The following words and phrases when used in this subchapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Acquiring person." The term shall have the meaning specified in section 2562 (relating to definitions).
"Control-share acquisition." The term shall have the meaning specified in section 2562.
"Control-share approval."
if the agreement or plan is approved or the amendment or reincorporation is adopted by the board of directors of the corporation during the period commencing after the satisfaction by such other acquiring person of the requirements of section 2565(a) or (b) (relating to procedure for establishing voting rights of control shares) and ending 90 days after the date such issue is voted on by the shareholders, is withdrawn from consideration or becomes moot; or
"Control shares." The term shall have the meaning specified in section 2562.
"Eligible employee." Any employee of a registered corporation (or any subsidiary thereof) if:
"Employee." Any person lawfully employed by an employer.
"Employment in this Commonwealth."
"Minimum severance amount." With respect to an eligible employee, the weekly compensation of the employee multiplied by the number of the completed years of service of the employee, up to a maximum of 26 times the weekly compensation of the employee.
"Subsidiary." The term shall have the meaning specified in section 2552 (relating to definitions).
"Termination of employment." The layoff of at least six months, or the involuntary termination of an employee, except that any employee employed in a business operation who is continued or employed or offered employment (within 60 days) by the purchaser of such business operation, on substantially the same terms (including geographic location) as those pursuant to which the employee was employed in such business operation, shall not be deemed to have been laid off or involuntarily terminated for the purposes of this subchapter by such transfer of employment to the purchaser, but the purchaser shall make the lump-sum payment under this subchapter in the event of a layoff of at least six months or the involuntary termination of the employee within the period specified in section 2582 (relating to severance compensation).
"Weekly compensation." The average regular weekly compensation of an employee based on normal schedule of hours in effect for such employee over the last three months preceding the control-share approval.
"Year of service." Each full year during which the employee has been employed by the employer.
15 Pa.C.S. § 2581