PRC Transfer definition
Examples of PRC Transfer in a sentence
The Parties recognize that there may be a period of time between the Closing Date and the PRC Transfer Date during which the PRC Employees will need to perform services for Buyer or its affiliates.
To the extent that the PRC Transfer is not completed before Closing, following the Closing, the Seller Shareholder shall procure the PRC Seller, and the Buyer shall procure the D▇ ▇▇▇▇▇ PRC Company, to consummate the PRC Transfer and Tax filing and payment as soon as possible thereafter.
Buyer shall cause PRC Buyer to recognize each Hired PRC Employee’s (i) years of service with MSTR China for the purposes of the calculation of any statutory employment rights and benefits under PRC law as well as any statutory severance payment due to such Hired PRC Employee as a result of PRC Buyer’s termination of any such PRC Employee on or after the PRC Transfer Date, and (ii) accrued and unused annual leave that was accrued during such Hired PRC Employee’s employment with MSTR China.
The Parties specifically agree that under no circumstances shall Seller or MSTR China bear any liability for any pro rata share of any bonus awarded to any Hired PRC Employee after the PRC Transfer Date in relation to such Hired PRC Employee’s employment with MSTR China.
Except as provided elsewhere in this Agreement in the Transition Services Agreement, for the avoidance of doubt, neither Buyer nor PRC Buyer shall bear (i) any responsibility for any employer obligations relating to any PRC Employees in respect of a fact or circumstance existing prior to the PRC Transfer Date; or (ii) any responsibility for any employer obligations relating to any PRC Employees who are not Hired PRC Employees (“Retained PRC Employees”).
For the avoidance of doubt, any Taxes arising out of the PRC Transfer shall be borne by the PRC Seller or its Affiliates (excluding the Target Group Companies and the Buyer Group).
Buyer shall cause PRC Buyer to assume and shall be fully responsible for, and under no circumstance shall Seller or MSTR China be held in any way responsible for, any compensation, overtime, bonus, annual leave, commissions, severance pay, social insurance fees and any other benefits to which any Hired PRC Employees may be entitled that result from their employment relationship with PRC Buyer after the PRC Transfer Date.