Common use of Disability Employees Clause in Contracts

Disability Employees. Prior to the Closing, Seller shall cause the employment of each employee of the Company who is on long-term disability leave as of the Closing (a “Disability Employee”) to be transferred to an Affiliate of Seller other than the Company. Parent shall make an offer of employment to any such Disability Employee who otherwise would have been a Company Employee and who returns to active employment during the Continuation Period. A Disability Employee shall not be considered a Company Employee unless and until his or her employment commences with Parent or its Affiliates. A Company Employee who is on short-term disability leave as of the Closing who subsequently qualifies for long-term disability benefits shall receive long-term disability benefits pursuant to the applicable Seller Benefit Plan (under which Seller and its Affiliates shall retain all Liabilities) and not pursuant to a long-term disability benefit plan of Parent or its Affiliates; provided, however, Purchaser shall reimburse Seller or its Affiliate, as applicable, promptly after receipt of any accounting statement from Seller, for any long-term disability premium payments made by Seller or its Affiliates with respect to each such Company Employee for the period from Closing through the date on which such Company Employee’s elimination period ends (or if sooner, when such Company Employee returns to work and ceases to be eligible for long-term disability benefits with respect to the disability for which the Company Employee was on short-term disability leave as of the Closing).

Appears in 2 contracts

Samples: Stock Purchase Agreement (Gulf Power Co), Stock Purchase Agreement (Nextera Energy Inc)

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Disability Employees. Prior to the Closing, Seller shall cause the employment of each employee of the Company who is on long-term disability leave as of the Closing (a “Disability Employee”) to be transferred to an Affiliate of Seller other than the Company. Parent shall make an offer of employment to any such Disability Employee who otherwise would have been a Company Business Employee and who returns to active employment during the Continuation Period. A Disability Employee shall not be considered a Company Business Employee unless and until his or her employment commences with Parent or its Affiliates. A Company Business Employee who is on short-term disability leave as of the Closing who subsequently qualifies for long-term disability benefits shall receive long-term disability benefits pursuant to the applicable Seller Benefit Plan (under which Seller and its Affiliates shall retain all Liabilities) and not pursuant to a long-term disability benefit plan of Parent or its Affiliates; provided, however, Purchaser shall reimburse Seller or its Affiliate, as applicable, promptly after receipt of any accounting statement from Seller, for any long-term disability premium payments made by Seller or its Affiliates with respect to each such Company Business Employee for the period from Closing through the date on which such Company Business Employee’s elimination period ends (or if sooner, when such Company Business Employee returns to work and ceases to be eligible for long-term disability benefits with respect to the disability for which the Company Business Employee was on short-term disability leave as of the Closing).

Appears in 2 contracts

Samples: Stock Purchase Agreement (Gulf Power Co), Stock Purchase Agreement (Nextera Energy Inc)

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Disability Employees. Prior to the Closing, Seller shall cause the employment of each employee of the Company who is on long-term disability leave as of the Closing (a “Disability Employee”) to be transferred to an Affiliate of Seller other than the Company. Parent shall make an offer of employment to any such Disability Employee who otherwise would have been a Company Employee and who returns to active employment during the Continuation Period. A Disability Employee shall not be considered a Company Employee unless and until his or her employment commences with Parent or its Affiliates. A Company Employee who is on short-term disability leave as of the Closing who subsequently qualifies for long-term disability benefits shall receive long-term disability benefits pursuant to the applicable Seller Benefit Plan (under which Seller and its Affiliates shall retain all Liabilities) and not pursuant to a long-term disability benefit plan of Parent or its Affiliates; provided, however, Purchaser shall reimburse Seller or its Affiliate, as applicable, promptly after receipt of any accounting statement from Seller, for any long-term disability premium payments made by Seller or its Affiliates with respect to each such Company Employee for the period from Closing through the date on which such Company Employee’s elimination period ends (or if sooner, when such Company Employee returns to work and ceases to be eligible for long-term disability benefits with respect to the disability for which the Company Employee was on short-term disability leave as of the Closing).. 6.6

Appears in 1 contract

Samples: Stock Purchase Agreement

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