Severance Cost definition

Severance Cost has the meaning set forth in Section 6.12(b).
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Severance Cost means the sum of the following costs incurred by Seller resulting from a Non-Union Employee's termination of employment with Seller: (i) all cash severance benefits payable pursuant to Seller's severance policy, (ii) the cost of outplacement services provided pursuant to Seller's severance policy, (iii) Seller's subsidized portion of COBRA Continuation Coverage provided by Seller's health plan in accordance with Seller's severance policy, (iv) the additional severance benefits payable pursuant to arrangements with the specific individuals identified in a schedule delivered to Buyer prior to the date hereof; and (v) any retention bonuses paid by Seller to Non-Union Employees who do not receive Qualifying Offers of employment and who are deemed in Seller's discretion to be critical to the ongoing operation of the Business. With respect to the Severance Cost components described in clauses (i), (ii), (iv) and (v) of the preceding sentence, Buyer shall pay such reimbursement to Seller at the later of Closing or five days after receipt of a list of such terminated Non-Union Employees and the amount of such Severance Cost components with respect to such employees. With respect to the Severance Cost component described in clause (iii), Seller shall provide Buyer during the COBRA Continuation Coverage period with a monthly schedule setting forth the cumulative amount of such cost component for the preceding month, and Buyer shall pay such reimbursement to Seller within five days after receipt of each such schedule.
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Severance Cost means the amount of severance payments payable by Seller, up to $643,581, to those employees of Seller set forth in Schedule 4(u), who Purchaser elects to not hire as of the Closing Date, calculated in accordance with such Schedule.
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Examples of Severance Cost in a sentence

  • With respect to the Severance Cost component described in clause (iii), Seller shall provide Buyer during the COBRA Continuation Coverage period with a monthly schedule setting forth the cumulative amount of such cost component for the preceding month, and Buyer shall pay such reimbursement to Seller within five days after receipt of each such schedule.

  • With respect to the Severance Cost components described in clauses (i), (ii), (iv) and (v) of the preceding sentence, Buyer shall pay such reimbursement to Seller at the later of Closing or five days after receipt of a list of such terminated Non-Union Employees and the amount of such Severance Cost components with respect to such employees.

  • Each such person who becomes employed by Buyer pursuant to this section shall be referred to herein as a "Transferred Non-Union Employee." Buyer shall reimburse Seller for 50 percent of the aggregate Severance Cost (as defined below) relating to those Non-Union Employees whose employment is terminated by Seller prior to or as of the Closing Date.

  • At or prior to Closing, Purchaser and Seller shall confirm the amount of Excess Severance Cost, if any.

  • Sellers shall pay (or reimburse prior to the Closing Date the Acquired Companies, to the extent paid by the Acquired Companies directly) and in any event remain obligated for the Excluded Employees Severance Cost.

  • FlexSemi shall provide a Reimbursable Severance Cost Accounting to AMI Semi on a monthly basis commencing on the Closing Date.

  • Severance Cost Notification 53 COVENANTS OF PARENT AND THE COMPANY Section 8.01 .

  • Within the seventy-five (75) day period following the Closing Date, Parent shall prepare and deliver to the Series A Holders a statement (the “Closing Adjustment Statement”) of: (i) the Closing Capital Expenditures; (ii) the Incremental Acquisition Amount; (iii) the Closing Working Capital; (iv) the Closing Indebtedness; (v) the Transaction Costs; (vi) the 2015 Bonus Amount; (vii) the Excess Severance Cost, if any; (viii) the Closing TCF; and (ix) the Closing Adjustment Amount.

  • If AMI Semi disputes the Reimbursable Severance Costs as set forth in a Reimbursable Severance Cost Accounting, AMI Semi shall, within twenty (20) days after receipt of the Reimbursable Severance Cost Accounting from Flex USA provide Flex USA with a written statement setting out in reasonable detail all of its proposed adjustments to the Reimbursable Severance Cost Accounting and their proposed adjustments to the Reimbursable Severance Costs.

  • Seller shall promptly reimburse Buyer for fifty percent (50%) of the Adjusted Severance Cost, upon written notice containing appropriate information concerning the payment of such amount by the Buyer or any of its Affiliates.


More Definitions of Severance Cost

Severance Cost means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.
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Severance Cost means the aggregate amount of all severance compensation and severance benefits to be paid or provided by Company or any of its Affiliates to any current or former employee, contractor, director or officer of Company or any of its Affiliates as a result of the transactions contemplated hereby and all Taxes payable by Company or any of its Affiliates (including the employer portion of Federal Insurance Contribution Act Taxes) with respect thereto.
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Related to Severance Cost

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Severance Amount means (A) for any Termination other than during a Covered Period, an amount equal to one hundred percent (100%) of Executive’s then-current Annual Base Salary as of the respective Termination; or (B) for a Termination during a Covered Period, an amount equal to two hundred percent (200%) of Executive’s Base Compensation as of the respective Termination.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Annual Compensation means the wages paid to the member during covered employment within the meaning of Section 3401(a) of the Internal Revenue Code, but determined without regard to any rules that limit the remuneration included in wages based upon the nature or location of employment or services performed during the plan year plus amounts excluded under Section 414(h)(2) of the Internal Revenue Code and less reimbursements or other expense allowances, cash, or noncash fringe benefits or both, deferred compensation, and welfare benefits. Annual compensation for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with §5-10D-7 of this code and Section 401(a)(17) of the Internal Revenue Code.