STD Employee definition
Examples of STD Employee in a sentence
Seller shall retain all Liabilities related to any STD Employees unless and until such STD Employee commences employment with Purchaser or one of its Affiliates, at which time such STD Employee shall be treated as a Transferred Employee.
Nothing herein shall require New Hertz Holdings or a member of the Hertz Group to offer employment in the event a HERC Holdings Insured STD Employee, a HERC Holdings Self-Insured STD Employee, a HERC Holdings LTD Employee, or a Future HERC Holdings LTD Employee is released to return to work.
For the avoidance of doubt, any HERC Holdings Self-Insured STD Employees shall be transferred to, and shall receive any short-term disability benefits (salary continuation benefits) to which such HERC Holdings Self-Insured STD Employee is entitled, from HERC Holdings (or a member of the HERC Holdings Group) and New Hertz Holdings shall have no Liability for such benefits.
Until his or her Return Date, each STD Employee shall continue to be employed by Seller or its affiliate and covered under the Employee Plans and other benefit arrangements of Seller and its affiliates in accordance with their terms.
Any STD Employee who accepts Buyer's or its affiliate's offer of employment as of his or her Return Date shall be treated as a Transferred Employee under this Article 9, applying this Article with respect to such STD Employee by substituting his or her Return Date for the Closing Date where applicable hereunder.
Seller shall not take any action that would impair or diminish the coverage of any STD Employee under any applicable plan or policy of insurance.
Five (5) Business Days prior to the Closing Date, Seller shall provide to the Purchaser (x) a final version of Sections 1.1(t)(i) and 1.1(t)(ii) of the Seller Disclosure Schedule setting forth all of the Employees and (y) a list of any Employee who is an STD Employee.
Until each STD Employee's Return Date, Buyer or its affiliate shall reimburse Seller or its affiliate for one-half of the cost of any employee benefit incurred on or after the Closing Date with respect to such STD Employee which is: (i) incurred in the ordinary course of business under an Employee Plan; and (ii) not provided through the purchase of insurance.
For purposes of Sections 9.02 and 9.03, solely in the case of any CTS STD Employee (as defined in the Restructuring Agreement), all references to the Closing, the Closing Date or the Effective Time shall instead be deemed to refer to such CTS STD Employee’s Delayed Transfer Date (as defined in the Restructuring Agreement).
As soon as practicable following the Closing Date (or the later date upon which a Disabled STD Employee becomes a Transferred Employee), Buyer shall pay, or cause its Affiliates to pay, to Seller an amount or amounts equal to the total value of the amounts that Seller was required pursuant to this Section 6.03 to vest under the Seller 401(k) Plan (which Seller represents that such amount would have been approximately $239,000 had the Closing occurred as of May 28, 2010).