Parent Group Employees definition
Examples of Parent Group Employees in a sentence
From and after the Effective Time, no SpinCo Group Employees or Former SpinCo Group Employees shall participate in or accrue any benefits under the Parent Deferred Compensation Plan and Parent shall continue to be responsible for Liabilities in respect of Parent Group Employees and Former Parent Group Employees under the Parent Nonqualified Deferred Compensation Plan.
Parent shall (x) be responsible for all payroll obligations, Tax withholding and reporting obligations, and associated government audit assessments; and (y) furnish a Form W-2 or similar earnings statement, in each case, for all Employees and Former Employees employed by a member of the Parent Group with respect to the period during which they were employed by a member of the Parent Group before the Redemption Date and for all Parent Group Employees following the Effective Time.
References to Parent Group Employees, Former Employees, SpinCo Group Employees, and current and former non-employee directors of either Parent or SpinCo shall be deemed to refer to their beneficiaries, dependents, survivors and alternate payees, as applicable.
The Parent Group shall retain (or assume as necessary) all Liabilities with respect to any such incentive awards payable to Parent Group Employees for any performance periods that are open as of the Effective Time and thereafter, and no member of the SpinCo Group shall have any obligations with respect thereto.
The Parent Group shall also determine for Parent Group Employees (i) the extent to which established performance criteria (as interpreted by the Parent Group, in its sole discretion) have been met, and (ii) the payment level for each Parent Group Employee.
As of the 401(k) Transfer Date, SpinCo shall cause the trustee of the SpinCo 401(k) Plan to transfer from the SpinCo 401(k) Trust to the Parent 401(k) Trust the account balances under the SpinCo 401(k) Plan of Parent Group Employees who participated in the SpinCo 401(k) Plan prior to the Effective Time, determined as of the 401(k) Transfer Date, and shall cause all such account balances to be fully vested (to the extent unvested) as of immediately prior to the transfer.
SpinCo shall be responsible for all ongoing rights of or relating to SpinCo Group Employees for future participation (including the right to make payroll deductions) in the SpinCo 401(k) Plan, and Parent shall be responsible for all ongoing rights of or relating to Parent Group Employees for future participation (including the right to make payroll deductions) in the Parent 401(k) Plan.
The Parent Group shall be responsible for complying with, and providing coverage pursuant to, the healthcare continuation requirements of COBRA with respect to any Parent Group Employees (and their covered dependents) who incur a qualifying event under COBRA prior to, on or after the Redemption Date.