Severance Program. 1. This Severance Pay Plan will become operative in the event that:
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.
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. 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. 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. 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.
Severance Program. Other than as set forth on Schedule 6.15(c) of the Disclosure Schedule, any former employee of PLAZA (excluding any such employee who is party to an employment agreement, change-in-control agreement or retention bonus agreement which provides for severance payments) whose employment is terminated (other than for cause, which is defined as willful breach of, habitual neglect of, willful failure to perform, or inability to perform, employee’s duties and obligations to PLAZA or BANK or employee’s fraud, gross incompetency, personal dishonesty involving PLAZA’s or BANK’s assets or willful misconduct of employee’s duties) at the request of BANK (but by and in the sole discretion of PLAZA) prior to the Effective Time, or is terminated by BANK 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 by PLAZA (plus a prorated amount for each partial year of service, such service determined by taking into account service with PLAZA and BANK, with a minimum of four (4) weeks of base pay; provided, however, that for purposes of this Section 6.15 an employee shall also be considered to be terminated by BANK if such individual resigns after (i) any 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 individual 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.
Severance Program. Buyer Agrees to honor the Severance Program of Eagle, as amended and restated as of the date hereof, a copy of which has been previously provided to Buyer. 5.15
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.
