Hired Employee definition

Hired Employee has the meaning set forth in Section 6.1.6.

Hired Employee has the meaning set forth in Section 8.10(a).

Hired Employee means any employee of Seller to whom Buyer offers employment after the Closing Date and who accepts such offer and commences such employment.

Examples of Hired Employee in a sentence

• A Late Year Newly Hired Employee may elect within the later of 30 days of becoming an Employee or the end of the calendar year in which he is hired to defer base salary earned in the Plan Year following his year of hire.

• A Newly Hired Employee may elect within 30 days of becoming an Employee to defer base salary earned subsequent to the deferral election becoming effective and in the year of hire.

• The aggregate cost of all Hired Employee Closing-Month Insurance Benefits shall be prorated between Buyer and Existing Operator based on the day of such month that the Closing occurs.

• To the extent that service is relevant for purposes of eligibility or vesting under any employee 401(k) plan or health insurance plan or other employee benefit plan established or maintained by Buyer or its Affiliates for the benefit of Buyer's employees on or after the Closing Date, such plan shall credit the Hired Employees with a period of service equal to that shown as the "years or service" for such Hired Employee on Schedule 6.1.

• 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.

More Definitions of Hired Employee

Hired Employee has the meaning set out in Section 4.3(b);

Hired Employee shall have the meaning set forth in Section 7.2.a.

Hired Employee means any Business Employee that becomes an employee of Buyer or an Affiliate of Buyer as of the Closing Date.

Hired Employee as used in this Agreement means an Employee who accepts employment with Buyers as of the Closing Date, and in addition, any Employee of Sellers who is on leave as of the Closing Date who later accepts employment with Buyers in accordance with the terms of Section 10.3(a). All Hired Employees will be retained as employees-at-will. The terms of all such Hired Employees’ employment with Buyers shall be in accordance with usual and customary practices for employees of LifeCare and its Affiliates. Buyers shall provide each Hired Employee with employee benefits, including, without limitation, retirement, welfare and paid time off, consistent with similarly-situated employees at long term acute care hospitals that are owned and operated by Affiliates of LifeCare. With respect to such employee benefits, to the extent lawful and provided for under Buyers’ ‘policies and contracts, Buyers shall honor the Hired Employees’ prior service credit under Sellers’ welfare benefit plans for purposes of eligibility and satisfying pre-existing condition limitations in Buyers’ welfare benefit plans. Buyers shall also honor the Hired Employees prior service with Sellers for purposes of eligibility and vesting in Buyers’ retirement benefit plans and other service-based plans such as paid time off, but shall not accrue benefits or make contributions to such plans with respect to such prior service. Buyers shall carry over, and give credit for, the unused Paid Time Off days of the Hired Employees based on the valid records of Sellers, but only to the extent that (i) the amounts do not exceed the maximum allowed accrual under Buyers’ policies and (ii) the value of such Paid Time Off is reflected in the Final Net Working Capital. Participation in such benefit plans shall begin as soon as administratively feasible after the Closing Date for participating Hired Employees (and eligible dependents) and for all other Hired Employees who, given their service with Sellers, have met the age and service requirements for participation under the respective Buyers plans. If Buyers terminate the employment of any Hired Employee at any time after the Closing, Buyers shall be responsible for costs and consequences of any such termination;

Hired Employee shall have the definition set forth in Section 5.4(a).

Hired Employee shall have the meaning provided in Section 11.1(b).

Hired Employee means those Business Employees who accept offers of employment with Buyer.