FRP Employee definition

FRP Employee means each Person who, on the Distribution Date, is means each Person who, on the Distribution Date (a) is actively employed in the Real Estate Business who is listed on the payroll records of any member of the Real Estate Group, (b) is on short-term disability leave, authorized leave of absence, military service or lay-off with recall rights and who was last actively employed by any member of the Real Estate Group, or (c) is an inactive or former employee and who was last actively employed by any member of the Real Estate Group, including any former employee who has been on long-term disability leave or unauthorized leave of absence or who has terminated his or her employment, retired or died on or before the Distribution Date, and, in each case, their respective beneficiaries and dependents.
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Examples of FRP Employee in a sentence

  • On or as soon as reasonably practicable after the Distribution Date, Patriot shall deliver to FRP a schedule setting forth the accrued and unused vacation and paid time off for each FRP Employee as of the Distribution Date, and FRP shall assume and be responsible for all Liabilities therefor which, for the avoidance of doubt, shall be included in FRP Health and Welfare Liabilities.

  • To the extent any FRP Employee contributed to an account under the Patriot Health Care Spending Account Plan (“Patriot HCSAP”) during the calendar year that includes the Distribution Date, effective as of Immediately after the Distribution Date, Patriot shall transfer to the corresponding New FRP Health and Welfare Plan the account balances of such FRP Employees for such calendar year under the Patriot HCSAP, regardless of whether the account balance is positive or negative.