Severance Cost definition

Severance Cost has the meaning set forth in Section 6.12(b).
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Severance Cost means the sum of the following costs incurred by Seller resulting from a Non-Union Employee's termination of employment with Seller: (i) all cash severance benefits payable pursuant to Seller's severance policy, (ii) the cost of outplacement services provided pursuant to Seller's severance policy, (iii) Seller's subsidized portion of COBRA Continuation Coverage provided by Seller's health plan in accordance with Seller's severance policy, (iv) the additional severance benefits payable pursuant to arrangements with the specific individuals identified in a schedule delivered to Buyer prior to the date hereof; and (v) any retention bonuses paid by Seller to Non-Union Employees who do not receive Qualifying Offers of employment and who are deemed in Seller's discretion to be critical to the ongoing operation of the Business. With respect to the Severance Cost components described in clauses (i), (ii), (iv) and (v) of the preceding sentence, Buyer shall pay such reimbursement to Seller at the later of Closing or five days after receipt of a list of such terminated Non-Union Employees and the amount of such Severance Cost components with respect to such employees. With respect to the Severance Cost component described in clause (iii), Seller shall provide Buyer during the COBRA Continuation Coverage period with a monthly schedule setting forth the cumulative amount of such cost component for the preceding month, and Buyer shall pay such reimbursement to Seller within five days after receipt of each such schedule.
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Severance Cost means the amount of severance payments payable by Seller, up to $643,581, to those employees of Seller set forth in Schedule 4(u), who Purchaser elects to not hire as of the Closing Date, calculated in accordance with such Schedule.
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Examples of Severance Cost in a sentence

  • Based upon and subject to the foregoing, it is our opinion that the Merger will qualify as a reorganization under the provisions of section 368(a) of the Code.

  • Restructuring, Exited Businesses and Severance Cost includes severance and restructuring costs of $59 million and $70 million for the three months ended June 30, 2014 and March 31, 2014, respectively, associated with our 2014 workforce and cost reduction initiatives, as well as $27 million and $14 million in operating losses related to businesses exited for the three months ended June 30, 2014 and March 31, 2014, respectively.

  • Financial Impact Annual funding in the amount of $0.175 million is required to provide contribution to the Councillor Severance Cost Reserve and is recommended to be absorbed from within the City Council Operating Budgets, beginning in 2007.

  • In no event shall each Sellers' liability for the reimbursement of Severance Cost exceed the aggregate amount of the Trade Escrow Amount multiplied by the number of her/his/its Purchase Shares divided by the aggregate number of Purchase Shares.

  • The number and costs (in bandings) of compulsory and other terminations are set out in the table below Severance Cost BandNumber ofCompulsory TerminationsNumber of Other TerminationsTotal Number of Terminations During 2020/21, the Council saved annual payroll costs of £1,264k (£3,535k 2019/20) through Voluntary Redundancy and Voluntary Early Retirement.

  • The number and costs (in bandings) of compulsory and other terminations are set out in the table below Severance Cost Band During 2020/21, the Council saved annual payroll costs of £1,264k (£3,535k 2019/20) through Voluntary Redundancy and Voluntary Early Retirement.

  • At or prior to Closing, Purchaser and Seller shall confirm the amount of Excess Severance Cost, if any.

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

  • The average severance cost for these Facilities Employees is $25,272 (the "Average Severance Cost").

  • The school must be able to demonstrate that attendance records are kept, are accurate and reflect the fact that students are attending the school regularly for the purpose of study.


More Definitions of Severance Cost

Severance Cost means the aggregate amount of all severance compensation and severance benefits to be paid or provided by Company or any of its Affiliates to any current or former employee, contractor, director or officer of Company or any of its Affiliates as a result of the transactions contemplated hereby and all Taxes payable by Company or any of its Affiliates (including the employer portion of Federal Insurance Contribution Act Taxes) with respect thereto.
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Severance Cost 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.
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Related to Severance Cost

  • 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.

  • Severance Amount means:

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

  • 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)

  • Annual Compensation means an amount equal to the greater of:

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Subcontractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):

  • 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 Multiplier means, with respect to any termination of Employee’s employment hereunder by the Company without Cause or by Employee with Good Reason, 1; provided, however, that in the event such termination occurs within the two (2) year period following a Change in Control, the Severance Multiplier shall instead equal 2.

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

  • Severance Multiple means 2.50; provided, however, that notwithstanding the foregoing, for each full month that elapses during the period beginning on the date the Executive attains age 63 and ending on the date the Executive attains age 65, the Severance Multiple shall be reduced by an amount equal to the product of (i) 1/24 and (ii) the excess of (A) the original Severance Multiple set forth above over (B) 1.0 (rounded to the nearest hundredth).

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

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • Final compensation of a member means:

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Employment Taxes means all fees, Taxes, social insurance payments or similar contributions to a fund of a Governmental Authority with respect to wages or other compensation of an employee or other service provider.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Special compensation means payment to an adult foster care facility to ensure the provision of a specialized program in addition to the basic payment for adult foster care. Special compensation does not include payment received directly from the Medicaid program for personal care services for a resident, or payment received under the supplemental security income program.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

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

  • Current Annual Compensation means the greater of:

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Accrued Professional Compensation means, at any given moment, all accrued, contingent and/or unpaid fees and expenses (including, without limitation, success fees) for legal, financial advisory, accounting and other services and reimbursement of expenses that are awardable and allowable under section 328, 330(a) or 331 of the Bankruptcy Code and were rendered before the Effective Date by any Retained Professional in the Chapter 11 Cases, or that are awardable and allowable under section 503 of the Bankruptcy Code, that have not been denied by a Final Order, all to the extent that any such fees and expenses have not been previously paid (regardless of whether a fee application has been filed for any such amount). To the extent that the Bankruptcy Court or any higher court denies or reduces by a Final Order any amount of a Retained Professional’s fees or expenses, then those reduced or denied amounts shall no longer constitute Accrued Professional Compensation.

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

  • Density bonus means a floor area ratio bonus over the otherwise maximum allowable density permitted under the applicable zoning ordinance and land use elements of the general plan of a city, including a charter city, city and county, or county of:

  • Annual Cash Compensation means the sum of (I) the Employee's highest Base Salary (i.e., one year's salary at its highest rate), plus (II) the "Applicable Average Bonus" as defined in subparagraph 5(a)(i)(B) above.