Severances Sample Clauses
Severances. If an Employee’s Entry Date determined under Section 3.1, falls within a period of Severance of 12 months or less taken into account as Service under Section 2.28, then, provided the individual is an Employee, the individual shall become a Participant on the date on which such period of Severance ends.
Severances. (a) If the employment of any of the employees of the Business is terminated prior to the expiration of twelve (12) months following Closing, Buyer shall be entitled to immediately receive from the Holdback Consideration any severance, notice and/or other similar payment required to be paid to such employee which is over and above the minimum statutory obligations (if any) and the Escrow Agent shall immediately be directed by the Stockholders and the Buyer accordingly.
(b) Notwithstanding anything to the contrary contained herein, Buyer shall not be entitled to receive from the Holdback or elsewhere an amount (in the aggregate) in excess of $250,000 pursuant to the provisions set forth in this Section 2.11.
Severances. (a) If the employment of any of the employees of the Company and/or any Subsidiary is terminated on or prior to the expiration of ninety (90) days following Closing, Buyer shall be entitled to immediately receive from the Holdback Consideration any severance, notice and/or other similar payment required to be paid to such employee under any agreement entered into prior to Closing which is over and above minimum statutory obligations (if any) and the Escrow Agent shall be immediately directed by the Stockholders’ Representative and the Buyer accordingly.
(b) If the employment of the current chief financial officer, ▇▇▇▇▇▇▇ ▇▇▇▇, is terminated on or prior to the expiration of twelve (12) months following Closing, Buyer shall be entitled to receive from the Holdback Consideration the entire severance, notice and/or other similar payment made (under any contract entered into by the Company prior to the Closing Date) to ▇▇. ▇▇▇▇ that is not otherwise fully provided for as an accrual in the Estimated Closing Balance Sheet, and the Escrow Agent shall be immediately directed by the Stockholders’ Representative and the Buyer accordingly.
(c) The Stockholders agree to terminate their employment by the Company effective upon the Closing. Immediately prior to the Closing, the Company shall pay from its cash reserves to the Stockholders their outstanding employee expenses that are reasonable and substantiated, and accrued but unpaid paid time off as the Company would ordinarily be legally required to pay to an employee who resigns his employment. Following the Closing, the Stockholders jointly and severally warrant and represent that none of the Company, any Subsidiary, the Buyer, the Merger Subsidiary or the Surviving Company shall have any obligation whatsoever in relation to any severance, redundancy, notice or other payments to the Stockholders on account of their termination.
Severances. If any provision of this Agreement, not being of a fundamental nature, shall be held to be illegal or unenforceable, the enforceability of the remainder of this Agreement shall not thereby be affected.
Severances. If any of the terms of this order is nullified of made void by a written statement by the Buyer, the remaining conditions as far as possible shall remain in full force as applicable.
Severances. If any provision or part-provision of the Contract is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of the Contract.
Severances. Both Leasee and Leassor has right to terminate this agreement at any time provided a notice will be served to Leasee for 180 days to enable conclusion of current farming cycle. The Leasee is required to give a notice of 21 days. Leassor shall pay fully for any crop damaged or the cost of production (whichever is higher), if Leassor takes over the Farm prior to this agreed time frame without the stipulated notice time.
Severances. If any term or provision of this Agreement is held to be invalid, in whole or in part, by any law or regulation, or is declared as such by a final decision of a court of competent jurisdiction, such term or provision or part shall to that extent be deemed not to form part of this Agreement but the remainder of the Agreement shall remain in full force and application.
Severances. If any portion of this lease addendum shall be said to be invalid or unenforceable for any reason the remaining provisions shall continue to be valid and enforceable. But instead shall be enforced to the maximum extent permitted by law.
Severances. If any provisions of this Agreement are held to be illegal or invalid by a court of competent jurisdiction, such provision shall be deemed to be severed and deleted and neither such provision, nor its severance and deletion, shall affect the validity of the remaining provisions.