Retained Business Employees definition
Examples of Retained Business Employees in a sentence
From and after the Effective Time, (i) all Assets and Liabilities under the SpinCo Deferred Compensation Plan shall be Assets and Liabilities of the SpinCo Group (regardless of whether such Assets or Liabilities relate to SpinCo Group Employees, Retained Business Employees, or Former Employees); and (ii) no Retained Business Participants shall accrue any benefits under the SpinCo Deferred Compensation Plan.
At the Effective Time, all SpinCo Group Employees shall remain employees of SpinCo or the applicable member of the SpinCo Group, and all Retained Business Employees shall remain employees of Parent or the applicable member of the Parent Group.
The SpinCo Group shall be responsible for compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the SpinCo Welfare Plans with respect to any Retained Business Employees, Former Retained Business Employees, Former SpinCo Group Employees and their respective dependents who incur or incurred a qualifying event under COBRA prior to the Effective Time.
Neither Parent nor any other member of the Parent Group shall be responsible for any claims incurred under the Parent Welfare Plans prior to the Effective Time, except for claims incurred by Retained Business Employees or Former Retained Business Employees.
Neither SpinCo nor any other member of the SpinCo Group shall be responsible for any claims incurred under the Parent Welfare Plans or the SpinCo Welfare Plans by Retained Business Employees or Former Retained Business Employees.
The Transition Team shall also establish a transition of the responsibilities of the Retained Business Employees to Purchaser employees and a transition of the services of the Retained Business Employees to other Seller businesses in order to ensure an orderly transition.
Seller shall assume, retain and indemnify Buyer for all Liabilities with respect to the Transferred Retained Business Employees.
In the event Buyer does not offer any Business Employees, except those Business Employees listed on Schedule 3.1 – Seller Retained Business Employees, an offer of employment substantially similar in duties and compensation to the position in which they are employed as of the day prior to the Closing Date, then Buyer shall be responsible for payment of severance pay to each of the affected Business Employees not offered such employment, in accordance with Seller's standard severance policy.