Common use of Severance Plans Clause in Contracts

Severance Plans. The Parent Severance Pay Program provides for the payment of certain compensation and benefits in the event of the termination of employment of the individual covered by the terms of such plans. As of the Close of the Distribution Date, Parent shall retain all Liabilities relating to the Parent Severance Pay Program and all Liabilities relating to, arising out of, or resulting from claims incurred by or on behalf of any individual under such plans. A Xxxxx Xxxxxxx Employee shall not be deemed to have terminated employment for purposes of determining eligibility for benefits under the Severance Pay Plan or other similar plans and programs in connection with or in anticipation of the consummation of the transactions contemplated by the Separation and Distribution Agreement, and shall cease to be covered thereby as of the Close of the Distribution Date. Xxxxx Xxxxxxx shall be solely responsible for all Liabilities in respect of all costs arising out of payments and benefits relating to the termination or alleged termination of any Xxxxx Xxxxxxx Employee's employment that occurs as a result of or in connection with or following the consummation of the transactions contemplated by the Separation and Distribution Agreement, including any amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy, termination or similar plan, program, practice, contract, agreement, law or regulation (such benefits to include any medical or other welfare benefits, outplacement benefits, accrued vacation, and taxes). The Parent shall retain all Liabilities with respect to the termination of any Xxxxx Xxxxxxx Employee or Former Xxxxx Xxxxxxx employee prior to the Distribution Date.

Severance Plans. The Parent Severance Pay Program provides for the payment of certain compensation and benefits in the event of the termination of employment of the individual covered by the terms of such plans. As of the Close of the Distribution Date, Parent shall retain all Liabilities relating to the Parent Severance Pay Program and all Liabilities relating to, arising out of, or resulting from claims incurred by or on behalf of any individual under such plans. A Xxxxx Xxxxxxx Employee shall not be deemed to have terminated employment for purposes of determining eligibility for benefits under the Severance Pay Plan or other similar plans and programs in connection with or in anticipation of the consummation of the transactions contemplated by the Separation and Distribution Agreement, and shall cease to be covered thereby as of the Close of the Distribution Date. Xxxxx Xxxxxxx shall be solely responsible for all Liabilities in respect of all costs arising out of payments and benefits relating to the termination or alleged termination of any Xxxxx Xxxxxxx Employee's employment that occurs as a result of or in connection with or following the consummation of the transactions contemplated by the Separation and Distribution Agreement, including any amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy, termination or similar plan, program, practice, contract, agreement, law or regulation (such benefits to include any medical or other welfare benefits, outplacement benefits, accrued vacation, and taxes). The Parent shall retain all Liabilities with respect to the termination of any Xxxxx Xxxxxxx Employee or Former Xxxxx Xxxxxxx employee Employee prior to the Distribution Date.

Severance Plans. The Parent Severance Pay Program provides for the payment of certain compensation and benefits in the event of the termination of employment of the individual covered by the terms of such plans. As of the Close of the Distribution Date, Parent shall retain all Liabilities relating to the Parent Severance Pay Program and all Liabilities relating to, arising out of, or resulting from claims incurred by or on behalf of any individual Parent Employee or Former Parent Employee under such plans. A Xxxxx Xxxxxxx Employee shall not be deemed to have terminated employment for purposes of determining eligibility for benefits under the Parent Severance Pay Plan Program or other similar plans and programs in connection with or in anticipation of the consummation of the transactions contemplated by the Separation and Distribution Agreement, and shall cease to be covered thereby as of the Close of the Distribution Date. Xxxxx Xxxxxxx shall be solely responsible for all Liabilities in respect of all costs arising out of payments and benefits relating to the termination or alleged termination of any Xxxxx Xxxxxxx Employee's employment that occurs as a result of or in connection with or following the consummation of the transactions contemplated by the Separation and Distribution Agreement, including any amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy, termination or similar plan, program, practice, contract, agreement, law or regulation (such benefits to include any medical or other welfare benefits, outplacement benefits, accrued vacation, and taxes). The Parent shall retain all Liabilities with respect to the termination of any Xxxxx Xxxxxxx Employee or Former Xxxxx Xxxxxxx employee prior to the Distribution Date.