policies) that are substantially similar in the aggregate to those employee benefit plans, programs and policies that are maintained by Purchaser or its Affiliates from time to time for the benefit of similarly situated employees of Purchaser or its Affiliates (any such employee benefit plans of Purchaser in which Transferred Employees become eligible to participate after the Closing shall be referred hereinafter as, the “Purchaser’s Plans”). If Purchaser has no similarly situated employees, Purchaser shall provide such Transferred Employees with benefit plans, programs and policies substantially similar in the aggregate to the benefit plans, programs and policies provided to such Transferred Employees immediately prior to the Closing Date. Notwithstanding any other provision herein, Purchaser shall not have any obligation to continue the employment of any Transferred Employee for any period following the Closing Date. Neither Purchaser nor Purchaser’s Plans shall receive assets from, nor be required to assume any of the liabilities of, the Seller Plans.