TFR Liability definition
TFR Liability means “Trattamento di Fine Rapporto” obligations that are or may become payable to or in respect of any of the ST Transferred Employees with respect to their service with ST prior to their transfer to Newco or its Subsidiaries pursuant to the ST Asset Contribution Agreement.
Examples of TFR Liability in a sentence
In the event that (i) such legal opinion is not provided within 10 days prior to the Closing Date or (ii) Newco receives a contrary legal opinion, ST shall be required to pay to Newco an amount in cash or cash equivalents equal to the TFR Liability at the Closing and the indemnification provisions in this Section 5.11(g) shall remain in full force and effect until the first anniversary of the Closing Date.