Transferred Employees definition
Examples of Transferred Employees in a sentence
Any Employee who does not accept Purchaser’s offer of employment or does not actually commence employment for Purchaser is hereinafter referred to as an “Excluded Employee.” Subject to applicable Laws, after the Closing Date, Purchaser shall have the right to dismiss any or all Transferred Employees at any time, with or without cause, and to change the terms and conditions of their employment (including compensation and employee benefits provided to them).
Purchaser shall be responsible in accordance with the applicable Purchaser Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred, and for all non-reimbursement claims (such as life insurance claims) incurred under such plans by Transferred Employees and their eligible dependents.
Buyer covenants and agrees that on the Closing Date, Buyer or one of its Subsidiaries shall assume all payroll obligations and related services for all employees of the Acquired Companies set forth on Schedule 6.7 (each such employee, a “Transferred Employee”), including putting all Transferred Employees on its payroll systems and all withholding and reporting obligations.
Effective as of the Closing Date, Seller shall transfer, or shall cause the applicable member of Seller Group to transfer, to Purchaser all personnel records with respect to the Transferred Employees in accordance with applicable Law.
Seller and Purchaser intend that the Transferred Employees will have continuous and uninterrupted employment immediately before the Transfer Time with the Seller Group and immediately after the Transfer Time with Purchaser.