Common use of Seller’s Severance Pay Plans Clause in Contracts

Seller’s Severance Pay Plans. Seller shall cause the execution of a severance pay plan(s) for the benefit of qualifying Prospective Employees (“Seller’s Severance Pay Plans”). Prospective Employees will only receive severance pay in connection with the termination of their employment with Seller if they qualify for it under the terms of Seller’s Severance Pay Plans. Without limitation, Seller’s Severance Pay Plans shall provide that a Prospective Employee is ineligible for severance pay if he or she received an employment offer from Buyer at an Equivalent Wage and at a work location within 50 miles of his or her work location with Seller at the Closing Date, regardless of whether such offer is accepted or rejected. In addition, Seller’s Severance Pay Plans shall provide that no Affected Employee shall be eligible for severance pay.

Seller’s Severance Pay Plans. Seller Sellers shall cause the execution of a severance pay plan(s) for the benefit of qualifying Prospective Employees (“Seller’s Sellers’ Severance Pay Plans”). Prospective Employees will only receive severance pay in connection with the termination of their employment with Seller Sellers if they qualify for it under the terms of Seller’s Sellers’ Severance Pay Plans. Without limitation, Seller’s Sellers’ Severance Pay Plans shall provide that a Prospective Employee is ineligible for severance pay if he or she received an employment offer from Buyer Buyers at an Equivalent Wage and at a work location within 50 miles of his or her work location with Seller Sellers at the Closing Date, regardless of whether such offer is accepted or rejected. .. In addition, Seller’s Sellers’ Severance Pay Plans shall provide that no Affected Employee shall be eligible for severance pay.