Assumed Severance definition

Assumed Severance means, as of a specified date, the aggregate Liabilities of any of the Selling Parties to or with respect to Transferred Employees only for statutorily-required (or required by Law or Governmental Authority) severance amounts, and excludes any contractual Liability to any Employees of the Selling Parties or the Business (regardless of whether such Employees are Transferred Employees, Key Employees or otherwise, or whether such Employees are resident in Canada, the United States or the Netherlands).
Sample 1

Examples of Assumed Severance in a sentence

  • With respect to any severance benefits owed to any Horizon Employee or Former Horizon Employee as a result of a termination of employment occurring on or prior to the Distribution Date (the “Assumed Severance Benefits”), on and after the Distribution Date the Horizon Group and, as applicable, the Horizon Benefit Plans, will be solely responsible for all such Assumed Severance Benefits, and neither TriMas nor the TriMas Group will have any liability with respect thereto.

  • Collaborate with other systems that will be impacted by these changes.

  • Notwithstanding the foregoing, the Purchaser shall not be entitled to designate any Assumed Employment Agreement or Assumed Severance Agreement, or any other agreement listed on Schedule 2.2(a)(vi), as an Excluded Contract, and the Sellers shall be required to include each Assumed Employment Agreement and Assumed Severance Agreement on the Sellers' Assigned Contracts Schedule, unless the employee party thereto does not become a Transferred Employee.

  • Exit Plan and Assumed Severance Liabilities: In connection with the Transaction, the Company recorded a compensation and benefits liability of approximately $8.3 million, which included approximately $4.3 million for severance payments under assumed liabilities of Primary and its foreign subsidiaries.

  • All amounts collected will first be set off against legal costs, and then against interest, and lastly against the capital amount due.

  • Seller shall use commercially reasonable efforts to transfer employees through use of Retention Bonuses and/or Assumed Severance Liabilities, rather than Cash Severance Payments.

  • Each Bank Party shall be allocated ---------------------------- responsibility in accordance with Schedule 4.3 for its portion of the ------------ Assumed Severance Obligations with respect to the Corporate Center Employees.

  • Schedule 3.10(c) sets forth the severance policies for all persons subject to Assumed Severance, as defined in Schedule 2.05(a).

  • The probable OKDHS cost of printing and distributing the rules is estimated to be less than $20.

  • When determining the materiality level, professional judgment was applied taking into account the specific characteristics relating to NBP.

Related to Assumed Severance

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

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

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • 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)

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.

  • 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.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Change in Control Benefits means the following benefits:

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Severance Amount means:

  • Retention Bonus means the amount equal to:

  • Severance Agreement means the Key Executive Severance Agreement, dated as of the date hereof, between the parties, as it may be amended from time to time, that provides for certain benefits related to termination of the Executive’s employment that are unrelated to a Change of Control.

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

  • Severance means the complete separation and dismemberment of the part from the body.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Assumed Obligations has the meaning specified in Section 2.2.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Accrued Obligation means the sum of (i) Executive’s Base Salary earned through the Date of Termination and (ii) any accrued, unused vacation pay earned by Executive, in both cases, to the extent not theretofore paid.

  • Severance Date means the date on which an Executive incurs a Severance, which shall be the date of termination as determined under Section 5.2.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • 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.

  • Change in Control Termination means an “Involuntary Termination Without Cause” or “Resignation for Good Reason,” either of which occurs on, or within three (3) months prior to, or within twelve (12) months following, the effective date of a Change in Control, provided that any such termination is a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). Death and disability shall not be deemed Change in Control Terminations.

  • Change in Control of the Company means the occurrence of any of the following events: