Common use of Labor Contract Clause in Contracts

Labor Contract. The Transferor shall take the following steps and cause the Employees to sign labor contracts with the Transferee or any of its Affiliates in the format as set forth in Schedule III: 4.1.1 Settle in full, in accordance with the requirements of Chinese laws, the severance pay of the employees whose labor contracts with the Transferor will be terminated (if applicable); 4.1.2 Pay in full and on time for its Employees all necessary social insurances unpaid prior to the Closing Date (if applicable); 4.1.3 As a consideration of the performance by the Employees of their non-competition obligations, pay them the compensations in the sum as agreed upon by both parties (if applicable); 4.1.4 Pay the Employees all the salaries, allowances, subsidies (including medical subsidy), bonuses or other outstanding expenses or benefits as of the Closing Date; 4.1.5 Withhold, declare and pay the individual income tax levied on the salaries, bonuses, allowances, subsidies or other expenses or benefits paid to the Employees before the Closing Date (if applicable); and 4.1.6 Issue the termination certificate for each Employee whose labor contract with the Transferor is terminated (if applicable) in accordance with related Chinese laws and/or related employment agreements.