Severance and Paid Time Off. Without limiting the foregoing provisions of this Section 6.07, for a one (1)-year period following the Closing, Parent shall provide, or shall cause to be provided, severance and paid time off benefits to each Non-Unionized Continuing Employee that, respectively, are no less favorable than the severance and paid time off benefits in effect in respect of such Non-Unionized Continuing Employee immediately before the Closing pursuant to the Company Severance Policy, effective as of July 1, 2014 (the “Company Severance Policy”). With respect to any Non-Unionized Continuing Employee whose employment with any Acquired Company terminates under the circumstances giving rise to severance (the date of such termination of employment, such Non-Unionized Continuing Employee’s “Employment Termination Date”) during the period between the Closing Date and the day immediately prior to the six-month anniversary of the Closing Date and who, during the period between such Non-Unionized Continuing Employee’s Employment Termination Date and the six month anniversary of such Employment Termination Date, is hired to perform services by any of Sellers or any Affiliate of any of Sellers other than the Acquired Companies (each a “Seller Employer”), Sellers shall reimburse Parent for a portion of the severance payments payable to such Non-Unionized Continuing Employee, with such portion to be determined by multiplying the total amount of the severance payments payable to such Non-Unionized Continuing Employee by a fraction, the numerator of which is the number of days such Non-Unionized Continuing Employee is employed by a Seller Employer during such Non-Unionized Continuing Employee’s Severance Policy Severance Period and the denominator of which is the total number of days in such Non-Unionized Continuing Employee’s Severance Policy Severance Period; provided that, for purposes of this sentence, no severance benefits agreed to by Parent or its Affiliates (including the Acquired Companies) after the Closing in excess of the amounts provided for under the Company Severance Policy shall be taken into account. Any amount to be reimbursed by the Sellers pursuant to the immediately preceding sentence shall be disbursed from the Escrow Fund.
Severance and Paid Time Off. Without limiting the foregoing provisions of this Section 6.7, for a one (1) year period following the Closing, Buyer shall provide, or shall cause to be provided, severance and paid time off benefits to each Continuing Employee that, respectively, are no less favorable than the more favorable of (i) the severance and paid time off benefits in effect in respect of such Continuing Employee immediately before the Closing and (ii) the severance and paid time off benefits payable to such Continuing Employee under any applicable severance plan of Buyer in effect at the time of such termination. Notwithstanding the foregoing, severance and paid time off benefits for those employees subject to a Labor Agreement shall be governed by the terms of such Labor Agreement. As of and after the Closing, Buyer shall credit, or shall cause to be credited, each Continuing Employee for all service with Seller or its Affiliates and any respective predecessor entities, if any, for purposes of determining the right to and the amount of severance and paid time off benefits after the Closing to the extent such service was recognized for such purpose under the applicable severance or paid time off benefit plan, program, agreement or arrangement covering the Continuing Employee immediately before the Closing.
Severance and Paid Time Off. Without limiting the foregoing provisions of this Section 6.07, for a one (1) year period following the Closing (or such other period as may be required under any Contract or Benefit Plan), the Purchaser shall provide, or shall cause to be provided, severance and paid time off availability policies to each Continuing Employee that, respectively, are no less favorable than the severance benefits and paid time off policies set forth in Section 6.07(c) of the Seller Disclosure Schedule, except as would result in a duplication of benefits.
Severance and Paid Time Off. Without limiting the foregoing provisions of this Section 6.07, except as otherwise provided in an individual employment or severance agreement, for a one (1) year period following the Closing, Buyer shall provide, or shall cause to be provided, severance and paid time off benefits to each Continuing Employee (other than Continuing Union Employees) that, respectively, are no less favorable than the severance and paid time off benefits in effect in respect of similarly situated employees of Buyer as in effect from time to time; provided, however, that Buyer shall, or shall cause the Acquired Companies (or an Affiliate thereof) to, provide each Continuing Union Employee with severance and paid time off benefits in accordance with the terms of the Collective Bargaining Agreement covering such Continuing Union Employee as applicable to such Continuing Union Employee from time to time. As of and after the Closing, Buyer shall credit, or shall cause to be credited, each Continuing Employee for all service with an Acquired Company (or any Affiliate) and any respective predecessor entities, if any, for purposes of determining the right to and the amount of severance and paid time off benefits after the Closing to the extent such service was recognized for such purpose under the applicable severance or paid time off benefit plan, program, agreement or arrangement covering the Continuing Employee immediately before the Closing.
