Severance Policy. Executive shall not be eligible to participate in Company’s generally applicable severance policy (“Severance Policy”), except as provided in Paragraph 7.4(c) above. Severance pay shall be payable under this Agreement and will be treated as paid in satisfaction of the Severance Policy as in effect from time to time to the extent of Executive’s entitlement to payments under the Severance Policy.
Severance Policy. A. An employee of the Colonel Xxxxxxxx Local School District who elects to retire from active service after thirty (30) or more years of teaching in any public educational setting is to be paid for thirty percent (30%) of accrued but unused sick leave which shall not exceed eighty-one and one-half (81.5) days (i.e., 30% of 272 = 81.5) as of June 30, 2007
B. An employee of the Colonel Xxxxxxxx Local School District who elects to retire from active service after twenty-five (25) or more years of teaching in any public educational setting is to be paid for twenty-five percent (25%) of accrued but unused sick leave which shall not exceed eighty-one and one-half (81.5) days (i.e., 25% of 326 = 81.5) as of June 30, 2007.
C. Payment of severance shall occur upon employees submitting proof of retirement compensation from STRS (i.e., photocopies of payroll check and/or stubs). Such payment shall be based upon the employee’s rate of pay at the time of retirement. Payment shall be made within sixty (60) days after verification of the first payment from either the State Teachers Retirement System or the State Employees Retirement System. Payment for sick leave on this basis shall be considered to eliminate all sick leave accumulated by the employee at the time. Such payment shall be made only one time to an employee.
Severance Policy. Franklin agrees to cause F&M Trust to provide severance pay, as set forth below, to any full-time, active employee of Xxxxxx or any Xxxxxx Subsidiary whose employment is terminated hereafter in connection with the Merger up to twelve (12) months beyond the Effective Date, because (i) such employee’s position is eliminated, or (ii) such employee is not offered or retained in comparable employment (i.e., a position of generally similar job description or responsibilities with Xxxxxx or any Xxxxxx Subsidiary) with F&M Trust or any Franklin Subsidiary, excluding any employee (i) who has an existing employment or consulting agreement with Xxxxxx or any Xxxxxx Subsidiary, (ii) who has accepted an offer from Franklin of noncomparable employment or (iii) whose employment is terminated for Cause (as defined below), provided such employee executes such documentation as Franklin may reasonably require, including Franklin’s customary form of release and provided such employee does not voluntarily leave employment with Franklin or F&M Trust prior to the date the systems conversion occurs. The severance pay to be provided by F&M Trust under this subsection shall equal two (2) weeks’ pay for each full year of continuous service (determined based on the date of the employee’s commencement of employment with Xxxxxx) with a minimum severance benefit of four (4) weeks’ pay and a maximum severance benefit of twenty-six (26) weeks’ pay. For purposes of this Section 4.12(b), “Cause” shall mean termination because of the employee’s personal dishonesty, failure to meet established performance goals and standards, misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties or willful violation of any law, rule or regulation (other than traffic violations or similar offenses). The benefits provided to terminated Xxxxxx employees under this subsection are the only severance benefits payable by Franklin or F&M Trust to such employees (excluding severance benefits provided under existing employment or consulting agreements or as otherwise required by law). The benefits payable to employees under this subsection or otherwise shall in any event be in lieu of any termination benefits to which such employees would otherwise be entitled under Franklin’s or F&M Trust’s severance policies or programs then in effect.
Severance Policy. The Executive Severance Policy in force from time to time shall apply to the Executive in relation to the Employment. Such policy may be amended or terminated in accordance with the terms of the policy, save that where any proposed amendment or termination substantially reduces the rights of the Executive following his termination of employment: (i) the Company will consult with the Executive on such proposed amendment or termination; and (ii) any such substantial reduction in the rights or benefits of the Executive must be agreed with the Executive. Where, following consultation, the Executive does not agree to any such proposed amendment or termination, then the Executive Severance Policy shall continue in full force and effect without such proposed amendment or termination.
Severance Policy. Reference is made to the Company's severance policy, set forth on Exhibit A hereto (the "Severance Policy"). The Parties confirm that the Employment Agreement calls for a severance payment different from that specified in the Severance Policy and, accordingly, upon the occurrence of any event that entitles Tietx xx the payment of severance benefits under the Employment Agreement, the provisions of the Employment Agreement shall apply and not those of the Severance Policy.
Severance Policy. Commencing on the second (2nd) anniversary of the Company’s emergence from Chapter 11 or, if later, the Participant’s commencement of employment with the Company, the Participant shall cease participating in any severance policies, plans or arrangements with the Company, including for the avoidance of doubt any severance terms set forth in any offer letter or employment agreement between the Company and Participant, and shall instead be eligible to participate in the new severance policy to be adopted by the Committee and/or Board on the following terms:
Severance Policy. The Buyer shall establish and maintain, for the period commencing on the Closing Date and terminating not less than one (1) year following the Closing Date, a severance policy for Imperial which provides severance benefits to the Current Employees who are retained by Imperial following the Closing Date which are substantially similar to the severance benefits described on Schedule 6(i) of the Disclosure Schedule; provided that nothing in this Agreement shall require the Buyer to retain any Current Employee or prevent the Buyer from terminating any Current Employee at any time to the extent not inconsistent with applicable Law.
Severance Policy. The Committee has designated you a participant in the Company’s Change in Control and Severance Policy (the “Policy”), attached as Exhibit A to this letter. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your employment as set forth in Exhibit B to this letter (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing this letter, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding your rights to severance and/or change in control benefits from the Company and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change in control provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company.
Severance Policy. The Committee has designated you a participant in the Company’s Change of Control and Severance Policy (the “Policy”), attached as Exhibit A to this letter. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your employment as set forth in Exhibit B to this letter (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing this letter, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding the subject matter of this paragraph and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change of control provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company.
Severance Policy. Reference is made to the Employer's severance policy, set forth on Exhibit A hereto (the "Severance Policy"). In the event of the termination of Employee under the Employment Agreement without cause, with "cause" defined as set forth of paragraph 1 of the Severance Policy or as set forth in the Employment Agreement, whichever applies, then and in such event, Employee shall be paid an amount equal to the greater of Employee's annual salary under the Employment Agreement for the balance of the term of the Employment Agreement or that amount called for by the Severance Policy.
