Common use of Employee Issues Clause in Contracts

Employee Issues. To Seller's knowledge, no employees of Seller are members of any union. Within ten (10) days after Franchisor approval of Buyer as a Ford and Mazda dealer, Seller shall provide to Buyer the following: (i) a list of Seller's employees, (ii) a written disclosure of all benefits made available to Seller's employees (including qualified and non-qualified retirement plans), and (iii) access to all personnel files for seller's employees, unless the providing of such information would, in Seller's reasonable discretion, be prohibited by State or Federal law. All employee benefit plans maintained by Seller for its employees shall be fully funded prior to Closing. Seller shall pay all wages, commissions, accrued vacation pay and other accrued compensation earned by Seller's employees prior to Closing (together with all accrued FICA and withholding taxes). Seller shall terminate the employment of all of Seller's employees effective as of the close of business on the Closing Date. At Buyer's sole discretion, Buyer may (but shall not be obligated to) hire any of Seller's employees. Seller will not, for a period of two years following Closing, employ or offer employment to any of Seller's terminated employees unless Buyer shall fail to employ such employees or shall subsequently terminate such employees.

Employee Issues. To Seller's knowledge, no employees of Seller are members of any union. Within ten (10) days after Franchisor Franchisors' approval of Buyer as a Ford Chevrolet, Mazda and Mazda Isuzu dealer, Seller shall provide to Buyer the following: (i) a list of Seller's employees, (ii) a written disclosure of all benefits made available to Seller's employees (including qualified and non-qualified retirement plans), and (iii) access to all personnel files for seller's employees, unless the providing of such information would, in Seller's reasonable discretion, be prohibited by State or Federal law. All employee benefit plans maintained by Seller for its employees shall be fully funded prior to Closing. Seller shall pay all wages, commissions, accrued vacation pay and other accrued compensation earned by Seller's employees prior to Closing (together with all accrued FICA and withholding taxes). Seller shall terminate the employment of all of Seller's employees effective as of the close of business on the Closing Date. At Except as otherwise agreed between the parties, Buyer may, in Buyer's sole discretion, Buyer may discretion (but shall not be obligated to) hire any of Seller's employees. Seller will not, for a period of two years following Closing, employ or offer employment to any of Seller's terminated employees unless Buyer shall fail to employ such employees or shall subsequently terminate such employees.