Examples of Employee Lease Agreement in a sentence
Under that certain Visteon Salaried Employee Lease Agreement, dated October 1, 2005, by and between Visteon Corporation and ACH (the “Salaried Employee Lease Agreement”), ACH pays Visteon Corporation on a monthly basis an amount that is intended to reflect Visteon Corporation’s liability for providing pension benefits to ACH employees.
Under that certain Visteon Hourly Employee Lease Agreement, dated October 1, 2005, by and between Visteon Corporation and ACH (the “Hourly Employee Lease Agreement”), ACH’s pension-related payment obligation with respect to the UAW Plan participants is equal to a portion of Visteon Corporation’s reported accounting expense and not the actual funding contributions to the UAW Plan.
Purchaser shall have offered employment to the employees who are currently subject to the Employee Lease Agreement and a sufficient number of such employees shall have accepted employment with Purchaser to enable Purchaser to lawfully operate the Facility after Closing and such offer and acceptance of employment shall have been at no cost to Purchaser or the Corporation under the terms of the Employee Lease Agreement.
The Corporation has no ERISA, employee benefit plan, wage or vacation, holiday, sick pay or severance pay obligations it being understood and agreed that the Corporation's only economic obligation with respect to the employees of the Facility is to make the payments due to Human Resources One under the terms of the Employee Lease Agreement.
Prior to the date hereof, Visteon and the Company have agreed on the process to determine the Visteon salaried employees who will be leased to the Company pursuant to the Visteon Salaried Employee Lease Agreement.