Employee Termination Costs definition
Employee Termination Costs means (a) Employment Costs with respect to the relevant employee which arise in respect of the period from and including the Closing Date up to and including the termination of employment or the date of transfer (in each case pursuant to Sections 5.14(c)(i)(D) or (ii)(D), or Sections 5.14(c)(i)(E) or (ii)(E), respectively), as applicable and (b) Severance Costs.
Employee Termination Costs means: (i) Employment Costs payable to or in respect of the relevant Employee to the extent incurred or which fall due to be performed, or which arise in respect of the period or should have been performed, in the period from and including the Applicable Completion Date up to and including the termination of employment; and (ii) all amounts paid by the relevant employer to dismiss the relevant Employee, including any statutory redundancy payment, end of service gratuity, any enhanced contractual or discretionary redundancy, termination or severance pay, any payment in lieu of notice, any payment in lieu of accrued but untaken holiday or vacation, reasonable legal fees incurred by the relevant employer and any reasonable contribution to the Employee’s legal fees, any amount paid to the Employee as consideration for the entering into of confidentiality or other post-termination restrictive covenants, and any other amounts reasonably required to secure the Employee’s agreement to either entering into a settlement agreement or to otherwise minimise the risk of claims arising in connection with their dismissal; Employees with reference to any natural person or legal entity, means all the workers employed by the same (irrespective of the type of their employment contract, the duration of the employment relationship and their category, and whether employed under training contracts, part-time or fixed term contracts);
Examples of Employee Termination Costs in a sentence
The parties will use reasonable endeavors as soon as practicable after the date of this Agreement to agree on the most appropriate Employee Migration Method in each relevant jurisdiction, and for the avoidance of doubt, any Employee Termination Costs incurred by the Seller Group in connection with the implementation of a particular Employee Migration Method shall be Assumed Employee Liabilities under this Agreement.
Employees Schedule 6.4(f) TRW Germany Employees Schedule 6.4(h) Employee Termination Costs Schedule 7.3 Supplier Agreements of Asset Sellers Schedule 9.2 Consents Other Sections in Article IV: Sellers' Disclosure Schedule TRW Integrated Supply Chain Solutions GmbH (Germany) TRW Integrated Supply Chain Solutions Inc.