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 Costs means the termination or severance liabilities, costs and expenses which employers are legally obliged to provide or pay to or in respect of their employees, or the compensation or damages owed in lieu of such liabilities, costs and expenses, as a result of the termination of any employment.
Severance Costs means any and all amounts in the nature of compensation paid or payable pursuant to any agreement with any employee of the Company, the Bank or any other Subsidiary of the Company, as determined on an after-tax basis, that is contingent upon a change in control of the Company or a sale of a substantial portion of the assets of the Company, regardless of whether such payment is due or made before, on or after the Closing Date, and regardless of whether such payments are subject to termination of employment or other events that may occur after the Closing Date. For the avoidance of doubt, all such payments that could become due after a change in ownership upon voluntary termination of employment of an executive under any employment agreement would be considered a Severance Cost.
Examples of Severance Costs in a sentence
For the financial instrument in -Stage 3, the interest income is calculated by applying the effective interest rate to the amortised cost (after deduction of the impairment provision from the gross carrying amount).
Early Retirement and Severance Costs: to meet anticipated costs associated with the early retirement and severance of a number of employees across the Council.
Severance Costs for Joint Committees are not included in the above note but can be found in the relevant Joint Committee Statement of Accounts.
In addition the relevant Subsidiary shall pay any Severance Costs (as such term is defined in the relevant Shipmanagement Agreement) for the relevant Vessel which may materialize.
Except for the Approved Severance Costs and except as otherwise specified in this Agreement, the Company is not responsible or liable for any claim for severance benefits or other cash or equity compensation under any severance plan, program, policy or arrangement maintained by Parent or agreement covering severance or change of control benefits between Parent and any individual providing services to Parent.
More Definitions of Severance Costs
Severance Costs has the meaning set forth in Section 4.3(h);
Severance Costs has the meaning set forth in Section 5.1(b)(ii).
Severance Costs means the aggregate amount of severance due and payable in connection with any termination of employment prior to the Closing Date of any employee of the Company that is outstanding as of the Closing Date.
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. "Crew Insurances" means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects. "Management Services" means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12, and the undertaking specified in Clause 23. "ISM Code" means the International Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto. "STCW 95" means the International Convention on Standards of Training, Certification and Watchkeeping to Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto. "Time Charter" means the time charter party between Owners as owners and Stena Bulk AB (the "Time Charterers") as charterers effective attached hereto as Annex 1. "Agreement" means Part I, Part II, including Additional Clauses 21-31 as well as Annex 1.
Severance Costs means the following amounts reasonably paid by the relevant employer to dismiss the relevant employee: (a) any redundancy, termination, severance, end of service gratuity or similar payment required by applicable Law or Order or the terms of any collective bargaining agreement, (b) any contractual or discretionary redundancy, termination or severance payment, (c) any payment in lieu of notice, (d) any payment in lieu of accrued but untaken vacation, (e) reasonable legal fees incurred by the relevant employer, (f) any amount reasonably required to secure the employee’s agreement to either entering into a termination, settlement or waiver of claims agreement or to otherwise minimize the risk of claims arising in connection with the termination of the relevant employee’s employment and (g) any reasonable contribution to the relevant employee’s legal fees if customary in the relevant jurisdiction to pay such amounts in connection with entering into a termination, settlement or waiver of claims agreement, in the case of clauses (f) and (g), only if the party reimbursing such Severance Costs pursuant to Section 5.14(c) is a beneficiary of any restrictive covenant or waivers in such agreements.
Severance Costs means all Liabilities relating to or arising out of providing severance pay or benefits (including, without limitation, any benefit plan allowance payable under the terms of the Chevron Severance Plan to any Transferred Employee), redundancy pay or benefits, pay in lieu of notice, or other similar pay or benefits under applicable laws, contracts or employee benefit plans or arrangements.
Severance Costs means (a) statutory end of service gratuity payments and leaving indemnities; (b) statutory or contractual severance or redundancy payments; (c) any similar statutory, common Law or legally mandated payment obligation arising upon termination of employment; (d) payments in lieu of notice; (e) any sums paid in satisfaction of an award made by a court of Law or other competent tribunal in favour of (or in relation to) a Business Employee in relation to termination of employment; and/or (f) any sums paid in order to avoid, compromise or settle any claim made by or on behalf of a Business Employee or otherwise to resolve or avoid any dispute or threatened dispute with such Business Employee.