SpinCo Employees Sample Clauses
The 'SpinCo Employees' clause defines the treatment and status of employees who are assigned to or become part of a newly formed or separated company (SpinCo) as a result of a corporate spin-off or restructuring. This clause typically outlines which employees will transfer to SpinCo, the terms of their continued employment, and how their benefits, seniority, or accrued rights will be handled during and after the transition. Its core practical function is to ensure a clear and orderly transition of personnel, minimizing confusion and disputes regarding employee status and obligations between the original company and SpinCo.
SpinCo Employees. Except as provided in Section 2.02, all SpinCo Employees as of immediately prior to the Distribution shall continue to be employees of the SpinCo Group immediately following the Distribution. The Parties hereto agree that none of the transactions contemplated by the Separation Agreement or any of the Ancillary Agreements, including this Agreement, shall result in any SpinCo Employee, SpinCo LTD Employee or Former SpinCo Employee being deemed to have incurred a termination of employment or being eligible to receive severance benefits, solely as a result of the Distribution.
SpinCo Employees. Except as otherwise set forth in this Agreement, effective as of the Employee Transfer Date, the employment of the SpinCo Employees will commence with or be continued by a member of the SpinCo Group. Each of the Parties agrees to execute, and to seek to have the applicable employees execute, such documentation as may be necessary to reflect such assignments and transfers.
SpinCo Employees. Spinco Employees means the employees of AT Co. Group primarily engaged in the Spinco Business who are (1) transferred to or accept employment with Spinco, whether salaried or hourly and whether or not on vacation, leave, or authorized absence in accordance with the established practices or policies of Alltel on the Beginning Date and (2) designated as a Spinco Employee in accordance with Section 2.01 of this Agreement.
SpinCo Employees. Immediately prior to, and subject to, the Spin Off, IFG shall transfer to SpinCo (or the Spin Off Entities) the employees whose employment relates to the Spin Off Entities and Spin Off Assets, as determined by IFG in its sole discretion, so that no such employee who becomes employed by SpinCo experiences any termination or other interruption in employment. The employees who become employees of SpinCo upon the Spin Off shall not be employees of IFG or any Subsidiary of IFG at the Effective Time, except as otherwise agreed to in writing by the parties.
SpinCo Employees. All SpinCo Employees as of immediately prior to the Distribution shall continue to be employees of the SpinCo Group immediately following the Distribution.