Severance Liability definition

Severance Liability means any Liability for severance owed to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ or ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ by the Company or its Subsidiaries or Affiliates pursuant to (i) the last two sentences of Section 15(b) of the ▇▇▇▇▇▇ Employment Agreement and (ii) Section 11 of the Fiddler Employment Agreement.
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Severance Liability means obligations and liabilities for severance pay, termination pay, notice of termination of employment or pay in lieu of such notice, damages for wrongful dismissal, and accrued vacation pay arising in the ordinary course of business prior to the Closing Date.
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Examples of Severance Liability in a sentence

  • If Seller and Purchaser are unable to reach agreement on the accuracy of the Severance Liability List within twenty (20) days after the expiration of the Severance Liability List Review Period, either Seller or Purchaser may demand arbitration of the dispute.

  • For the period from the Closing Date until December 31, 2005, the Acquired Employees and RSI Current Employees will receive severance benefits that are no less favorable than those severance benefits offered by Seller or RSI, as applicable immediately prior to the Closing, provided however, in no event shall Buyer be responsible for any Single Trigger Severance Liability.

  • The decision of a majority of the three (3) arbitrators as to the accuracy of the Severance Liability List shall be binding and conclusive upon Seller and Purchaser.

  • If Seller disputes the accuracy of the Severance Liability List, Seller shall deliver a written notice (“Severance Liability List Dispute Notice”) to Purchaser before 5 p.m. Pacific Time on the thirtieth (30th) day after the delivery of the Severance Liability List (“Severance Liability List Review Period”).

  • For purposes of this Agreement, the Accrued Severance liability and Upstairs Severance Liability shall be included in the definition of Rio Accounts Payable.

  • As used herein, the term "Severance Liability" means obligations and liabilities for severance pay, termination pay, notice of termination of employment or pay in lieu of such notice, damages for wrongful dismissal, and accrued vacation pay arising in the ordinary course of business prior to the Closing Date.

  • Seller represents and warrants with respect to those five employees of Seller who have been previously identified by Seller and that Seller anticipates will be among the Excluded Employees that the aggregate Severance Liability (as hereinafter defined) shall not exceed $210,000.

  • From and after the Effective Time, Rio shall pay, and Buyers shall cause Rio to pay, all Accrued Severance and Upstairs Severance Liability (as defined in Section 8.4.2) (collectively, “Severance Obligations”) as and when due.

  • The Seller shall be solely responsible for, and shall indemnify and hold harmless the Purchaser from, (i) all Severance Liabilities relating to any Non-Designated Employee and (ii) any Excess Severance Liability (the “Seller Sole Severance Liabilities”).