General Severance Policies Clause Samples
The General Severance Policies clause outlines the rules and procedures governing the provision of severance pay and benefits to employees upon termination of employment. It typically specifies eligibility criteria, the calculation of severance amounts, and the process for distributing payments, which may depend on factors such as length of service or reason for termination. This clause ensures that both employers and employees have a clear understanding of entitlements and obligations in the event of job separation, thereby reducing disputes and providing financial security during transitions.
General Severance Policies. The benefits provided to Executive pursuant to Sections 2.3, 2.4, 2.5 and 2.10 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program; provided, however, that if the dollar value of the benefits to which Executive would otherwise be entitled under any Company severance plan, policy or program are more favorable in the aggregate to Executive than the dollar value of the benefits provided under this Agreement, he/she will be entitled to receive the additional benefits provided under such other plan, policy or program in accordance with the terms of the plan, policy or program to the extent the dollar value of such benefits exceeds the dollar value of the benefits provided under this Agreement. Notwithstanding the foregoing, in no event shall Executive’s entitlement to additional benefits under any other Company plan, policy or program replace or be a substitute for, or change the time or form of payment of, the benefits provided under this Agreement.
4. Unless specifically modified herein, all other terms and conditions of the Agreement shall remain in effect.
General Severance Policies. The benefits provided to Executive pursuant to Sections 4.3, 4.4, 4.5 and 4.10 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, severance policy or severance program; provided, however, that if the dollar value of the benefits to which Executive would otherwise be entitled under any Company severance plan, severance policy or severance program are more favorable in the aggregate to Executive than the dollar value of the benefits provided under this Agreement, he will be entitled to receive the additional benefits provided under such other plan, policy or program in accordance with the terms of the plan, policy or program to the extent the dollar value of such benefits exceeds the dollar value of the benefits provided under this Agreement. Notwithstanding the foregoing, in no event shall Executive’s entitlement to additional benefits under any other Company plan, policy or program replace or be a substitute for, or change the time or form of payment of, the benefits provided under this Agreement.