Accrued Severance definition

Accrued Severance means the aggregate amount, determined as of the close of business on the Business Day immediately preceding the Closing Date, of obligations of the Company or any Company Subsidiaries in respect of severance payable in respect of employees terminated prior to the Closing.
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Examples of Accrued Severance in a sentence

  • SERVICE CREDIT THAT TRANSFERS FROM USEC (OR OTHER SITE CONTRACTORS) TO WEMS Years of Service Credited for Vacation Years of Service Credited for Pension that is Applied to MEPP* Years of Service Credited for Savings Plan 401(k) Years of Site- Wide Seniority Accrued in the Bargaining Unit Years of Service Credited for Accrued Severance Years of Service Credited of Eligibility for Retiree Health Care Benefits* Employees hired by WEMS from USEC under Section 6 (receives no severance payment from USEC).

  • The Company acknowledges that it has received a check, dated December 31, 2005, from Executive repaying the Accrued Severance Amount to the Company, which amount represents all Termination Payments made by the Company to Executive or on his behalf from the Termination Date to December 31, 2005 (other than payments made to Executive pursuant to Paragraphs b and h of Section 2).

  • For purposes of this Agreement, the Accrued Severance liability and Upstairs Severance Liability shall be included in the definition of Rio Accounts Payable.

  • Buyer shall not permit the Payment Fund to be used for any purpose except for the payment of (A) the Share Consideration, Warrant Consideration and Option Consideration as contemplated herein or (B) any amounts deducted from Enterprise Value to determine Gross Equity Value pursuant to Section 2.04(i), other than Accrued Severance, Accrued Contingent Purchase Price, Long-Term Escheatment Liability and Long-Term Office Closing Accrual.

  • As of the date of execution of this Agreement, the Company is not aware of any breach of the Separation Agreement that will affect Executive's rights to the Accrued Severance Amount under Section 2(l) (ii) of this Agreement.

  • Purchaser shall credit Italian Transferred Employees with Accrued Severance Indemnities, subject to the inclusion by Deutsche Bank on the Preliminary Closing Statement of Net Assets and the Closing Statement of Net Assets of a corresponding liability, in an amount equal to the cash liability as of the Closing Date in respect of such assumed Accrued Severance Indemnities.

  • From and after the Effective Time, Rio shall pay, and Buyers shall cause Rio to pay, all Accrued Severance and Upstairs Severance Liability (as defined in Section 8.4.2) (collectively, “Severance Obligations”) as and when due.

  • Executive and the Company agree that the Company’s payment obligation with respect to the Accrued Severance Benefits are not vested until an Employment Termination Date under this Agreement occurs.

  • Within two Business Days after such payments are made by Seller to such Transferred Employees, Seller shall deliver a statement to Purchaser of the aggregate amount of the Accrued Severance Payments actually paid by Seller to such Transferred Employees (the “Actual Severance Payment”), together with supporting documentation for such amount reasonably satisfactory to Purchaser.

  • The Company and Executive acknowledge and agree that adjustments to Termination Payments made in accordance with paragraphs (j) and (k) of this Section 2 will not affect in any way Executive's right to receive in full the Accrued Severance Amount on March 1, 2006.

Related to Accrued Severance

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Accrued Obligation means the sum of (a) Executive’s Annual Base Salary through the Termination Date for periods through but not following his Separation From Service and (b) any accrued vacation pay earned by Executive, in each case, to the extent not theretofore paid.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Accrued Obligations means (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 hereof, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein.