Termination and Severance Costs definition

Termination and Severance Costs means all liabilities, costs and obligations in respect of notice of termination, termination pay and severance pay, including vacation pay accrued through to the Closing Date, whether under statute, common law, contract, or otherwise, relating to any Transferred Employees who are not offered employment by the Purchaser or who reject such offer of employment.
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Termination and Severance Costs means the costs of pay in lieu of notice, termination pay, severance pay, or any other similar payment legally required to be made by the Company to any employee or former employee of the Company, whether by Contract (including any severance policy), by statute or the common law, upon the termination of their employment (including constructive dismissal or any layoff deemed by Employment Laws to be a termination) and the costs of any and all employee and former employee demands, claims, complaints and Proceedings related to such termination of employment (including any damage awards) and any costs of defending such demands, claims, complaints and proceedings (including all attorneys' fees).
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Examples of Termination and Severance Costs in a sentence

  • With respect to those Employment Costs and Termination and Severance Costs with respect to any Union Employees or Former Union Employees that Seller is responsible for, (1) Seller shall have an opportunity to participate in any grievance proceedings, arbitrations, labour board, court, or other proceedings connected with such costs; and (2) Seller shall indemnify Purchaser for same provided that such costs are consistent with the Union Contracts or otherwise approved by Seller in writing.

  • Amounts due or accrued to the Closing Date for all salary, wages, bonuses, commissions, vacation pay, termination or severance pay (other than Termination and Severance Costs) or benefits shall be for the account of the Vendor.

  • In addition and irrespective of whether the Closing occurs, Purchaser shall promptly reimburse Seller for all Termination and Severance Costs as provided in Section 5.2(f)(ii) hereof.

  • Seller shall be responsible only for those Employment Costs and Termination and Severance Costs with respect to any Union Employee or Former Union Employee that do not relate to matters that arose in connection with the transactions contemplated herein and arose prior to the Closing Date.

  • Purchaser shall be responsible for all Employment Costs and Termination and Severance Costs with respect to any Union Employees that are claimed after the Closing Date, provided they relate to matters that arose in connection with the transactions contemplated herein or arose on or after the Closing Date.