Masco Employee definition

Masco Employee means each Person who, on the Distribution Date (a) is actively employed in the Masco Business and who is listed on the payroll records of any member of the Masco Group, (b) is on short-term disability leave, authorized leave of absence, military service or lay-off with recall rights and who was last actively employed in the Masco Business by any member of the Masco Group, (c) is an inactive or former employee and who was last actively employed in the Masco Business by any member of the Masco Group, including any former employee who has been on long-term disability leave or unauthorized leave of absence or who has terminated his or her employment, retired or died on or before the Distribution Date, and, in each case, their respective beneficiaries and dependents or (d) is an individual set forth on Schedule 1.01(a); provided that Masco Employees shall not include the individuals set forth on Schedule 1.01(b).

Examples of Masco Employee in a sentence

Masco shall retain all Liabilities and obligations to the extent relating to, arising out of or resulting from benefits accrued by each Masco Employee under the Masco Defined Contribution Plans.

In connection with the Distribution and effective as of the Distribution Date, the Liability for cash-based long-term performance awards granted under the applicable Masco Equity-Based Plan, whether held by a current or a former TopBuild Employee (pro-rated through the Distribution Date) or by a current or a former Masco Employee, will be retained by Masco.

In connection with the Distribution and effective as of the Distribution Date, awards of unvested shares of restricted stock (“RSAs”), whether held by a current or a former Masco Employee or a current or former non-employee director of Masco, or (to the extent not forfeited at the Distribution Date) a current or a former TopBuild Employee, will be adjusted pursuant to the terms of the applicable Masco Equity-Based Plan and Applicable Law to preserve the intrinsic value thereof.

In connection with the Distribution and effective as of the Distribution Date, shares of restricted stock (“RSAs”), whether held by a current or a former Masco Employee or a current or a former TopBuild Employee or a current or former non-employee director of Masco, will be adjusted pursuant to the terms of the applicable Masco Equity-Based Plan and Applicable Law to preserve the intrinsic value thereof.

In connection with the Distribution and effective as of the Distribution Date, cash-based long-term performance awards granted under the applicable Masco Equity-Based Plan, whether held by a current or a former TopBuild Employee (pro-rated through the Distribution Date) or by a current or a former Masco Employee, will be retained by Masco.