ITT Employee definition

ITT Employee means an individual who is employed (including an individual who is not actively employed due to an approved disability, lay-off with right of recall or an authorized leave of absence (or who is receiving salary continuation severance payments)) by WD or any of WD's subsidiaries immediately prior to the Destinations Distribution. The term "ITT Employee" will also include those headquarters staff employees of ITT immediately prior to the Destinations Distribution whose principal duties relate to WD and its subsidiaries and whose names are set forth on Schedule A hereto. ITT Former Employee: means a former employee of WD or its subsidiaries whose employment with WD or any of WD's subsidiaries terminated prior to the Destinations Distribution. ITT Individual: means each ITT Employee and ITT Former Employee. 1995 Agreement: means the Employee Benefits Services and Liability Agreement, dated as of November 1, 1995, among ITT Corporation, a Delaware corporation ("Industries"), ITT Destinations, Inc., a Nevada corporation (the predecessor to ITT), and ITT Hartford Group, Inc., a Delaware corporation ("Hartford"). 1995 Agreement Novation: means the amendment of the 1995 Agreement pursuant to which the parties thereto agree that, upon the Destinations Distribution, (i) Destinations will become the successor to ITT's rights and obligations under the 1995 Agreement, (ii) with respect to its obligations under Section 1 of the 1995 Agreement, Industries will continue to credit future service of ITT Employees, ESI Employees and Destinations Employees for vesting and eligibility purposes under the ITT Industries Salaried Retirement Plan, (iii) Industries and Hartford will release ITT and ESI from the guarantees and indemnities which would otherwise be provided by ITT and ESI to Industries and Hartford under Section 3(c) of the 1995 Agreement to the extent that either ITT and/or ESI would be deemed a successor to ITT under the 1995 Agreement, and (iv) Industries will indemnify Destinations for pension liabilities retained by Industries under the 1995 Agreement with respect to ITT Individuals, ESI Individuals and Destinations Individuals. Retiree-Eligible: means (A) an ITT Individual or Destinations Individual who, as of the Destinations Distribution Date, and (B) an ESI Individual who, as of the ESI Distribution Date, would have satisfied the eligibility requirements for post-retirement medical benefits under ITT's medical plan for salaried retirees (the "Destinations -- ...
View Source
ITT Employee will also include those headquarters staff employees of ITT immediately prior to the Destinations Distribution whose principal duties relate to WD and its subsidiaries and whose names are set forth on Schedule A hereto. ITT Former Employee: means a former employee of WD or its subsidiaries whose employment with WD or any of WD's subsidiaries terminated prior to the Destinations Distribution. ITT Individual: means each ITT Employee and ITT Former Employee. 1995 Agreement: means the Employee Benefits Services and Liability Agreement, dated as of November 1, 1995, among ITT Corporation, a Delaware corporation ("Industries"), ITT Destinations, Inc., a Nevada corporation (the predecessor to ITT), and ITT Hartford Group, Inc., a Delaware corporation ("Hartford"). 1995 Agreement Novation: means the amendment of the 1995 Agreement pursuant to which the parties thereto agree that, upon the Destinations Distribution, (i) Destinations will become the successor to ITT's rights and obligations under the 1995 Agreement, (ii) with respect to its obligations under Section 1 of the 1995 Agreement, Industries will continue to credit future service of ITT Employees, ESI Employees and Destinations Employees for vesting and eligibility purposes under the ITT Industries Salaried Retirement Plan, (iii) Industries and Hartford will release ITT and ESI from the guarantees and indemnities which would otherwise be provided by ITT and ESI to Industries and Hartford under Section 3(c) of the 1995 Agreement to the extent that either ITT and/or ESI would be deemed a successor to ITT under the 1995 Agreement, and (iv) Industries will indemnify Destinations for pension liabilities retained by Industries under the 1995 Agreement with respect to ITT Individuals, ESI Individuals and Destinations Individuals. Retiree-Eligible: means (A) an ITT Individual or Destinations Individual who, as of the Destinations Distribution Date, and (B) an ESI Individual who, as of the ESI Distribution Date, would have satisfied the eligibility requirements for post-retirement medical benefits under ITT's medical plan for salaried retirees (the "Destinations -- Assumed Salaried Retiree Medical Plan") if he or she were then to retire. WD: means ITT World Directories, Inc., a Delaware corporation, and a wholly-owned subsidiary of ITT. 2 29 WD Stand-Alone Plan: means each benefit or compensation plan, program, policy or arrangement maintained for the exclusive benefit of all or some ITT Individuals (including, but...
View Source

Examples of ITT Employee in a sentence

  • Effective as of the Distribution Date, any ITT Employee who has accrued benefits under the Non-US DB Plans identified as Items 14 and 15 on Schedule 3(a)(iii) (the “Canadian Salaried DB Plans”) will cease participation in the Canadian Salaried DB Plans as of the Distribution Date, shall be vested as of the Distribution Date and shall cease to accrue further benefits under the Canadian Salaried DB Plans following the Distribution Date.

  • To the extent that any Preexisting ITT Employee continues to be entitled to future ITT awards following the Distribution Date, such grants may be made in forms that are acceptable to ITT, Water or Defense, as such entity deem adequate.

  • Except as otherwise expressly provided herein and in compliance with Section 2(d) of this Agreement, no provision of, or event arising under, this Agreement, the Distribution Agreement or any of the Ancillary Agreements shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any Preexisting ITT Employee or other future, present, or former employee of ITT, Water or Defense and any of their respective Subsidiaries.

  • As soon as practicable following the Distribution Date, ITT shall transfer to Defense all of the assets and liabilities of the ITT Employee Benefit Trust related to the retiree portion of the plan, and Defense shall be liable for all such assets and liabilities as of the date of such transfer.

  • Following the Eligibility End Date, no ITT Employee or Water Employee will receive credit toward the retirement criteria specified in the ITT Salaried Retirement Plan.

  • Any ITT Employee or Water Employee shall cease earning additional eligibility service at the earliest of the fifth anniversary of the Distribution Date, the date on which the employee is terminated, the date on which benefits attributable to the Traditional Pension Plan formula commence, the date of death or a Change in Control of ITT or Water, respectively (the “Eligibility End Date”).

  • Any ITT Employee or any Water Employee who is eligible to begin retirement as of the Distribution Date who elects to commence receipt of that person’s retirement benefits under the ITT Salaried Retirement Plan shall not continue to earn eligibility service following the later of the Distribution Date and the last month preceding the annuity start date.

  • As soon as practicable on or after the Distribution Date, ITT shall transfer to Defense the ITT Employee Benefit Trust, and Defense shall assume all liabilities associated with such trust.

  • Except as provided in this Section 3(b)(vii), all accrued benefits under the ITT Salaried Retirement Plan will be frozen with respect to any ITT Employee or any Water Employee as of the Distribution Date.

  • For the TSR Awards granted in 2009, ITT shall pay such award in cash to the extent payment is earned according to the original vesting and payment schedule to each eligible Preexisting ITT Employee based on (i) actual performance for the pro rata percentage of the performance period completed on the Distribution Date and (ii) target value for the remaining uncompleted performance period following the Distribution Date.