Accrued Employee Benefits definition
Accrued Employee Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.
Accrued Employee Benefits means any accrued wages, salary, vacation or other accrued paid time off or benefits for the employees of the Property, including without limitation those employees who will continue to be employed at the Property after the Closing.
Accrued Employee Benefits. (as hereinafter defined), there shall be no other adjustment for wages, vacation pay, pension and welfare benefits and other fringe benefits of all persons employed by Existing Operator at the Community; it being the intent of the parties that Buyer shall have no liability or obligation with respect to any employee of Existing Operator prior to Closing. Any Accrued Employee Benefits shall be paid to Buyer as a credit; provided, however, that to the extent that the transfer of any portion of such Accrued Employee Benefits from Existing Operator to Buyer or its property manager requires a consent by the applicable Hired Employee, and such consent is not obtained, Existing Operator shall pay to such Hired Employee the applicable Accrued Employee Benefits that are required by Law to be paid to such Hired Employee.
Examples of Accrued Employee Benefits in a sentence
The Accrued Employee Benefits shall be payable in accordance with the terms of the plan, policy, practice, program, contract or agreement under which such benefits have been accrued.
Accrued Employee Benefits shall be payable in accordance with the terms of the plan, policy, practice, program, contract or agreement under which such benefits have accrued.
Any Accrued Employee Benefits shall be paid to Buyer as a credit; provided, however, that to the extent that the transfer of any portion of such Accrued Employee Benefits from Existing Operator to Buyer or its property manager requires a consent by the applicable Hired Employee, and such consent is not obtained, Existing Operator shall pay to such Hired Employee the applicable Accrued Employee Benefits that are required by Law to be paid to such Hired Employee.
These accounts consist of Accrued Wages, Accrued Employee Benefits, Accrued Insurance Claims Reserve, Accrued Utility Taxes, Deposits and Contractor Retainage.
The Seller agrees that it will prepare a schedule of all Accrued Employee Benefits, listing the name of each employee entitled to such benefits, the type of benefits to which such employee is entitled and the dollar amount of such benefits (as updated through and including the Closing Date, the aggregate amount thereof, the "Accrued Employee Benefits Amount").
More Definitions of Accrued Employee Benefits
Accrued Employee Benefits shall have the meaning set forth in Section 9.1.
Accrued Employee Benefits. (as hereinafter defined), for which Buyer shall receive a credit at Closing, there shall be no other adjustment for wages, vacation pay, pension and welfare benefits and other fringe benefits of all persons employed by Seller at the Facility; it being the intent of the parties that Buyer shall have no liability or obligation with respect to any employee of Seller prior to Closing.
Accrued Employee Benefits means (i) the COBRA benefits (described in part 6 of Subtitle B of Subchapter 1 of ERISA) required to be provided or funded by Seller to, or for the account of any of its Employees as a result of Seller’s statutory or contractual obligations, and (ii) unused vacation and sick days accrued by Seller’s employees, and set forth on Schedule 2.1.9(a) hereto as updated through Closing as described in Article 5.2.11 hereof.
Accrued Employee Benefits means accrued employee benefits and liabilities of Company including, but not limited to, accrued payroll, vacation and commission and severance benefits of Transferred Employees and employee benefits listed on Schedule 1(c) annexed hereto and made a part hereof. Accrued Employee Benefits are defined as including a maximum liability to Seller of One Hundred and Five Thousand Dollars ($105,000) of severance benefits for terminations by Company prior to the Purchase Date and up to and including executive terminations through January 15, 1999, but excluding any other severance benefit granted to or claimed by a Transferred Employee or a former employee of Company, all of which shall be the liability and expense of Buyer.
Accrued Employee Benefits related to Hired Employees, if any, with respect to which Buyer receives a credit in accordance with the provisions of Section 6.3(g) hereof, and the transactions contemplated by this Agreement shall not result in the payment or accelerate any payment to any Facility Employees. Buyer has no obligation to hire any Facility Employees. In the event Buyer hires any employees of Seller, then Seller shall have no liability for any matter concerning any employee which accrues and relates to a period occurring from and after Closing. With respect to all Hired Employees, Seller shall maintain the Hired Employee Closing Month-Insurance Benefits, and the cost thereof shall be prorated in accordance with Section 6.3(g) hereof. Notwithstanding any provision hereof to the contrary, Buyer shall have the right to meet with the Executive Director, accountant/bookkeeper, marketing/sales director or any other department director of the Facility at any reasonable time after the Effective Date of this Agreement to discuss operational and other issues concerning the Facility (but not employment arrangements or offers of employment until after the expiration of the Study Period) and to review the Facility’s books and records. In addition, from and after the expiration of the Study Period, Buyer (and its prospective property manager) may meet with any employee at the Facility to discuss employment arrangements and operational and other issues concerning the Facility with any employee and Buyer’s property manager may, but shall have no obligation to, make offers of employment to any employee contingent upon Closing occurring hereunder and otherwise upon such terms and conditions of employment, compensation and benefits as Buyer shall determine in its sole discretion. Additionally, Buyer shall have the right to conduct on-site “onboarding” meetings with employees at least thirty (30) days prior to the date that any Hired Employees would commence employment with Buyer and, at or in connection with such “onboarding” meetings, Buyer shall be permitted to distribute to such employees a form to be executed by such employees which allows Buyer to receive and retain a hard copy of the actual employment files (personnel, medical, etc.) retained by such employees’ current employer; provided, however, that each such employee shall have the option of declining to sign such form. With respect to each employee who executes the form, the applicable files shall be provided to Buyer or its manager...
Accrued Employee Benefits has the meaning set forth in Section 6(n)(ii).
Accrued Employee Benefits. Schedule 4.4(s) lists the Accrued Employee Benefits as at February 28, 2001, including the name of the person entitled to such benefit and the amount thereof.