PEC Group definition
Examples of PEC Group in a sentence
All matters relating to or arising out of any employee benefit, compensation or welfare arrangement in respect of any present and former employee of the PEC Group or the Patriot Group shall be governed by the Employee Matters Agreement substantially in the form of Exhibit B hereto, except as may be expressly stated herein.
All matters relating to real property to be owned, leased, subleased, occupied, or shared by the PEC Group or the Patriot Group after the Effective Time shall be governed by the Real Property Agreements substantially in the form of Exhibit C hereto.
Nothing contained in this Agreement, express or implied, is intended to confer any benefits, rights or remedies upon any Person other than members of the PEC Group and the Patriot Group and the PEC Indemnitees and Patriot Indemnitees under Article VI hereof.
PEC or any member of the PEC Group or any agent of PEC shall not settle any Insured Claim of Patriot or any member of the Patriot Group under the Third Party Policies without first obtaining the approval of Patriot or another member of the Patriot Group.
Following the Distribution, PEC will maintain directors’ and officers’ liability and fiduciary liability insurance coverage for a period of six (6) years from the Distribution Date for the directors and officers of Patriot who were directors or officers of PEC or members of the PEC Group as of the Distribution Date for acts as directors and officers of members of the PEC Group during periods prior to the Distribution Date.
All matters relating to the provision of support and other services by the PEC Group to the Patriot Group after the Effective Time covered by the Transition Services Agreement, other than as provided in Section 13.07, shall be governed exclusively by the Transition Services Agreements substantially in the form of Exhibit G hereto, except as may be expressly stated herein.
From and after the Effective Time, no current or former employee of any member of the PEC Group shall have any authority to access or control any Patriot Account other than those who will be Patriot employees.
The PEC Group agrees to notify the Patriot human resources department, unless otherwise prohibited by law, of benefit distribution elections submitted by Patriot Employees under the PEC SERA or a PEC Group qualified or non-qualified defined benefit retirement plan within sixty (60) days after the PEC Group receives such elections.
The account balance under the PEC Reimbursement Account Plan of any PEC Participant who transfers to employment with the Patriot Group directly from employment with the PEC Group during the period beginning on the Distribution Date and ending on the Service Crediting Date shall be transferred within a reasonable period to the Patriot Reimbursement Account Plan on behalf of that participant and shall thereafter be administered in accordance with the terms of the Patriot Reimbursement Account Plan.
The Patriot Retiree Medical Program shall not recognize the PEC Group service of any Patriot Employee or Subsequent Patriot Employee who earned a benefit under the PEC Retiree Medical Allowance in such a manner that such service recognition would result in duplication of the retiree medical allowance benefits earned under the PEC Retiree Medical Allowance.