Severance Program. As of the Effective Time, Camden shall adopt a severance program with respect to certain employees of the Company and the Company Subsidiaries employed by the Company containing terms substantially the same as set forth on the form attached hereto as EXHIBIT C, and Camden shall maintain such severance program in accordance with the terms thereof.
Severance Program. (A) If within one year of the Closing Date (the “Severance Period”): (1) the applicable member of the Company Group involuntarily terminates the employment of a Covered Employee (for reasons other than just cause or to commence employment with another entity within the Company Group) or (2) such Covered Employee elects to terminate employment with the applicable member of the Company Group rather than accept a material reduction in compensation below his or her Equivalent Wage, the applicable member of the Company Group shall provide severance pay and other benefits to such Covered Employee as described below (“Severance Program”) in lieu of, and not otherwise in addition to, any severance to which such Covered Employee would otherwise be entitled under any employee benefit plan, agreement or other arrangement with the Company Group. The applicable member of the Company Group shall adopt the Severance Program no later than the Closing Date and shall not terminate it or amend it in a manner materially inconsistent with this Section 8.9(e)(v) prior to one year after the Closing Date.
(B) The Severance Program shall provide severance pay in an amount not less than the sum of (1) the Covered Employee’s Equivalent Wage (or his/her then-current base rate of pay, if greater) and (2) the applicable member of the Company Group’s contribution of the premium cost for any health benefits in which the Covered Employee is participating as of the date of his or her termination from employment, in each case as such Covered Employee would have received from, or had paid on his or her behalf by, the applicable member of the Company Group had such Covered Employee remained employed by the applicable member of the Company Group through the end of the Severance Period. Notwithstanding the foregoing, the applicable member of the Company Group may condition eligibility for any benefit under the Severance Program on the execution and non-revocation of a general and comprehensive release or waiver of any and all claims. Such release or waiver shall be in such form as the applicable member of the Company Group determines in its sole discretion.
Severance Program. 1. This Severance Pay Plan will become operative in the event that:
(a) Employees with service of at least five (5) years and less than ten (10) years are on lay-off as the result of a complete or partial plant closing, or
(b) Employees with at least ten (10) years of service are on lay-off.
2. Benefits under this plan will consist of Severance Pay in accordance with the following table:
3. Severance Pay benefits will be inclusive of legislated Severance pay.
4. Acceptance of Severance Pay benefits will sever the employee’s seniority.
Severance Program. (A) If within one year of the Closing Date (the “Severance Period”): (1) the applicable member of the Company Group involuntarily terminates the employment of a Transferred Employee (for reasons other than just cause or to commence employment with another entity within the Company Group) or
Severance Program. Parent agrees to implement a special severance program (the "SEVERANCE PROGRAM") effective as of the Parent Plan Start Date which will provide severance benefits for Company employees who remain employed up to and through the Closing Date and whose employment is terminated by Parent within six (6) months following the Closing Date, other than for cause. For purposes of this Section 7.1, "CAUSE" shall mean that the employee has intentionally engaged in misconduct that violates the law, Parent's Corporate Business Principles, or Parent's Human Resources Guidelines. Benefits under the Severance Program shall be equal to six months of the base pay of a terminated employee.
Severance Program. The employer shall offer a voluntary severance benefit (the “Severance Program”) to excessed supervisors who volunteer to resign/retire and who execute an appropriate release in a form prescribed by the DOE and subject to legal requirements. The period during which excessed supervisors may volunteer to separate from the DOE in accordance with the terms of the Severance Program shall commence on the 30th day and shall terminate at 5 p.m. on the 60th day following the Union’s ratification of this Agreement. Other than employees who have agreed in writing to resign from the DOE, employees who are excessed supervisors as of the date of ratification who volunteer for the Severance Program shall receive a severance payment according to the following schedule:
Severance Program. Upon retirement, a teacher shall be entitled to be paid for service in the South Dearborn Community School Corporation as follows: One hundred thirty dollars ($130.00) per year of service; and Forty dollars ($40.00) per unused accumulated sick leave day. To be eligible the teacher must have taught a total of ten (10) years or more in the schools now constituting the South Dearborn Community School Corporation. The minimum age to qualify will be at least fifty-five (55). Verification of Service Credit shall be based on official records on file in the Superintendent’s Office. Military Service Credit, not to exceed four (4) years, shall be credited. The method of payment shall be as follows: The eligible teacher shall file with the Superintendent a letter stating to the effect the teacher will retire at the end of the next school year, which letter shall, unless waived by the Superintendent, be filed on or before May 1. When a teacher retires with the Corporation and receives compensation for both years of service and unused sick days, the Corporation shall report to ISTRF a salary that is two thousand dollars ($2,000) more than the teacher’s contract amount. If the teacher’s severance/retirement pay is less than two thousand dollars ($2,000), the Corporation shall report to ISTRF a salary that is the amount equal to the teacher’s severance/retirement pay and the teacher’s contract amount. The total severance/retirement compensation shall be deposited in the teacher’s 403(b) account within thirty (30) days of the teacher’s last day of employment. In the event an eligible teacher is unable to give the required notice of retirement and is forced to retire as a result of an accident or ill health, or because of the teacher’s death, the Superintendent is authorized to waive the required notice of retirement and pay the retirement allowance by appropriate adjustment of the teacher’s current contract. When a teacher in active service dies, the retirement pay benefit shall be paid in a lump sum to his named beneficiary or estate, if the teacher would otherwise have been eligible for the retirement pay benefit as of the date of death and the teacher has further met the provision of Section 1 of the Article. The named beneficiary shall be filed with the Indiana State Teachers’ Retirement Fund and the Corporation’s business office. RETIREMENT SAVINGS PROGRAM The contributions made by the certified employees and matched dollar for dollar by the Board shall be an amount ...
Severance Program. 1. This Severance Pay Plan will become operative in the event that:
(a) Employees with service of at least five (5) years and less than ten (10) years are on permanent lay-off as the result of a complete or partial plant closing, or
(b) Employees with at least ten (10) years of service are on permanent lay-off.
2. Benefits under this plan will consist of Severance Pay in accordance with the following table: 5 – less than 6 years $8700 6 – less than 7 years $9500 7 – less than 8 years $10300 8 – less than 9 years $11100 9 – less than 10 years $11900 10 – less than 11 years $23200 11 – less than 12 years $24300 12 – less than 13 years $25500 13 – less than 14 years $26700 14 – less than 15 years $27800 15 – less than 16 years $29000 16 – less than 17 years $30200 17 – less than 18 years $31300 18 – less than 19 years $32500 19 – less than 20 years $33700 20 – less than 21 years $34800 21 – less than 22 years $36000 22 – less than 23 years $37200 23 – less than 24 years $38300 24 – less than 25 years $39500 25 and more years $40600
3. Severance Pay benefits will be inclusive of legislated Severance pay.
4. Acceptance of Severance Pay benefits will sever the employee’s seniority.
Severance Program. The severance program is available for the Assistant Superintendent if she has a minimum of ten years of administrative service to the Bloomfield Hills Schools. Eligibility will be based upon one of three categories for administrative service of 10, 15 or 18 years. Years between categories will be prorated.
Severance Program. Other than as set forth on Schedule 6.16(c) of the Disclosure Schedule, any former employee of UBB (excluding any such employee who is party to an employment agreement or change-in-control agreement which provides for severance payments) whose employment is terminated (other than for cause) at the request of BAY (but by and in the sole discretion of FULB and UBB) prior to the Effective Time, or is terminated by BAY within twelve (12) months following the Closing Date, shall be entitled to receive severance payments in an amount equal to two (2) weeks’ base pay for each full year of service based upon the employee’s date of hire (plus a prorated amount for each partial year of service), such service determined by taking into account service with FULB, UBB and BAY, with a minimum of four (4) weeks of base pay; provided, however, that for purposes of this Section 6.16 an employee shall also be considered to be terminated by BAY if such person resigns after (i) any significant reduction in base salary or incentive compensation from that paid or made available immediately prior to the Closing Date or (ii) being required to be based at any office or location more than forty miles from where the person was based on the date immediately preceding the Closing Date, except for travel reasonably required in the performance of responsibilities and commensurate with the amount of travel required prior to the Closing Date.
