Employees, Severance Policy. (A) Subject to NPB’s usual personnel and qualification policies, NPB will endeavor to continue the employment of all current non-management employees of PFI in positions that will contribute to the successful performance of the combined organization. More specifically, NPB will, after consultation with Xxxxxx X. Xxxxx and Xxxx X. Xxxxxxxxxx, prior to or soon after the Closing Date, inform each PFI employee of the likelihood of such employee having continued employment with NPB, NPBank or any other NPB Subsidiary following the Closing, and will permit any PFI employee to apply for any employment position posted as available with NPB, NPBank or any other NPB Subsidiary. NPB will give any PFI applicant priority consideration. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position or does not offer the employee comparable employment (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level in a work location within twenty five (25) miles of the employee’s then current work location with PFI), NPB will make severance payments to the displaced employee as set forth in this Section 5.07(c)(i).
Employees, Severance Policy. (A) Subject to OLB’s or the applicable OLB Subsidiary’s personnel and employment qualification policies and the provisions hereof, and subject to OLB’s right to require, in its sole discretion and as a condition of employment, such individuals to execute confidentiality, non-competition and/or non-solicitation agreements, OLB will endeavor to continue the employment of each individual who was an employee of BYBK or a BYBK Subsidiary as of August 4, 2017 and was continuously an employee of BYBK or a BYBK Subsidiary until immediately prior to the Effective Time (a “BYBK Employee”) in a position that will contribute to the successful performance of the combined organization as OLB deems appropriate, consistent with its plans and strategies, for the efficient and effective operation of the OLB Companies after the Effective Time. All such employees who accept offers of employment from an OLB Company (the “Retained Employees”) will be employed on an at-will basis. Notwithstanding anything to the contrary contained in this Section 5.7(c)(iii), no provision of this Agreement shall create any obligation of OLB or an OLB Subsidiary to retain any BYBK Employee or create any third party benefit except for the Indemnified Parties’ rights under Section 5.7(c)(v), which are expressly intended to be for the irrevocable benefit of, and shall be enforceable by, each Indemnified Party and his or her heirs and Representatives. If a BYBK Employee is not retained as contemplated and described in this Section 5.7(c)(iii)(A), or if OLB elects to eliminate a position or does not offer a BYBK Employee comparable employment with an OLB Company (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level), or a Retained Employee is terminated by an OLB Company without Cause within six months of the Effective Date (each such BYBK Employee or Retained Employee, a “Displaced Employee”), then OLB will make, or cause Old Line or the applicable OLB Subsidiary to make, severance payments to the Displaced Employee as set forth in this Section 5.7(c)(iii). 92
Employees, Severance Policy. (A) Subject to OLB’s usual personnel and qualification policies, OLB will endeavor to continue the employment of each individual who is a Holdings employee or an employee of a Holdings subsidiary on the Effective Date in a position that will contribute to the successful performance of the combined organization; provided, however, that no provision in this Agreement shall create any obligation of OLB to retain any Holdings employees or create any third party benefit. If an employee is not retained as contemplated by this Section 5.8(c)(iii)(A), or if OLB elects to eliminate a position or does not offer a Holdings employee comparable employment (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level), then OLB will make severance payments to the displaced employee as set forth in this Section 5.8(c)(iii).
Employees, Severance Policy. (A) NPB and KNBT will work cooperatively prior to the Closing through an integration team to determine which employees will likely be redundant based on planned closings of certain offices and duplicative functions of employees following the Merger. Each of NPB and KNBT will inform each of their employees of the likelihood of such employee having continued employment with KNBT Bank, NPB, NPBank or any other NPB Subsidiary following the Closing, and NPB will permit any KNBT employee to apply for any employment position posted as available with KNBT Bank, NPB, NPBank or any other NPB Subsidiary. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual.
Employees, Severance Policy. (i) Subject to Buyer’s usual personnel and qualification policies, Buyer will, prior to or as soon as practicable after the Closing Date, inform each Target and Target Subsidiary employee of the likelihood of such employee having continued employment with Buyer following the Closing and Buyer will permit any Target and Target Subsidiary employee to apply for any employment position posted as available with Buyer or an Affiliate of Buyer. Buyer will make severance payments to any terminated employee as set forth in this Section 5.14(a).
Employees, Severance Policy. (A) Subject to Tower's usual personnel and qualification policies, Tower will endeavor to continue the employment of all current FNB employees in positions that will contribute to the successful performance of the combined organization. If that is impracticable or if Tower elects to eliminate a position or does not offer the employee comparable employment (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level), then Tower will make severance payments to the displaced employee as set forth in this Section 5.08(c)(iii).
Employees, Severance Policy. (A) Subject to OLB’s usual personnel and qualification policies and the provisions hereof, OLB will endeavor to continue the employment of each individual who is an employee of RBI or an RBI subsidiary (a “RBI Employee”) on the Effective Date in a position that will contribute to the successful performance of the combined organization; provided, however, that no provision in this Agreement shall create any obligation of OLB to retain any RBI Employee or create any third party benefit except for the Indemnified Parties’ rights under Section 5.7(c)(iv), which are expressly intended to be for the irrevocable benefit of, and shall be enforceable by, each Indemnified Party and his or her heirs and representatives. If an RBI Employee is not retained as contemplated and described in this Section 5.7(c)(ii)(A), or if OLB elects to eliminate a position or does not offer an RBI Employee comparable employment (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level), then OLB will make severance payments to the displaced RBI Employee as set forth in this Section 5.7(c)(ii).
Employees, Severance Policy. NPB will endeavor to continue the employment of all current employees of Panasia in positions that will contribute to the successful performance of the combined organization. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position, NPB will make severance payments to the displaced employee as set forth herein. NPB will also make severance payments to an employee who declines a position that requires re- location more than 25 miles from his current place of employment. If a Panasia employee accepts a position that requires relocation of more than 25 miles from his current place of employment, NPB will reimburse him for documented relocation expenses, up to a maximum of $5,000. Subject to the following minimum and maximum benefits, NPB will grant an eligible employee one week of severance pay (at his then current pay rate) for each year of an employee's service with Panasia prior to the employment termination date. The minimum benefit shall be four weeks' salary for full-time employees, which will be pro-rated for part-time employees. The maximum severance benefit will be seven weeks' salary. All employees of Panasia on the date hereof will be eligible for these severance benefits, except that no employee of Panasia who shall receive any payments or benefits pursuant to any "change in control" agreement or similar plan or right shall be eligible for any severance benefits. Persons eligible for relocation or severance benefits will remain eligible for such benefits in the event of any relocation or termination of employment other than for "cause" within three months of the Effective Date. Any person whose employment with NPB is terminated by NPB without "cause" after three months from the Effective Date shall receive such severance benefit from NPB as is provided for in NPB's general severance policy for such terminations (with full credit being given for each year of service with Panasia). For purposes of this Section 4.07(c)(2), "cause" shall mean the employer's good faith reasonable belief that the employee committed fraud, theft, embezzlement, falsified corporate records, disseminated confidential information concerning customers, NPB, any NPB
Employees, Severance Policy. Upon consummation of the Merger, NPB shall offer, or cause Bank or another NPB Subsidiary to offer, employment to each person who is then an ENB employee, in accordance with the employment and severance policies set forth on NPB Disclosure Schedule 4.07(c)(iv) (the "Merger Employment Policies"). As provided in the Merger Employment
Employees, Severance Policy. (A) NPB has placed a freeze on all non-critical hiring within the NPB organization in order to have available the maximum number of positions for current FirstService employees, and will continue this freeze through the Closing Date. Subject to NPB's usual personnel and qualification policies, NPB will endeavor to continue the employment of all current employees of FirstService or any FirstService Subsidiary in positions that will contribute to the successful performance of the combined organization. More specifically, NPB will, after consultation with John C. Spier and Donald P. Xxxxxxxxxxx, prixx xx xx xxxx xxxxx xhe Closing Date, inform each FirstService employee of the likelihood of such employee having continued employment with NPB, NP Bank or any other NPB Subsidiary following the Closing, and will permit any FirstService employee to apply for any employment position posted as available with NPB, NP Bank or any other NPB Subsidiary. NPB will give any FirstService applicant priority consideration. For non-customer contact employees, where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position, NPB will make severance payments to the displaced employee as set forth in this Section 4.07(c)(ii). All FirstService customer contact employees will be offered employment in their current positions.
