Severance Policies Sample Clauses

A Severance Policies clause outlines the terms and conditions under which an employee may receive severance pay or benefits upon termination of employment. Typically, this clause specifies eligibility criteria, the amount or calculation method for severance payments, and any conditions that must be met, such as signing a release of claims. Its core function is to provide clarity and predictability for both employer and employee regarding post-termination compensation, thereby reducing disputes and ensuring a smoother transition when employment ends.
Severance Policies. Because all employees of the Business will be offered employment with Buyer, the parties intend that no such employee will be entitled to receive severance pay, whether or not such employee accepts such employment. Failure to accept employment with Buyer shall be deemed to be a voluntary resignation by the employee.
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Severance Policies. Prior to the Effective Time, the Company shall amend its severance plans or policies to the extent necessary to clarify that no severance payments are required to be paid to the Company’s employees that are offered employment by the Surviving Entity or its Affiliates, provided such offers of employment contain no diminution in such employee’s base salary or require the employee to perform his or her duties at a location that is more than 25 miles from the employee’s location of employment by the Company.
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Severance Policies. A copy of International Paper's Salaried Employee Severance Program has previously been delivered to Buyer.
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Severance Policies. (A) Effective as of the Closing Date, Merial shall, or shall cause the appropriate Merial Venture Company to, establish a severance policy (the “Regular Severance Policy”) covering the RM U.S. Employees (and, effective as of January 1, 1998, all of the U.S. Animal Health Employees) that provides, in exchange for an executed release, a severance benefit of [*] of salary (salary to be defined as base salary excluding overtime, premiums and other extraordinary payments) for each full year (for any partial year, prorated based on full calendar months) of service with the Merial Venture, RM and/or Merck (or their respective Subsidiaries) under circumstances and on terms and conditions as determined by the Board of Directors. For RM U.S. Employees, for the period from the Closing Date through December 31, 1997, such Regular Severance Policy shall include outplacement services and an additional [*] of salary for each full year of service (for any partial year, prorated based on full calendar months) plus [*] of salary in lieu of notice. Benefits payable under the Regular Severance Policy are in lieu of any other severance arrangements or benefits provided to employees by RM or its Subsidiaries or the Merial Venture. (B) Effective prior to the Closing Date, RM shall establish a special severance policy (the “Special Severance Policy”) covering the employees listed by RM on Schedules 7.1 F-1 and 7.1 F-2 (collectively, the “Eligible Employees”) that provides, in exchange for an executed release by the Eligible Employees and an agreement as to certain other terms and conditions, a severance benefit in the event of a termination of employment described in the following sentence of (i) for the Eligible Employees listed on Schedule 7.1 F-1, [*] of salary [*] of salary for each full year of service (partial years will not be counted) subject to a maximum of [*] of salary and for the Eligible Employees listed on Schedule 7.1 F-2, [*] of salary plus [*] of salary for each full year of service (partial years will not be counted) subject to a maximum of [*] of salary, (ii) an amount equal to the applicable premium cost to an Eligible Employee of [*] of continuation of coverage under the RM Medical Plan and the RM Dental Plan (the “Premium Payment”) plus an additional amount equal to the estimated tax liability incurred by an Eligible Employee with respect to the Premium Payment (as set forth in the letter agreement with such Eligible Employee), and (iii)
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Severance Policies. Without limiting the generality of Section 7.04, Purchaser shall cause the Company and its Subsidiaries to retain and maintain without amendment for the benefit of Transferred Employees who are terminated from employment during the Continuation Period the Company’s Change of Control Severance Plan (a correct and complete copy of which has been provided to Purchaser) as in effect immediately prior to the Closing.
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Severance Policies. For a period of one (1) year following the Closing Date, Buyer shall cause the Company to maintain the severance policies set forth in Schedule 7.8 with respect to all persons employed by the Company as of the Closing Date.
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Severance Policies. 24 TABLE OF CONTENTS (continued) Page
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Severance Policies. Following the Closing Date until the first anniversary of the Closing Date, Activision shall, or cause the Surviving Corporation to, maintain and comply with (or otherwise provide severance benefits to employees of Games or any of its Subsidiaries that are no less generous to such employees in the aggregate as those provided under) the severance policies, plans and agreements of Games and its Subsidiaries in effect immediately prior to the Closing Date and listed on Section 5.10(a) of the Games Disclosure Schedule.
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Severance Policies 
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Related to Severance Policies

  • Employment Policies The employment relationship between the parties shall also be governed by the general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

  • Leave Policies Military, sick, annual and personal leaves, shall be governed by any applicable law or by the applicable College policy.

  • Severance Arrangements Grant or pay, or enter into any Contract providing for the granting of any severance, retention or termination pay, or the acceleration of vesting or other benefits, to any Person (other than payments or acceleration that have been disclosed to Acquirer and are set forth on Schedule 4.2(q) of the Company Disclosure Letter);

  • Severance Plan The term “Severance Plan” shall mean the Assured Guaranty Ltd. Executive Severance Plan.

  • Insurance Policies Insurance required herein shall be by companies duly licensed or admitted to transact business in the state where the Premises are located, and maintaining during the policy term a "General Policyholders Rating" of at least B+, V, as set forth in the most current issue of "Best's Insurance Guide", or such other rating as may be required by a Lender. Lessee shall not do or permit to be done anything which invalidates the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor certified copies of policies of such insurance or certificates evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Lessor. Lessee shall, at least thirty (30) days prior to the expiration of such policies, furnish Lessor with evidence of renewals or "insurance binders" evidencing renewal thereof, or Lessor may order such insurance and charge the cost thereof to Lessee, which amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease, whichever is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure and maintain the same.