Subsidiary Employees definition
Examples of Subsidiary Employees in a sentence
Purchased Subsidiary Employees and Business Employees who accept such offer of employment and who actually commence employment with Buyer (or a Subsidiary of Buyer) shall collectively be the “Transferred Employees”; provided that Inactive Employees shall not be considered a Transferred Employee until such Inactive Employee actually commences active employment with Buyer (or a Subsidiary of Buyer).
Such stock transfers shall result in each IIS Group Subsidiary becoming (or remaining) a wholly-owned subsidiary or division of ChoicePoint, and shall operate as a transfer of all of the IIS Group Subsidiary Employees to ChoicePoint on a consolidated or Controlled Group basis.
Notwithstanding the foregoing, all then active Seller Employees and all then active Seller Subsidiary Employees shall commence participation in Buyer's Employee Stock Ownership Plan and its Defined Benefit Pension Plan as of the Effective Time.
Seller has made available to each Purchaser a copy (or, with respect to any unwritten arrangement, a description) of each material U.S. Employee Benefit Plan and Non-U.S. Employee Benefit Plan that provides benefit coverage to Business Employees or Indian Subsidiary Employees, the latest summary plan description and the most recent IRS determination letter, if applicable (each of which is listed on Schedule 3.13(a)).
With respect to the Indian Subsidiary Employees, the Indian Subsidiary shall seek the resignation of each Indian Subsidiary Employee with the Indian Subsidiary effective as of the Closing Date, or such later time as the Indian Subsidiary and the India Entity agree, but in no case later than the end of the Transition Period.
The Purchased Subsidiary Employees, and any Business Employees whose employment transfers to Buyer or its Affiliates on or after the Closing Date in accordance with the next sentence, are referred to collectively herein as “Transferred Employees”.
Except as set forth in Section 3.12(b) of the Seller Disclosure Letter, any of the Affected Employees or the Purchased Subsidiary Employees can be dismissed immediately for any reason or no reason without notice and without further liability, subject to applicable laws, rules and regulations relating to employment discrimination.
To the extent any Indian Subsidiary Employee does not so resign, the Indian Subsidiary shall terminate such Indian Subsidiary Employees employment with the Indian Subsidiary.
Except as set forth in Section 3.12(b) of the Seller Disclosure Letter, to Sellers’ Knowledge, none of the Affected Employees or the Purchased Subsidiary Employees intend to terminate their employment relationship with the Business.
Seller shall be solely responsible for all severance and any other payments or benefits with respect to any Purchased Subsidiary Employees or Seller Business Employees who terminate employment prior to the Closing and/or who reject an offer of employment with the Buyer or the Purchased Subsidiaries.