Closing Severance Payments definition

Closing Severance Payments means an amount that is equal to six (6) months' base salary for each Operator (i) who was not given a Qualified Offer by Buyer or a Buyer Affiliate, and (ii) who did not accept an offer of employment by Buyer or a Buyer Affiliate.
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Closing Severance Payments means the cash payments to the individuals whose names are set forth on Company Disclosure Schedule 1.1(b) in the amounts set forth therein, which (including the employer’s portion of any Taxes payable with respect to any such payment) shall not exceed $1,500,000 in the aggregate.
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Closing Severance Payments shall have the meaning set forth in Section 6.1(f).
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Examples of Closing Severance Payments in a sentence

  • The obligation of Seller to consummate the Sale shall be subject to the satisfaction by Buyer or waiver by Seller on or prior to the Closing Date of each of the following conditions: Buyer shall have delivered the Purchase Price and Closing Severance Payments (if any) in accordance with Section 2.1, less the amount of the cash deposit previously paid by Buyer (if any) in accordance with Section 2.4, including accrued simple interest earned thereon of six percent (6%).

  • Seller covenants and agrees to cause any Closing Severance Payments paid to Seller at Closing to be paid to the Operators for whom such payments are intended pursuant to the definition of Closing Severance Payments in Section_1.

  • The Parties agree that Buyer's payment of the Closing Severance Payments to Seller pursuant to Section 2.1(a) of this Agreement is not being made in consideration for the Purchased Interests, Buyer is making such payments to the Seller solely in order to enable Seller to pay such amounts to applicable Operators in satisfaction of the Buyer's obligation to make such payments, and for tax purposes such payment will be treated as if Buyer paid such amounts directly to such Operators.