IR Group Employee definition
Examples of IR Group Employee in a sentence
Except as otherwise set forth in this Agreement, effective not later than immediately preceding the Effective Time, the employment of each IR Group Employee shall be continued by a member of the IR Group or shall be assigned and transferred to a member of the IR Group (in each case as determined by IR).
Effective as of the Effective Time, the IR Entity employing each IR Group Employee shall have (and, to the extent it has not previously had such obligations, such IR Entity shall assume) the obligations for all claims and Liabilities relating to workers’ compensation and unemployment compensation benefits for all IR Group Employees and Former IR Group Employees.
After the Effective Time, (i) IR shall be responsible for providing any necessary WARN notice (and meeting any similar state Law notice requirements) with respect to any termination of employment of any IR Group Employee and (ii) Allegion shall be responsible for providing any necessary WARN notice (and meeting any similar state Law notice requirements) with respect to any termination of employment of any Allegion Group Employee.
IR RSUs held by an IR Group Employee or a Former IR Group Employee immediately prior to the Effective Time shall be adjusted by dividing the number of IR RSUs subject to each grant by the IR Ratio.
Furthermore, unless expressly provided for in this Agreement or the Distribution Agreement or required by applicable Law, no provision in this Agreement shall be construed to create any right to accelerate vesting, distribution of benefits or entitlements to any compensation or Benefit Plan on the part of any IR Group Employee, Former IR Group Employee, Allegion Group Employee or Former Allegion Group Employee.
Effective as of the Effective Time, the IR Entity formerly employing each IR Group Employee shall have (and, to the extent it has not previously had such obligations, such IR Entity shall assume) the obligations for all claims and Liabilities relating to workers’ compensation and unemployment compensation benefits for all Former IR Group Employees.
IR shall be responsible for all Liabilities associated with IR Options and IR Stock Appreciation Rights exercised by an IR Group Employee or Former IR Group Employee, including any option exercise, share delivery, registration or other obligations related to the exercise of the IR Options.
IR Notional Shares held by an IR Group Employee, IR Director or a Former IR Group Employee immediately prior to the Effective Time shall be adjusted by dividing the number of IR Notional Shares held by such individual by the IR Ratio.
Allegion shall also be permitted to retain copies of all restrictive covenant agreements with any IR Group Employee or Former IR Group Employee in which any member of the Allegion Group has a valid business interest.
In the case of an exercise to hold shares, the award holder will instruct the award administrator and remit the exercise price (in the case of an Allegion Option) to the award administrator, who will (in the case of an Allegion Option) wire the exercise price directly to Allegion, wire the applicable tax withholding to IR and credit the remaining shares to the brokerage account of such IR Group Employee or Former IR Group Employee.