Severance Plan Benefits Clause Samples
The Severance Plan Benefits clause defines the compensation and benefits an employee is entitled to receive if their employment is terminated under certain conditions, such as layoffs or company restructuring. Typically, this clause outlines the amount of severance pay, continuation of health insurance, and other benefits like outplacement services, specifying eligibility criteria and payment schedules. Its core function is to provide financial security and support to employees during the transition period after involuntary termination, while also clarifying the employer’s obligations and reducing potential disputes.
Severance Plan Benefits. Notwithstanding Section 2(i), if Executive incurs a Separation from Service for which Executive becomes entitled to, and receives, severance benefits pursuant to the UniSource Energy Corporation Severance Pay Plan (the “Severance Plan”) and if Executive’s Separation from Service occurs within six months prior to the occurrence of a Change in Control and is effected in contemplation of such change in Control, Executive also will be entitled to Change in Control Severance Benefits pursuant to this Agreement. The payments and benefits due to Executive as Change in Control Severance Benefits then will be reduced by the amount of any payment or benefit Executive already has received pursuant to the Severance Plan.
Severance Plan Benefits. (a) Employer acknowledges and agrees that Executive's retirement and termination of employment pursuant to this Agreement shall be treated for all purposes of the Severance Plan as a "Separation from Service without Cause and not following a Change in Control" (within the meaning of Section 3(l)(C) of the Severance Plan). Following the Effective Date, Executive and Employer shall each honor and comply with their respective obligations under the Severance Plan (as modified by Section 1.02(b)).
(b) Notwithstanding anything contained herein or in the Severance Plan to the contrary: Portions of this exhibit were omitted and have been filed separately with the Securities and Exchange Commission pursuant to an application requesting confidential treatment; [*] denotes omissions.
(i) Executive shall execute and deliver to Employer a Waiver, Release and Non-solicitation, Noncompete and Nondisclosure Agreement (as defined in the Severance Plan) (the "Waiver") no later than May 23, 2005, and Executive's signature of such Waiver shall be dated no later than such date;
(ii) Employer hereby waives, releases and discharges Executive from Executive's obligations under Sections 8(a)(i) and 8(a)(ii) of the Severance Plan, and Employer agrees that Executive's rights under the Severance Plan shall not be affected in any manner as a result of any violation of such provisions of the Severance Plan;
(iii) Employer shall pay on behalf of Executive the full cost of the Severance Benefit coverage described in Section 4(b) of the Severance Plan and Employer shall pay to Executive annually an amount equal to the amount of federal income tax Executive will be required to pay on such benefits; and
(iv) in the event that Executive has not revoked the Waiver prior to the Effective Date, Employer shall pay the Severance Pay (as defined in the Severance Plan) to Executive in a lump sum on the Effective Date; and
(v) any gross-up payment made to Executive pursuant to Section 6 of the Severance Plan shall be made no later than June 15, 2005.
Severance Plan Benefits. Under Section 5(a) of the Severance Plan, in the event you incur a Qualifying Termination, which for purposes of the Severance Plan includes a termination of your employment by the Company without Cause (unless otherwise set forth in this Participation Agreement [if applicable: or a termination of your employment for Good Reason (as defined below)], then so long as you fulfill the Severance Plan’s requirements (e.g., executing a Separation Agreement and General Release), then you would be entitled to the following benefits: • Salary continuation for months; • Payment of % of your target annual bonus; • A lump-sum payment which will represent the current difference between your monthly medical insurance cost immediately prior to the applicable Qualifying Termination and the monthly cost for COBRA for months and may be used for any purpose, including to offset the cost of electing COBRA coverage; and • months of outplacement assistance from a provider selected by the Company. The salary continuation and target bonus payments amounts set forth above will be paid as provided in the Severance Plan beginning approximately 60 days following your Qualifying Termination and ending on the [first anniversary/18th month anniversary/second anniversary [choose one or update as applicable]] of the Qualifying Termination. Under Section 5(b) of the Severance Plan, in the event that your Qualifying Termination occurs within two years following the date of a Change in Control of the Company, then so long as you fulfill the Severance Plan’s requirements (e.g., executing a Separation Agreement and General Release), then you would be entitled to the following benefits: • Salary continuation for months; • Payment of % of your target annual bonus; • A lump-sum payment which will represent the current difference between your monthly medical insurance cost immediately prior to the applicable Qualifying Termination and the monthly cost for COBRA for months and may be used for any purpose, including to offset the cost of electing COBRA coverage; and • months of outplacement assistance from a provider selected by the Company. The salary continuation and target bonus payments amounts set forth above will be paid as provided in the Severance Plan beginning approximately 60 days following your Qualifying Termination and ending on the [first anniversary/18th month anniversary/second anniversary [choose one or update as applicable]] of the Qualifying Termination. Notwithstanding anything i...
Severance Plan Benefits. Subject to the terms of this Agreement and the Severance Plan, provided that ▇▇▇▇▇ (i) signs and returns this Agreement to the Company within twenty-one (21) days after ▇▇▇▇▇’▇ receipt thereof, (ii) does not revoke this Agreement, and (iii) complies with this Agreement, ▇▇▇▇▇ shall be entitled to receive the following payments and other benefits:
(i) all Accrued Obligations (as defined in the Severance Plan);
(ii) ▇▇▇▇▇’▇ Pro-rata Annual Incentive with respect to the Company’s 2020 fiscal year (as set forth in Section 4.01(a)(ii) of the Severance Plan), which shall be reduced (but not below zero) by the amount of any Annual Incentive paid to ▇▇▇▇▇ with respect to the fiscal year during which the Termination Date occurs (for example, if the Annual Incentive is paid quarterly), which shall be paid at the same time and in the same form as the Annual Incentives for such fiscal year are paid to ongoing employees; but no later than two and one half months after the last day of the fiscal year following the fiscal year in which the Termination Date occurs; (iii) a Severance Payment (as defined in the Severance Plan) in the gross amount of $572,800;
(iv) if ▇▇▇▇▇ timely elects such continued coverage under COBRA (as defined in the Severance Plan), reimbursement from the Company for the employer-portion of ▇▇▇▇▇’▇ medical, vision, prescription and/or dental coverage for continued coverage under COBRA until 18 months following the Termination Date; provided that such reimbursements will cease as of the date on which ▇▇▇▇▇ becomes eligible for medical, vision, prescription and/or dental coverage from another employer; and
(v) reimbursement for outplacement benefits, upon presentation of receipt by ▇▇▇▇▇ or outplacement provider, up to $25,000. To be eligible for reimbursement, the outplacement services must be incurred by no later than June 30, 2021. Such payments and other benefits shall be paid or commence (as applicable) at such time(s) as set forth in the Severance Plan, subject to the terms of the Severance Plan and this Agreement. ▇▇▇▇▇ agrees to notify the Company within ten (10) business days after he becomes eligible for medical, vision, prescription and/or dental coverage from another employer. ▇▇▇▇▇ further acknowledges and agrees that under no circumstances shall ▇▇▇▇▇ be eligible for, or receive, any duplicate payments under this Agreement and the Severance Plan. ▇▇▇▇▇ acknowledges that he has reviewed and understands the terms of the Severance Plan prio...
Severance Plan Benefits. Employee’s separation from employment will constitute a Qualifying Termination, but not a Change in Control Termination, as defined in the H&R Block, Inc. Executive Severance Plan applicable to Employee (the “Plan”) (a copy of the Plan is attached to this Release Agreement as Exhibit A). Accordingly, Company shall provide Employee the following payments and benefits to which he would be entitled under the Plan, which shall be payable and provided in accordance with and subject to the terms of the Plan unless otherwise specified below:
Severance Plan Benefits. Subject to your continued employment and performance of your duties as described herein through the Separation Date, the termination of your employment on the Separation Date shall be treated as a termination without Cause by the Company for purposes of the Severance Plan, and you will be eligible to receive the severance benefits provided under the Severance Plan, in accordance with and subject to the terms of the Severance Plan, including without limitation your execution and delivery (and non-revocation) of a release of claims as contemplated by the Severance Plan, in the Company’s customary form, and your compliance with all other terms and conditions set forth in the Severance Plan.
Severance Plan Benefits