Target Severance definition

Target Severance means with respect to any Employee or Consultant terminated prior to the Effective Time, the following amounts: (a) any and all amounts of severance or termination pay and change in control payments and benefits to which such person is legally entitled by agreement or Target policy by virtue of the termination of his, her or its employment or consultancy at the Target, Acquiror or Merger Sub; (b) accrued vacation and sick time payments to which such person is legally entitled by virtue of the termination of his employment at Target, Acquiror or Merger Sub; (c) any and all amounts Target, Acquiror or Merger Sub is required to pay under COBRA benefits to which such individual is legally entitled by virtue of the termination of his employment at the Target, Acquiror or Merger Sub; (d) any 280G payments and (e) the employer portion of any and all Taxes paid or payable by any of Target, Acquiror or Merger Sub in respect of any amounts referred to in the foregoing clauses (a), (b), (c), (d) and (e) of this definition.
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Examples of Target Severance in a sentence

  • For a period of six months after the Closing Date, Buyer shall provide Target's employees, not already a party to a written severance agreement, in the event of the involuntary termination of any such employee's employment not for "Cause", severance pay equal to one week for each year of employment with Target ("Severance Pay"); provided, however, during such six-month period, any Severance Pay actually paid to any employee shall not be less than one month of Severance Pay.

  • The Bidder agrees that, in addition to any additional arrangements in this agreement regarding termination and severance, it will comply with the existing Target Severance Arrangements applicable to each Target Employee at a minimum for the 12-month period immediately following the Effective Date.