Compensation and Employee Benefits. SECTION 13.01.
Compensation and Employee Benefits. (a) Until the first anniversary of the Effective Time (as defined in the Merger Agreement, and such period, the “Continuation Period”), Purchaser shall provide, or shall cause to be provided, to each Transferred Employee (i) base salary and annual cash bonus opportunities that are no less favorable, in each case, than those in effect immediately prior to the Closing, (ii) severance benefits that are no less favorable than the severance benefits that would have been provided to such Transferred Employee under the applicable severance benefit plans, programs, policies, agreements and arrangements as in effect on the date hereof, and (iii) employee benefit plans and arrangements (other than base salary, annual bonus and long-term incentive opportunities, severance benefits and employee stock purchase plan benefits) that are substantially comparable in the aggregate to those provided to the Transferred Employees immediately prior to the Closing, in the case of clauses (i) and (iii), except to the extent such Transferred Employee’s employment with Purchaser or its Affiliates is terminated prior to the end of the Continuation Period. In addition, (A) Purchaser shall provide, or shall cause to be provided, a 2018 long-term incentive award to each Transferred Employee employed by Purchaser or its Affiliates at the time annual long-term incentive awards are made generally that is no less favorable than the long-term incentive award made to similarly situated employees of Xxxxxx generally, and (B) Seller shall provide to Purchaser reasonably promptly following the determination thereof such information regarding the 2018 long-term incentive awards described in clause (A) as is reasonably required by Purchaser for purposes of fulfilling its obligations under this Agreement with respect to such awards. Purchaser shall not assume sponsorship of or any Liability under any Seller Plan, all Liability for which shall remain the responsibility of Seller or its applicable Affiliate.
Compensation and Employee Benefits. (a) The Employee's base salary during the initial term of employment shall be no less than $150,000 commencing on the Effective Date payable in accordance with the Company's payroll practices as in effect from time to time. The Employee's base salary will be reviewed annually by the Company's Board of Directors (the "Board") to determine whether an increase is warranted or appropriate. The Employee also will be entitled to be considered for awards each year under the Company's then existing incentive compensation program, which may take into account individual and Company-wide performance, or such other performance criteria as the Board may from time to time apply.
Compensation and Employee Benefits. The Purchaser shall, effective as of the Closing Date, provide to the Business Transitioned Employees (i) base salaries at least equal to their base salaries on the date immediately preceding the Closing Date and (ii) employee benefits under plans, programs and arrangements substantially equivalent in the aggregate to either (A) those provided pursuant to the plans, programs and arrangements (other than any related to the equity securities of a Seller and other than the Employee Agreements) of the applicable Seller in effect on the date immediately preceding the Closing Date or (B) those provided to comparably situated employees of the Purchaser (other than post retirement health and life insurance coverage and defined benefit pension benefits); provided, however, that nothing herein shall prevent, from and after the Closing Date, the amendment or termination of any specific plan, program or arrangement or interfere with the Purchaser's right or obligation to make such changes as are necessary to conform with applicable Laws. Except as provided in Section 7.3, Business Transitioned Employees shall be given credit for purposes of eligibility and vesting for all service with a Seller to the same extent as such service was credited for such purpose by such Seller, under each employee benefit plan, program or arrangement of the Purchaser in which the Business Transitioned Employees are eligible to participate; provided, however, that in no event shall the employees be entitled to any credit to the extent that it would result in a duplication of benefits with respect to the same period of service. Sellers will provide Form W-2s to Business Transitioned Employees for the period prior to the Closing Date and Purchaser will provide Form W-2s to Business Transitioned Employees for the period on and after the Closing Date. Sellers agree to cause continued coverage of Business Transitioned Employees and their eligible dependents under the Parent's medical, dental, life, disability and health insurance plans through 12:00 PM midnight May 31, 2002. Purchaser agrees to reimburse Parent for the amount of all claims, expenses and treatments incurred by Business Transitioned Employees and their eligible dependents from the Effective Benefits Time through 12:00 PM midnight on May 31, 2002 under Parent's medical, dental and health plans. Purchaser shall make such reimbursements promptly upon submission of Parent's statement therefor.
Compensation and Employee Benefits. Employee shall receive, as full compensation for his services to the Company, payment based on an annual salary of $140,000, paid by the Company in accordance with its standard payroll practices. The payment due Employee hereunder shall be reviewed annually by the Company. The annual salary and each of the cash payments listed below shall be subject to applicable withholding taxes as reflected on the W-4 completed by the Employee.
Compensation and Employee Benefits. Upon the terms and subject to the conditions herein, the Company will compensate Employee for his employment during the Employment Term as follows:
Compensation and Employee Benefits. Except to the extent required by the Seller to comply with its obligations under contracts existing as of the date hereof and disclosed to the Buyer and except for increases in compensation in the Ordinary Course of Business which shall not exceed four percent (4%) in the aggregate, the Seller shall not make any changes in the amount or frequency of benefits and salaries paid to its employees and officers.
Compensation and Employee Benefits. You will be paid a starting salary at the rate of $280,000 per year, payable on the Company’s regular payroll dates. As a regular employee of the Company you will be eligible to participate in a number of Company sponsored benefits, including medical, dental, and other insurances.
Compensation and Employee Benefits. Notwithstanding anything in this Agreement to the contrary, the representations and warranties contained in Section 4.1.10 and this Section 4.1.11 are the sole and exclusive representations and warranties of the Seller pertaining or relating to matters with respect to the Current Employees.
Compensation and Employee Benefits. You will be paid a starting [wage/salary] at the rate of $__________ per [hour/month/year], payable on the Company’s regular payroll dates. [As a regular employee of the Company you will be eligible to participate in a number of Company-sponsored benefits, which are described in the employee benefit summary that I have enclosed with this letter.]
