9. Employees

Employees
 

As part of the transaction, the Buyer may desire to acquire the right to offer employment to one or more of the Seller's employees who have historically operated and maintained the assets. Including these employees in the underlying transaction allows the Seller to avoid relocating or reassigning employees to other projects post-closing who were previously dedicated to servicing the transferred asset. It also allows the Buyer to obtain the benefit of the knowledge gained by these individuals as employees of the Seller and reduces the risk of problems associated with the transfer and operation of the assets by the Buyer post-closing. In negotiating the PSA, the Buyer and Seller should discuss several considerations in connection with these employees, including (i) the duration of time that the Buyer will be able to make offers to the employees; (ii) whether the Seller will be allowed to retain employees that do not accept offers of employment with the Buyer; (iii) the amount of compensation that will be offered to the employees; (iv) the benefits that will be offered to the employees and whether any credit should be given for an employee's participation in the Seller's benefit plans for purposes of eligibility, vesting and awards; and (v) whether credit should be given to the transferred employee for any vacation or sick leave time that the employee accrued when employed by the Seller.

<< PREV      1  2  3  4  5  6  7  8  9  10      NEXT>>

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs