Examples of Transferred Hourly Employees in a sentence
The term "Transferred Hourly Employees" shall have the meaning set forth in Section 11.2.
Purchaser shall pay and provide wages and benefits to all bargaining unit employees of the Business who accept employment with Purchaser and commence such employment on the day of Closing (the "Transferred Hourly Employees") in accordance with the terms of the applicable Collective Bargaining Agreement.
All salaried employees of the Business who accept employment with Purchaser and commence such employment as of Closing (the "Transferred Salaried Employees" and, together with the Transferred Hourly Employees, the "Transferred Employees") will be included in Purchaser's benefits plans applicable to such Employees and will be subject to Purchaser's employment policies.
Except as provided below, Buyer will provide Transferred Hourly Employees with such terms and conditions of employment as are provided under the terms of the applicable Collective Bargaining Agreement as of immediately prior to the Effective Time; provided, however, that to the extent that welfare benefits are provided to Hourly Employees pursuant to the Transition Service Agreement, Buyer will be deemed to be in compliance with the requirements of this sentence.
The parties acknowledge that Seller’s employee benefit plans currently require Transferred Hourly Employees who have satisfied the eligibility requirements for retiree medical benefits as of the Effective Time to elect retiree medical benefits upon their termination of employment with Seller.
Purchaser will provide legal services and administrative support to Transferred Hourly Employees ("Purchaser Legal Services Plan") through the UAW-GM Legal Services Plan for the duration of the UAW Agreement, including funding required by that Agreement.
Seller shall cause all Transferred Hourly Employees to become 100% vested in their accrued benefits under any defined benefit plan maintained by Seller, and Buyer shall assume no liability under any such plan.
In addition, the payroll, benefits and payroll taxes relative to the Transferred Hourly Employees and the Transferred Salaried Employees shall be priced at actual cost paid or incurred by Continental.
Continental and PSF have identified approximately 55 Continental hourly employees ("Transferred Hourly Employees") who became employees of PSF as of the Effective Date.
The rights and benefits of Transferred Hourly Employees and their Beneficiaries (and of those claiming through or on behalf of such individuals) on and after the Spinoff Time shall be governed exclusively by the terms of this Plan.