Common use of EMPLOYEE RESTRICTIONS Clause in Contracts

EMPLOYEE RESTRICTIONS. For a period of six (6) months following the Closing Date, neither Seller nor its Affiliates, nor Gary Products, nor any equit▇ ▇wners thereof nor any business enterprise in which Seller, its Affiliates, Gary Products, or the respec▇▇▇▇ equity owners thereof hold a controlling interest as of the Closing Date (collectively, the "Restricted Employers") will hire, without Buyer's prior consent, any individuals who are employees of Buyer (or their respective Affiliates) as of the date of determination and were employees of Seller as of the Closing Date (collectively, the "Restricted Employees"); provided, however, that if Buyer terminates any such employee, Seller shall have the option to offer employment to such employee. For a period of two (2) years following the Closing Date, the Restricted Employers shall not solicit for employment any Restricted Employees without the prior written consent of Buyer.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Nn Ball & Roller Inc), Asset Purchase Agreement (Nn Ball & Roller Inc)