Payroll company definition
Examples of Payroll company in a sentence
In the period prior to the Closing, the Company shall take all action reasonably necessary (other than funding the Change of Control Payments and the Option Termination Payments, which shall be funded in accordance with Section 3.2(a)(iv) and Section 3.2(a)(v), respectively) to assist the Payroll Company in preparing to process the special payroll for the Change of Control Payments and the Option Termination Payments in accordance with this Section 6.11.
Notwithstanding the foregoing, any payment of any Change of Control Payments or Option Termination Payments that are not subject to applicable Tax withholding shall be paid to such Person within one Business Day following the Closing Date through the Target Companies’ general accounts payable process and not through the Payroll Company.
Parent shall cause the Payroll Company to complete a special payroll within two Business Days following the Closing Date for the purposes of delivering the Change of Control Payments and the Option Termination Payments payable to the Persons entitled to receive a Change of Control Payment or an Option Termination Payment, as applicable, net of all applicable deductions and withheld Taxes.
To the extent that amounts are so deducted or withheld by Parent, the Paying Agent, the Surviving Corporation or the Payroll Company, as applicable, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Stockholder in respect of which or whom such deduction and withholding was made by Parent, the Surviving Corporation, the Paying Agent or the Payroll Company, as applicable.