SpinCo Group Employees definition
Examples of SpinCo Group Employees in a sentence
The Parties intend that SpinCo (by agreeing to employ the SpinCo Group Employees and agreeing, as a sponsoring employer, to assume the immigration-related obligations and liabilities described above) shall be considered the successor in interest to the applicable member of the Parent Group for U.S. immigration law.
The SpinCo Group shall also determine for SpinCo Group Employees (i) the extent to which established performance criteria (as interpreted by the SpinCo Group, in its sole discretion) have been met, and (ii) the payment level for each SpinCo Group Employee.
With respect to SpinCo Group Employees intended to be employed by PH Health Limited on and following the Redemption Date who are employed by Endo Operations Limited prior to the Redemption Date, Endo Operations Limited will be responsible for making payroll payments for the month during which the Redemption Date occurs, with the portion of such payments that corresponds to the post-Redemption portion of such month subject to reimbursement by the SpinCo Group in accordance with Section 9.05.
The SpinCo Group shall assume all Liabilities with respect to any such incentive awards payable to SpinCo Group Employees for any performance periods that are open as of the Effective Time and thereafter, and no member of the Parent Group shall have any obligations with respect thereto.
References to Parent Group Employees, Former Employees, SpinCo Group Employees, and current and former non-employee directors of either Parent or SpinCo shall be deemed to refer to their beneficiaries, dependents, survivors and alternate payees, as applicable.
Effective as of no later than the Redemption Date, the SpinCo Group shall assume responsibility for complying with, and providing coverage pursuant to, the health care continuation requirements of COBRA with respect to any SpinCo Group Employees (and their covered dependents) who incur a qualifying event under COBRA prior to, on or after the Redemption Date.
SpinCo shall (i) be responsible for all payroll obligations, Tax withholding and reporting obligations, and associated government audit assessments; and (ii) furnish a Form W-2 or similar earnings statement, in each case, for all Employees and Former Employees employed by a member of the SpinCo Group with respect to the period during which they were employed by a member of the SpinCo Group before the Redemption Date and for all SpinCo Group Employees following the Effective Time.
Certain Tax reporting and withholding matters with respect to SpinCo Group Employees for the Tax Period that includes the Redemption are addressed in, and shall be governed by, Section 3.01(g) of the Employee Matters Agreement.
As of no later than the Redemption Date, SpinCo Group Employees who are employed by SpinCo or members of the SpinCo Group as of such date shall cease participation in all Parent Welfare Plans.
SpinCo shall be responsible for all ongoing rights of or relating to SpinCo Group Employees for future participation (including the right to make payroll deductions) in the SpinCo 401(k) Plan, and Parent shall be responsible for all ongoing rights of or relating to Parent Group Employees for future participation (including the right to make payroll deductions) in the Parent 401(k) Plan.