Transition Period definition
Examples of Transition Period in a sentence
Spinco shall cooperate with Parent and the Parent PEO to transition the Spinco Employees to Spinco’s separate and independent human-resources, payroll, and benefits platform (or to a separate PEO arrangement) in an orderly manner and within the Transition Period.
From and following the end of the Transition Period, the Note Parties shall direct all necessary parties to remit all Cash Receipts in respect of Oil and Gas Properties of a Note Party to deposit accounts of a Note Party that are (from and following the Control Agreement Grace Period End Date) subject to a Control Agreement.
During the Transition Period, Parent shall, through the Parent PEO Arrangement, continue to administer payroll, benefits, workers’ compensation, unemployment, and related human-resources services for Spinco Employees.
During the Transition Period, Executive will receive the same base salary as in effect on the Transition Date, remain eligible for all Company employee benefit plans and continue to vest according to the applicable terms of Executive’s awards under the ▇▇▇▇▇▇ Corporation 2023 Omnibus Plan or any predecessor plan (the “Omnibus Plan”).
From and following the end of the Transition Period, each agreement for the purchase and sale of Hydrocarbons from any Note Party’s Oil and Gas Properties will be in the name of such Note Party.