Transferred Employees definition
Examples of Transferred Employees in a sentence
Buyer shall cause the Transferred Entity to, and the Transferred Entity shall, promptly (and, in any event, within ten (10) Business Days following the later of the Closing Date and the date of the applicable payment) reimburse Parent or its applicable Affiliates for any payments made by them to any Transferred Employees in respect of earned but unused vacation time that become due as a result of the transfer of employment contemplated by this Article VI.
Effective as of the Closing, Parent shall take such actions as are necessary to fully vest all unvested Parent time-vested equity awards and performance-vested equity awards (at 100% of target) held by Transferred Employees.
Notwithstanding the foregoing, nothing will limit Buyer’s ability to modify, amend, or terminate such sales commissions plans in which the Transferred Employees participate, subject to Buyer’s compliance with Section 6.1(a) of this Agreement.
Subject to Section 7.4(d) and Section 7.4(e), Transferred Employees shall be permitted to use their Assumed PTO in a manner consistent with policies applicable to similarly-situated employees of Buyer or an applicable Affiliate, and to accrue additional vacation and other paid-time-off in accordance with Buyer’s or its Affiliate’s policies and procedures, as in effect from time to time.
As of the Closing Date, Transferred Employees will cease to be eligible to participate in the ▇▇▇▇▇▇▇▇ International Corporation 401(k) Plan (the “Parent 401(k) Plan”); provided that all accounts held by such Transferred Employees in the Parent 401(k) Plan shall be fully vested as of the Closing Date.