US Company Employees definition
Examples of US Company Employees in a sentence
Buyer shall, or shall cause its subsidiaries to, assume flexible spending reimbursement account balances on behalf of US Company Employees (with any associated assets).
The manner in which the account balances of US Company Employees under the Seller’s 401(k) Plan are invested shall not be affected by such segregation of assets.
As soon as practicable following the Closing Date, Buyer agrees to cause each of the U.S. Members to remit to the trustee of the United States Filter Corporation Management Deferred Compensation Plan (the "USF MDCP") all amounts required to be withheld from employees' pay as described on Schedule 3.13(d), in respect of U.S. Company Employees participating in the USF MDCP.
USF shall retain responsibility to administer and pay all workers compensation claims made by U.S. Company Employees prior to March 1, 2001.
Except as otherwise expressly provided for in this Article VI, Sellers shall be responsible for, and shall indemnify, reimburse and hold the Purchaser harmless from and against (i) all Damages relating the employment of any current or former U.S. Company Employee prior to the Closing Date and (ii) severance and similar termination benefits due to U.S. Company Employees who do not become U.S. Transferred Employees.
In addition, the Company agrees to give U.S. Company Employees service credit for all periods of employment with the Company and its Subsidiaries prior to the Closing Date for purposes of vesting and eligibility (not for pension benefit accruals) under any plan adopted or maintained by the Company or any of its Subsidiaries in which such employees participate.
The Company does not maintain, sponsor or contribute to, and the Company has not at any time in the past maintained, sponsored or contributed to, any retirement, death or disability benefit scheme for the benefit of any U.S. Company Employees that is subject to Title IV or Section 302 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 412 of the Code (a “Pension Plan”).
Pending the transfer of the Transferred Assets, the accounts of the U.S. Company Employees shall remain in the trust fund for the USF 401(k) Plan and USF shall cause the trustee of the USF 401(k) Plan to pay any current benefits or make any distributions to U.S. Company Employees, including, without limitation, such benefits as may be payable to U.S. Company Employees on account of termination of employment with the U.S. Members, as they become due.
Each Company Employee in the U.S. is retained at-will and, except as set forth on Section 3.15(a)(iii) of the Company Disclosure Schedule, none of such U.S. Company Employees is a party to an employment agreement or contract with the Company or any Subsidiary that provides for severance rights or a required notice period of greater than 30 days prior to the termination of such arragnement.
No later than ten (10) Business Days prior to the Closing, the Purchaser shall offer employment in writing to those U.S. Company Employees selected by the Purchaser, such offers to be effective as of the Closing Date.