Eligibility for Severance Pay. The Executive shall be eligible to receive severance pay, in the amounts and at the times described in paragraph 3, if:
(a) the Executive's employment with the Company and all of its subsidiaries (if any) is terminated within 24 months after there has been a "change in control," as such term is hereinafter defined; and
(b) the Executive's termination of employment was not:
(i) on account of the Executive's death;
(ii) on account of a physical or mental condition that entitles the Executive to benefits under any long-term disability plan maintained by the Company or any of its subsidiaries, as then in effect;
(iii) for conduct involving serious willful misconduct (such as commission by the Executive of a felony or a common law fraud against the Company) which is detrimental in a significant way to the business of the Company or any or its subsidiaries; or
(iv) on account of the Executive's voluntary resignation; provided, that a resignation shall not be considered to be voluntary for the purposes of this Agreement if it occurs under the circumstances described in paragraph 11(a), or if, subsequent to the change in control, there has been: (1) a reduction in the Executive's compensation; (2) an alteration in the Executive's status, title or position with the Company or in the nature of the Executive's responsibilities from those in effect immediately prior to the change in control, or the assignment to the Executive of any duties inconsistent with his or her status, title or position with the Company; or (3) a change in the place in which the Executive is required to perform his or her duties, if the new place is more than 25 miles from his or her previous place of employment.
Eligibility for Severance Pay. If my employment with the Corporation terminates under circumstances in which I am eligible for severance under the Corporation’s Severance Plan for Non-Store Employees (the “Severance Plan”), the Corporation will offer me severance in accordance with the Severance Plan and the length of the Non-Competition Period will match the length of the severance period. I acknowledge that the Severance Plan sets forth pre-requisites I must meet in order to receive severance, including but not limited to execution of the Corporation’s standard separation agreement and release of claims. In the event that the Corporation fails to comply with its obligations to offer me severance according to the Severance Plan, then Section 2 of this Agreement shall be of no further effect. I agree that if I decline the Corporation’s offer of severance, I shall continue to be subject to the restrictions in Section 2.
Eligibility for Severance Pay. Except as provided in clause 26.8, an Employee who is in receipt of a notice of lay-off and has five (5) or more years seniority, is laid off and:
Eligibility for Severance Pay. Full time teachers who have taught in District 112 for at least 20 continuous years and who began full time teaching in the District prior to July 1, 1991 shall be eligible for severance pay pursuant to the provisions of this Article upon submission of a written resignation accepted by the School Board. The teacher shall submit a written letter of their intent to retire no later than 60 days prior to the effective date of retirement. The acceptance by the School Board must be completed no sooner than 90 days prior to retirement and no later than 30 days prior to retirement.
Eligibility for Severance Pay. To become eligible for severance pay an employee must have completed not less than ten (10) years of continuous service in the employ of the Employer. The Employer will provide severance pay to non-continuous employees who have completed not less than ten (10) years of service on the following basis:
i. The employee's months of service are totalled and divided by twelve (12) to get the actual worked years/months. The employee is then eligible to be paid one (1) week's pay for each full year of service. Partial years of service shall be paid on a pro rata basis.
Eligibility for Severance Pay. If an Employee chooses not to transfer with the job to a different work location, then the Employee will be eligible for full Severance Pay and other benefits applicable to Employees whose jobs are eliminated.
Eligibility for Severance Pay. If your employment is terminated by the Company without Cause, as defined below, or by you with Good Reason, as defined below and, provided that you (a) sign and do not revoke a general release of legal claims in a form and scope acceptable to the Company (the “Release”) within the applicable deadline set forth therein and permit the Release to become effective in accordance with its terms, which must occur no later than the Release Deadline, as defined below, and (b) fully comply with your obligations under the Non-Competition Agreement, in addition to the Accrued Obligations, you shall be eligible to receive the following benefits:
Eligibility for Severance Pay. In order to be eligible for severance pay, an employee must have attained the age of 55 years as of June 30 of the school year in which an application is made and must have completed a minimum of 20 full years of continuous service to the Employer. Severance pay is only available to employees hired prior to July 1, 1990. No severance pay will be paid to any employee who is discharged for cause.
Eligibility for Severance Pay. In the event that the Corporation terminates my employment without Cause (as defined below), the Corporation will offer me a separation agreement in a form provided by the Corporation that will include periodic severance payments in an amount equal to my salary in effect immediately prior to my separation, as well as the opportunity to continue participating in the Corporation’s medical, prescription and dental insurance plans (collectively, the “health benefits”) on the same terms available during my employment, for the duration of the Non-Competition Period. The separation agreement will also include a general release of claims and other standard provisions. The Corporation reserves the right, in its sole discretion, to reduce the duration of the Non-Competition Period and the duration of the corresponding periodic severance payments and continuation of health benefits. For purposes of this Agreement, Cause shall mean that the Corporation, in its sole discretion, has determined that I have: (a) violated the terms of this Agreement; (b) willfully violated the CVS Caremark Code of Conduct or any of the Corporation’s other policies; (c) engaged in dishonest or fraudulent conduct; or (d) willfully engaged in conduct that is detrimental to the Corporation’s reputation. I understand that if I resign my employment with the Corporation, or if I am terminated with Cause, I am not eligible for severance pay, but my obligations under this Agreement are still in full force and effect, including the post-employment restrictions I am agreeing to in Paragraphs 2 and 3 herein. I further understand that nothing in this Agreement shall diminish any right to severance pay that I may have under another written agreement or arrangement with the Corporation. Further, I understand and agree that my entitlement to any severance payments pursuant to this Agreement shall be offset, i.e., decreased, by any severance payment for which I may be eligible pursuant to any other agreement or arrangement with the Corporation.
Eligibility for Severance Pay. The Executive shall be eligible to receive severance benefits as described in paragraph 3, if:
a). the Executive’s employment with the Company and any of its subsidiaries or affiliates is terminated; and
b). the Executive’s termination of employment was not:
(i) on account of the Executive’s death;
(ii) on account of a physical or mental condition that entitles the Executive to benefits under any long-term disability plan maintained by the Company or any of its affiliates or subsidiaries, as then in effect;
(iii) for conduct involving willful misconduct (such as commission by the Executive of a felony or a common law fraud against the Company) which is detrimental in a significant way to the business of the Company or any of its subsidiaries; or
(iv) on account of the Executive’s voluntary resignation; provided that a resignation shall not be considered to be voluntary for the purposes of this Agreement if it occurs subsequent to a Change of Control as defined in section 2) below, or if subsequent to a change in control there has been: (1) a reduction in the Executive’s base compensation in effect immediately preceding the Change in Control ; (2) a change in the place in which the Executive is required to perform his or her duties, if the new place is more than 50 miles from the place Executive performed his or her services immediately prior to the Change in Control.
