Common use of Compensation Generally Clause in Contracts

Compensation Generally. Without limiting the scope of Section 2.3, except as provided in the following sentence and in Section 3.2, Phillips or Chevron or their respective Subsidiaries, as applicable, shall retain all liability and responsibility for wages, salary, overtime pay, bonuses, incentive pay, and other cash compensation of P Chem Employees and C Chem Employees attributable to periods before the Transfer Date. Effective as of the Transfer Date, the Company and its Subsidiaries shall assume and be solely responsible for (a) all accrued but unused vacation and sick leave entitlements of Transferred Employees 162 attributable to periods before the Transfer Date and (b) all wages, salary, overtime pay, bonuses, incentive pay, vacation pay, sick pay and other cash compensation of Transferred Employees attributable to the period beginning on the Transfer Date. From and after the Transfer Date, the Company shall provide to Transferred Employees all wages, salary, overtime pay, bonuses, vacation pay, sick pay, other cash compensation and cash and equity-based incentive compensation on such terms as may be determined from time to time by the Company in its sole discretion.

Compensation Generally. Without limiting the scope of Section 2.3, except as provided in the following sentence and in Section 3.2, Phillips ▇▇▇▇▇▇▇▇ or Chevron or their respective Subsidiaries, as applicable, shall retain all liability and responsibility for wages, salary, overtime pay, bonuses, incentive pay, and other cash compensation of P Chem Employees and C Chem Employees attributable to periods before the Transfer Date. Effective as of the Transfer Date, the Company and its Subsidiaries shall assume and be solely responsible for (a) all accrued but unused vacation and sick leave entitlements of Transferred Employees 162 attributable to periods before the Transfer Date and (b) all wages, salary, overtime pay, bonuses, incentive pay, vacation pay, sick pay and other cash compensation of Transferred Employees attributable to the period beginning on the Transfer Date. From and after the Transfer Date, the Company shall provide to Transferred Employees all wages, salary, overtime pay, bonuses, vacation pay, sick pay, other cash compensation and cash and equity-based incentive compensation on such terms as may be determined from time to time by the Company in its sole discretion.

Compensation Generally. Without limiting the scope of Section 2.3, except as provided in the following sentence and in Section 3.2, Phillips or Chevron or their respective ▇▇▇▇▇▇▇ive Subsidiaries, as applicable, shall retain all liability and responsibility for wages, salary, overtime pay, bonuses, incentive pay, and other cash compensation of P Chem Employees and C Chem Employees attributable to periods before the Transfer Date. Effective as of the Transfer Date, the Company and its Subsidiaries shall assume and be solely responsible for (a) all accrued but unused vacation and sick leave entitlements of Transferred Employees 162 attributable to periods before the Transfer Date and (b) all wages, salary, overtime pay, bonuses, incentive pay, vacation pay, sick pay and other cash compensation of Transferred Employees attributable to the period beginning on the Transfer Date. From and after the Transfer Date, the Company shall provide to Transferred Employees all wages, salary, overtime pay, bonuses, vacation pay, sick pay, other cash compensation and cash and equity-based incentive compensation on such terms as may be determined from time to time by the Company in its sole discretion.