SpinCo Individual definition

SpinCo Individual means a “nVent Group Employee,” “Transferred Director,” or “Former nVent Group Employee” (each as defined in the Employee Matters Agreement).

Examples of SpinCo Individual in a sentence

To the extent that any payroll, unemployment, contribution, social security, or similar Taxes are not covered by the Employee Matters Agreement, (i) ParentCo shall be responsible for any such Taxes attributable to a ParentCo Individual, and (ii) SpinCo shall be responsible for any such Taxes attributable to an SpinCo Individual.

Except as expressly provided for in Article VII, nothing in this Agreement shall (a) prohibit any RemainCo Entity from amending, modifying or terminating any RemainCo Benefit Plan or RemainCo Individual Agreement at any time, subject to the terms and conditions thereof, or (b) prohibit any SpinCo Entity from amending, modifying or terminating any SpinCo Benefit Plan or any SpinCo Individual Agreement at any time, subject to the terms and conditions thereof.

Except as otherwise expressly set forth in this Agreement, from and after the Distribution Date, (A) SpinCo and/or the other SpinCo Entities shall be solely liable for, and no RemainCo Entity shall have any obligation or Liability under, any SpinCo Benefit Plan or SpinCo Individual Agreement, and (B) RemainCo and/or the other RemainCo Entities shall be solely liable for, and no SpinCo Entity shall have any obligation or Liability under, any RemainCo Benefit Plan or any RemainCo Individual Agreement.

Other than Individual A, no person who is a director or officer of Distributing will serve as an officer or director of SpinCo. Individual A is expected to serve as a non-officer director of SpinCo for a transitional period following the Initial External Distribution and will resign from the SpinCo board at the end of Year.