Continuing Business Employees definition

Continuing Business Employees has the meaning set forth in Section 6.10(a).

Continuing Business Employees means (a) those 3DS-employed Business Employees who remain employed on the Closing Date by Seller or one of its Affiliates that is not the Target Company or a Target Subsidiary and who accept Purchaser’s, or its Affiliate’s, offer of employment in accordance with Section 7.4(a) and (b) all other Business Employees who remain in the Target Company’s or a Target Subsidiary’s employment on the Closing Date and whose employment continues with such Target Company or Target Subsidiary on and immediately following the Closing Date.

Continuing Business Employees has the meaning set forth in Section 4.6(e). “Contract” means, with respect to any Person, any written or oral agreement, contract, commitment, obligation, undertaking, instrument, lease, sublease, license, sublicense or arrangement, in each case, including all applicable amendments, extensions, renewals and guaranties, to which such Person is a party or by which such Person’s assets or properties are bound. “Control Persons” has the meaning set forth in Section 4.3(a). “Current Representation” has the meaning set forth in Section 9.13(a). “Designated Person” has the meaning set forth in Section 9.13(a). “End Date” has the meaning set forth in Section 7.1(b)(i). “Enforceability Exceptions” has the meaning set forth in Section 2.2(a). “Environmental Law” means any Law regulating or relating to the protection of natural resources or the environment, human health or safety (as it relates to Hazardous Materials) or pollution. “Equity Commitment Letter” has the meaning set forth in the Recitals. “Equity Financing” means the equity financing contemplated by the Equity Commitment Letter.

Examples of Continuing Business Employees in a sentence

• Employees who do not return to work within such period shall not become Continuing Business Employees unless otherwise agreed to by Purchaser.

• From the Closing Date until the first anniversary thereof, Purchaser shall provide or cause to be provided the Continuing Business Employees with compensation and welfare benefits (excluding any severance or retiree medical benefits) that are not materially less favorable in the aggregate than those generally provided to similarly situated employees of Parent or its Affiliates immediately prior to the Closing.

• Purchaser shall be responsible for COBRA Obligations with respect to the Continuing Business Employees and their beneficiaries for whom a "qualifying event" under COBRA occurs after the Closing.

• Seller shall be liable for any health care coverage of Continuing Business Employees required under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") related to the Benefit Plans of Seller.

• Any employee benefits provided to such Continuing Business Employees will be provided under existing or newly established employee benefit plans which will, in either case, be employee benefit plans of Buyer, a Subsidiary of Buyer, or a Transferred Business Company (any such employee benefit plan in which Continuing Business Employees participate, the "Applicable Buyer Plan") and which may be modified at any time.

• Continuing Business Employees shall cease participation, vesting, benefit and service accruals under all Benefit Plans of Seller immediately upon the Closing Date.

• Purchaser shall be solely responsible for all Liabilities relating to the termination or alleged termination of any Continuing Business Employee's employment with Purchaser that occurs following the Closing Date.

• Purchaser agrees to have in effect on the Closing Date a defined contribution plan or plans with a salary reduction arrangement that covers Continuing Business Employees, the terms of which meet the requirements of Sections 401(a) and 401(k) of the Code (such plan or plans, the "Purchaser Savings Plan").

• Following the Benefits Transition Period, Purchaser shall assume, under Purchaser welfare benefit plans, the COBRA Coverage of all applicable PC/CM Continuing Business Employees still receiving such COBRA Coverage, and the Seller shall no longer administer such plans; provided, however, that Seller shall provide administrative support with respect to any claims incurred prior to the end of the Benefits Transition Period.

• As soon as practicable following the Closing Date, Purchaser shall permit Continuing Business Employees who are participants in such Purchaser Savings Plan to rollover, in cash, their account balances in the Sears Savings Plan into Purchaser Savings Plan.

More Definitions of Continuing Business Employees

Continuing Business Employees means any Business Employee who either becomes an employee of the Buyers (or an Affiliate thereof) as a result of accepting an offer of “at-will” employment from the Buyers (or an Affiliate thereof) pursuant to the terms of an Offer Letter, or otherwise agrees in writing to remain an employee of an Acquired Subsidiary post Closing.

Continuing Business Employees means (x) those persons who are employed as officers or employees of the Company and its Subsidiaries (collectively, the "Transferred Business Companies") immediately prior to or effective as of the Closing and (y) all former officers and employees of the Transferred Business Companies who are not considered retirees by Seller; provided that, in the event any person shall have been employed by any of the Transferred Business Companies and Seller, such person shall be considered a Continuing Business Employee if (i) as of the Closing Date such person's primary employment shall be with a Transferred Business Company or (ii) such person's employment with the Transferred Business Company terminated later than such person's employment with Seller.

Continuing Business Employees means any Business Employee (other than Israeli Company Employees and Foreign Company Employees) who remains an employee of a Company Subsidiary at the Closing in accordance with his then existing Employment Agreement.

Continuing Business Employees as defined in Section 8.2(a);