Corresponding Employees definition
Examples of Corresponding Employees in a sentence
Each New Entity and its Corresponding Group shall Assume or retain exclusive responsibility for all individual employment, retention, termination, severance and other similar agreements (collectively, “Employee Agreements”) in respect of any of its Corresponding Employees.
Upon such transfer, the relevant New Entity, the relevant Corresponding Business and the relevant Corresponding DPSP shall Assume all Liabilities with respect to all amounts transferred from the AA DPSP to such Corresponding DPSP in respect of the relevant Corresponding Employees and each of CW Media, its Affiliates (for the avoidance of doubt, other than such Corresponding Business) and the AA DPSP shall be relieved of all such Liabilities.
To the extent that a New Entity and the members of its Group are not already employing any of their Corresponding Employees, such New Entity shall continue, or shall cause the members of its Corresponding Group to continue, the employment of any such Corresponding Employees on terms and conditions which are substantially comparable in the aggregate to those currently available to such Corresponding Employees.
More specifically, at the Effective Time CW Media shall resign as agent of the Corresponding Employees of each of the New Entities and its Group under the AA Group RRSP and each New Entity and its Corresponding Business shall takes all steps necessary to be appointed as the agent of its Corresponding Employees under its Corresponding Group RRSP as at the Effective Time.
As soon as practicable after the Effective Time, CW Media shall cause the individual account balances of Corresponding Employees held under the AA DPSP to be transferred from the AA DPSP to the applicable Corresponding DPSP.
For the avoidance of doubt, Corresponding Employees who are on short-term disability or long-term disability as at the Effective Time shall be enrolled in and receive benefits under the Corresponding Benefit Plans for the Group to which they are Corresponding Employees, on and after the Effective Time.
Claims incurred by the Corresponding Employees (and their eligible spouses, beneficiaries and dependants) prior to the Effective Time shall be payable under the terms of the AA Benefit Plans, and claims incurred by the Corresponding Employees (and their eligible spouses, beneficiaries and dependants) on and after the Effective Time shall be payable under the terms of the Corresponding Benefit Plans established or provided in respect of such Corresponding Employees.
Effective as at the Effective Time, each New Entity shall establish or cause to be established a DPSP for its Corresponding Employees who participated in the AA DPSP prior to the Effective Time (each, a “Corresponding DPSP”) and Corresponding Employees shall cease to actively participate in and accrue benefits under the AA DPSP.
Without limiting the generality of any other provisions of this Agreement, as of the Effective Time, except as expressly provided in this Agreement and the Transition Services Agreement, each New Entity shall Assume or retain and hereby agrees to pay, perform, fulfill and discharge, in due course in full all Liabilities with respect to the employment or termination of employment of all of its Corresponding Employees and their respective dependents and beneficiaries.
Each New Entity shall Assume or retain or cause to be Assumed or retained all Liabilities for all bonus awards that are payable to its Corresponding Employees for the performance periods that end at and after the Effective Time.