Ultra Group definition
Examples of Ultra Group in a sentence
Pursuant to the Transfer Instruments (except as otherwise specifically set forth in any Ancillary Agreement), Delta shall, or shall cause the applicable members of the Delta Group to, Transfer to the applicable members of the Ultra Group all of their right, title and interest in and to the Ultra Assets, and Ultra shall, or shall cause the applicable members of the Ultra Group to, assume all the Ultra Liabilities prior to the Effective Time.
Delta shall also be permitted to retain copies of all restrictive covenant agreements with any Ultra Group Employee in which any member of the Delta Group has a valid business interest.
Nothing in the Exhibits or Schedules constitutes an admission of any liability or obligation of any member of the Delta Group or the Ultra Group or any of their respective Affiliates to any third party, nor, with respect to any third party, an admission against the interests of any member of the Delta Group or the Ultra Group or any of their respective Affiliates.
Each member of the Delta Group and each member of the Ultra Group shall take any and all reasonable action as shall be necessary or appropriate so that active participation in the Delta Benefit Plans by all Ultra Group Employees shall terminate in connection with the Distribution as and when provided under this Agreement (or if not specifically provided under this Agreement, as of the Effective Time).
The Parties acknowledge and agree that the Distribution and the assignment, transfer or continuation of the employment of Employees as contemplated by this Section 3.1 shall not be deemed a severance of employment of any Employee for purposes of this Agreement or any Benefit Plan of any member of the Delta Group or any member of the Ultra Group.
Ultra shall have sole responsibility for the administration of the Ultra Deferred Compensation Plans and the payment of benefits thereunder to or on behalf of Ultra Group Employees, and no member of the Delta Group shall have any liability or responsibility therefor.
The Parties acknowledge that the Delta Group or the Ultra Group may provide administrative services for certain of the other Party’s benefit programs for a transitional period under the terms of the Transition Services Agreement.
The rights of each member of the Delta Group and each member of the Ultra Group to amend, waive, or terminate any Benefit Plan shall not be limited in any way by this Agreement.
Effective as of the Effective Time, Ultra, acting through the Ultra Entity employing each Ultra Group Employee, will be responsible for establishing new unemployment insurance employer accounts, policies and claims handling contracts with the applicable government agencies.
Subject to any limitations imposed by applicable Law, Delta and Ultra (acting directly or through members of the Delta Group or the Ultra Group, respectively) shall provide to the other and their respective agents and vendors all information necessary for the Parties to perform their respective duties under this Agreement.