GenTek KERP Sample Clauses

GenTek KERP. From and after the Closing, Buyer will assume all liabilities, responsibilities and obligations for any severance benefits (i) to which any Contract Employee may become entitled under the GenTek Key Employee Retention Plan (the “GenTek KERP”), and (ii) subject to Parent’s obligation to bear the first $1,000,000 of severance benefits to become due and payable under the terms of the GenTek KERP (if the terminations or resignations of employment giving rise to such $1,000,000 occur within the first twelve months after the Closing Date), to any other employee of the Companies and the Subsidiaries thereunder, and with respect to any terminations or resignations that occur after the twelve-month anniversary of the Closing Date, any and all severance benefits. Except as provided in the foregoing sentence, neither Parent nor Seller shall be responsible for, and Buyer shall assume and indemnify and hold harmless Parent and Seller in respect of, all liabilities, responsibilities and obligations for any severance benefits due and payable under the GenTek KERP to any employee whose employment is terminated with Buyer or one of its Affiliates and within one year thereafter such employee is rehired by, or otherwise provides any compensated services to, Buyer or one of its Affiliates and shall in addition promptly reimburse Seller or Parent in respect of any payment made by it on account of such severance benefits paid to any such employees.
Sample 1
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Related to GenTek KERP

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