Examples of H&S Parties in a sentence
It is understood that any Claims Made Policies may not provide any coverage to the H&S Parties for incidents occurring prior to the Effective Time but that are asserted with the insurance carrier after the Effective Time or any extended reporting period or extended discovery period, as applicable, in accordance with the terms of the applicable Policies.
Subject to the provisions of this Section 8.1 and such terms as H&S may reasonably agree prior to the Distribution Date with any current Fortune Brands insurance carrier for coverage beginning as of the Effective Time, coverage of the H&S Parties under all Policies shall cease as of the Effective Time.
From and after the Effective Time, the H&S Parties will be responsible for obtaining and maintaining all insurance coverages in their own right.
Following the Distribution Date, the H&S Parties shall continue to be the plan sponsor of each Non-ERISA Benefit Arrangement maintained for the benefit of the Business Employees.
Effective as of the Distribution Date, the H&S Parties shall recognize and assume all liability for all vacation, holiday, sick leave, flex days and personal days off, including banked vacation, accrued by Business Employees as of the Distribution Date, and the H&S Parties shall credit each Business Employee with such days off accrual.
Following the Distribution Date, the H&S Parties shall continue to be the plan sponsors of each of the H&S Pension Plans.
On or before March 15, 2012, the H&S Parties shall pay to each Transferred Employee a cash bonus payment equal to the full annual bonus amount earned by such Transferred Employee for 2011 pursuant to the terms of the applicable Fortune Brands annual incentive plan; provided that the Transferred Employee’s service with and compensation from the H&S Parties shall be taken into account for purposes of determining the amount of such bonus and the Transferred Employee’s eligibility for such bonus.
On or before, but effective as of the close of business on, the Distribution Date, H&S shall adopt, establish and maintain a 401(k) profit sharing Pension Plan and trust for the benefit of salaried employees of the H&S Parties, which is intended to be qualified under Section 401(a) of the Code and exempt from federal income tax under Section 501(a) of the Code (the “H&S Salaried RSP”).
Following the Distribution Date, the H&S Parties shall continue to sponsor and maintain each of the H&S Supplemental Plans.
No Business Employee or other current or former employee of the Fortune Brands Parties or H&S Parties (or his/her spouse, dependent or beneficiary), or any other person not a party to this Agreement, shall be entitled to assert any claim hereunder.