VMC Entity definition
Examples of VMC Entity in a sentence
Prior to the Employee Transfer Date, VMC, acting through the VMC Entity employing each VMC Group Employee, will be responsible for (a) obtaining workers’ compensation insurance, including providing all collateral required by the insurance carriers and providing all notices to VMC Group Employees required by applicable workers’ compensation Laws and (b) establishing new or transferred unemployment insurance employer accounts, policies and claims handling contracts with the applicable government agencies.
On or prior to the Effective Time, VMC shall, or shall cause another VMC Entity to, establish and adopt one or more deferred compensation plans (the “VMC Deferred Compensation Plan”) to provide each VMC Group Employee who was eligible to participate in the Huntsman Deferred Compensation Plan as of immediately prior to the Effective Time (the “VMC Deferred Compensation Beneficiaries”) benefits following the Effective Time.
The Parties agree that neither VMC nor an applicable VMC Entity will be treated as a “successor employer” of Huntsman or an applicable Huntsman Entity.
Not later than the Effective Time, VMC shall, or shall have caused an appropriate Huntsman Entity or VMC Entity to, have adopted the VMC New Equity Plan.
With respect to the year in which the IPO occurs, VMC shall, or shall cause another VMC Entity to, provide each VMC Group Employee who participated in a Huntsman Short-Term Incentive Plan and otherwise meets all service-based and other requirements to receive an award under a VMC Short-Term Incentive Plan, with an annual bonus payment under the appropriate VMC Short-Term Incentive Plan.
To the extent that such unemployment insurance coverage cannot be either assigned to or obtained by VMC or a VMC Entity, in respect of unemployment claims and Liabilities otherwise to be assumed by VMC or a VMC Entity pursuant to this Section 10.1, Huntsman shall remain primarily liable for such claims and Liabilities, but VMC shall indemnify and hold harmless Huntsman for any such claims and Liabilities.
Not later than the Effective Time, VMC shall, or shall cause another VMC Entity to, adopt one or more plans that will provide annual bonus and short-term cash incentive compensation opportunities for VMC Group Employees (the “VMC Short-Term Incentive Plans”).
On or prior to the Plan Transfer Date, VMC shall, or shall cause another VMC Entity to, establish and adopt one or more severance plans, policies or arrangements at such levels and subject to such terms as VMC determines in its reasonable discretion.
On or prior to the Plan Transfer Date, VMC shall, or shall cause another VMC Entity to, establish and adopt a Welfare Plan (the “VMC Retiree Welfare Plan”), which will provide post-retirement welfare benefits to each VMC Group Employee who is eligible to participate in the Huntsman Retiree Medical Plan (and their eligible spouses and dependents, as the case may be) (collectively, the “VMC Retiree Welfare Plan Participants”).
Notwithstanding anything to the contrary within this Agreement, VMC shall be responsible for all liabilities associated with severance or other benefit obligations for any Employee if such liabilities arise due to VMC or a VMC Entity failing to hire, failing to accept the transfer of, or otherwise preventing the employment of any Employee that was scheduled to become a VMC Group Employee but for whom VMC determines shall not become a VMC Group Employee.