Employees and management. Renesas attaches tremendous importance to the skill, knowledge and expertise of Dialog’s employees and management and recognises their important contribution to Dialog’s success. Renesas confirms that following completion of the Acquisition, the existing contractual and statutory employment rights of Dialog’s employees will be fully observed in accordance with applicable law. Furthermore, until 31 December 2022, Renesas will maintain base salary or wage rates and cash allowances, provide substantially comparable cash incentive compensation and long-term incentive compensation opportunities, and provide a benefits package which is at least substantially comparable in the aggregate to existing benefits arrangements. Following completion of the Acquisition, Renesas intends to carry out a detailed review of Dialog’s business and operations, to identify any areas of duplication or overlap and to optimize the structure of the merged business units of the Combined Group in order to achieve the anticipated benefits of the Acquisition. In identifying any areas of duplication or overlap, Renesas expects to review the merged business units of the Combined Group as a whole, and implement the best practices which Renesas and Dialog can learn from each other. Based on its experience from previous acquisitions, Renesas expects the Acquisition to result in limited headcount reductions across the Combined Group, with no more than a single digit percentage headcount reduction impacting the Dialog business. From its initial analysis, Renesas expects the majority of these synergies to be in the sales, general and administrative business functions of the Combined Group, although a greater proportion are likely to be in Dialog’s head office, corporate and support functions which overlap with Renesas’ existing functions. Renesas also expects to streamline the management structure where there is overlap in title and function across the Combined Group. Renesas will only develop and implement such proposals once the detailed review and integration planning referred to above has been completed and discussions have been undertaken with the people concerned. Dialog will assist with integration planning, as appropriate. The finalisation and implementation of any workforce reductions and, where applicable, other impacts of such proposals on Dialog’s employees (including for example, the impact on daily commute), will be subject to comprehensive planning, appropriate engagement with rele...
Employees and management. In addition to, or in lieu of, hiring employees, the Agency may engage one or more Members to manage any or all of the business of the Agency or to provide employees to manage any or all of the business of the Agency on terms and conditions acceptable to the Board of Directors. Any Member so engaged shall have such responsibilities and shall be compensated as set forth in the agreement for such Member’s services entered into by and between such Member and the Agency, which agreement shall be approved by the Board. Notwithstanding the foregoing, the Director appointed by the Member providing such services shall not vote on the agreement to provide such services.
Employees and management. In addition to, or in lieu of, hiring employees, the Authority may engage one or more General Members to manage any or all of the business of the Authority on terms and conditions acceptable to the Board of Directors. Any General Member so engaged shall have such responsibilities as are set forth in the contract for such General Member’s services which shall be approved by a majority vote of the Directors representing the non-contracting Members.
Employees and management. LMP Bidco attaches great importance to the skill and experience of Xxxxxxx Xxxxxx’x management and employees and recognises that the commitment of the employees and management of the Xxxxxxx Xxxxxx Group will be a critical part of the future success of Xxxxxxx Xxxxxx. Building on its current strategy, LMP Bidco intends to support the Xxxxxxx Xxxxxx management team in executing appropriate technology-related and other initiatives to drive efficiency, effectiveness and growth, and does not intend to initiate any material headcount reductions within the current Xxxxxxx Xxxxxx organisation as a result of the Offer. There are no intentions to make any changes to management structures or reporting lines. LMP Bidco confirms that, following completion of the Proposed Acquisition, the existing contractual and statutory rights and terms and conditions of employment, including pension obligations, of the management and employees of Xxxxxxx Xxxxxx and its subsidiaries will be fully safeguarded in accordance with applicable law. LMP Bidco has no intention to make any material change to the conditions of employment of Xxxxxxx Xxxxxx employees or in the balance of the skills and functions of the employees and management of Xxxxxxx Xxxxxx. It is expected that once Xxxxxxx Xxxxxx ceases to be a listed company, certain corporate and support functions will potentially require reduced headcount. LMP Bidco has not yet developed proposals as to how any such headcount reductions would be implemented. Following completion of the Proposed Acquisition, LMP Bidco intends to put in place incentivisation arrangements for certain managers and employees of Xxxxxxx Xxxxxx. The terms of these arrangements are to be determined at the appropriate time. LMP Bidco has not entered into, and has not had discussions on proposals to enter into, any form of incentivisation arrangement with any member of Xxxxxxx Xxxxxx’x management or with any Xxxxxxx Xxxxxx employee, and no such discussions will take place prior to completion of the Proposed Acquisition. Upon completion of the Proposed Acquisition, LMP Bidco does not intend to make any material restructurings or changes in location of Xxxxxxx Xxxxxx’x headquarters and headquarters functions, operations and places of business. In addition, no changes are expected with respect to the redeployment of Xxxxxxx Xxxxxx’x fixed asset base or the research and development functions of Xxxxxxx Xxxxxx. LMP Bidco expects that Xxxxxxx Xxxxxx’x non-executive dir...
Employees and management. Anglo American attaches great importance to the skill and experience of Sirius’ management and employees and recognises that the commitment of the management and employees of Xxxxxx will be important to Anglo American going forward, particularly in relation to the development of the Project and therefore, save as set out in “Sirius senior management and incentivisation arrangements” below, Anglo American does not intend to make any material change in the conditions of employment of Sirius employees, unless otherwise agreed with the relevant employee. Anglo American intends to support the Sirius management team in conjunction with the broader resources of Anglo American in order to proceed with the development of the Project following a further review of the development plan. Anglo American remains committed to its disciplined capital allocation framework. In the first two years after successful completion of the Acquisition, development work on the Project is expected to be broadly in line with Xxxxxx’ revised development plan although Anglo American intends to update the development timeline, optimise mine design and ensure appropriate integration with Anglo American’s own operating standards and practices. Following completion of the Acquisition, Anglo American does not intend to initiate any material headcount reductions within the current Sirius organisation or any material changes in the balance of skills and functions of the Sirius employees and management but may provide additional support to the Project through the use of Anglo American’s skills and capabilities. Anglo American intends to continue to support Xxxxxx’ existing engineering apprentice scheme. Xxxxxx currently has a head office in Scarborough with a small registered office in London. Following completion of the Acquisition, Anglo American intends to maintain Sirius’ Scarborough office and to close Sirius’ London office. Anglo American intends to maintain Sirius’ executive, sales and projects functions across both locations and consolidate certain corporate and support functions with corresponding Anglo American functions. Anglo American has not yet determined whether these steps will result in headcount reductions but Anglo American would expect that any required reductions would not be material in number. It is expected that, upon completion of the Acquisition, each of the non-executive members of the Sirius Board shall resign from his/her office as a Sirius Director.
Employees and management. In addition to, or in lieu of, hiring employees, the Agency may engage one or more Members to manage any or all of the business of the Agency on terms and conditions acceptable to the Board of Directors. Any Member so engaged shall have such responsibilities as are set forth in the contract for such Member’s services, which shall be approved by a super-majority vote of the Directors representing the non-contracting Member.
Employees and management. 9.1. The merging funds do not have employees. A subsidiary of the Acquiring Fund as well as a subsidiary of the Fund Being Acquired have employees employed under employment contracts where this is appropriate considering the specifics of the assets and interests of the merging funds (for example in shopping centres), also where this is required under the law, and the merger does not affect the employment contracts concluded with the merging funds subsidiaries’ employees, which continue to remain valid under the same terms and conditions.
Employees and management. On or before the Closing, any management employees and contractors of the Company whose existing employment or similar agreements’ terms and conditions are unacceptable to the Buyer (collectively, the Key Employees) may be offered new agreement(s) with the Company, in a form satisfactory to the Buyer, to be effective upon the Closing Date (the New Key Employees’ Contracts). The Seller or the Company, at their cost, shall cause on or before the Closing any employment contracts or other employment or similar arrangements between the Company and its employees and contractors which contain obligations that arise from a change of control including, without limitations, bonuses, special or extraordinary severance payments, or any required retention or transaction related payments (collectively, Potential Payments) to be for the account of the Seller such that neither the Company nor the Buyer nor any of their respective post-closing affiliates are responsible for, nor obligated to make, the Potential Payments except if accrued in the Closing Balance Sheet. Under no circumstances will the Company, the Buyer, or any of their respective post-closing affiliates be liable towards the employees of the Company for any obligation arising from a change of control of the Company. All such obligations must be resolved by the Seller with employees prior to Closing. It is also agreed that the employment agreements of Xxxx Xxxxxxxx and Xxxxx Xxxxxxx will remain with the Seller, which shall be responsible for all payments to Xx. Xxxxxxxx and Xx. Xxxxxxx under the employment agreement and other existing compensation arrangements, including statutory withholding and other similar payments. For greater certainty, they will not be entitled to any further payments from the Company or Buyer after Closing, other than amounts accrued in the Closing Balance Sheet. It is also agreed that the Buyer at its option, may contract with the Seller to use the services of Xxxx Xxxxxxxx and Xxxxx Xxxxxxx, or, if they are no longer employed or hired by the Seller, contract with them directly, for a period and monthly rate to be determined to assist with transition activities. Notwithstanding anything to the contrary set out above in this Clause 5.4 or in Clause 4.1.2 (f) above, the Seller will not be obliged towards the Buyer to keep Xxxx Xxxxxxxx and Xxxxx Xxxxxxx employed or otherwise hired for any period of time following Closing, or to ensure that Xxxxxxxxxxx Xxxxxxxx is employed by Modern Bil...
Employees and management. 5.1. The Company Being Acquired does not have any employees.
Employees and management. Bidco attaches great importance to the skill and experience of TRG’s management and employees and recognises that the employees and management of TRG have been and will continue to be key to the continued success of the TRG Group. Other than as a result of the Evaluation, Bidco does not intend to make any material reduction to the headcount, or any material change to the conditions of employment or to the balance of skills and functions, of the TRG Group’s employees or management. It is intended that, with effect from the Effective Date, each of the non-executive Directors of TRG shall resign from their office. Once TRG ceases to be a listed company, some central management, corporate and support functions, including PLC-related functions, may be reduced in scope, which is likely to result in a limited reduction of headcount in these areas. Any such headcount reduction shall be carried out in accordance with applicable law. Existing employment rights and pensions Xxxxx confirms that, following the Acquisition becoming Effective, the existing contractual and statutory employment rights, including pension rights, of all TRG management and employees will be fully safeguarded in accordance with applicable law. Bidco does not intend to make any change to the benefits provided by XXX’s defined contribution pension arrangements and intends for the employer to continue to make contributions in line with the current arrangements. No member of the TRG Group participates in any defined benefit pension scheme. Management incentive arrangements Following the Acquisition becoming Effective, Bidco intends to review the management, governance and incentive structures of TRG. Bidco has not entered into, and has not had discussions on proposals to enter into, any form of incentivisation arrangements with members of TRG’s management, but may have discussions and enter into such discussions for certain members of the TRG management team following the Effective Date. Headquarters, locations, fixed assets and research and development Bidco does not intend to undertake any material restructurings or change in the locations of TRG’s fixed assets or places of business, subject to the outcome of the Evaluation mentioned above. Bidco does not intend to change the location or functions of TRG’s headquarters in London. TRG does not currently have a research and development function and Bidco has no plans in this regard. Trading Facilities TRG Shares are currently listed on the Officia...
