Examples of Seller Severance Plan in a sentence
Seller has made available to Buyer a current, accurate and complete copy of the Seller Severance Plan.
From the Closing through December 31, 2006, Purchaser shall provide and/or cause the Railroads to provide Continuing Salaried/Nonbargaining Unit Employees severance benefits in the event of involuntary job loss due to individual job elimination, mass layoff or facility shutdown which are comparable in type and value to benefits provided to such employees under the Seller Severance Plan immediately prior to the Closing Date.
In the event that Buyer shall continue employment of an Employee for a Comparable Position effective as of the Closing Date, and such Employee shall decline such employment and refuse transfer, that Employee shall be deemed to have resigned from employment with Seller, shall not be entitled to any severance under Seller Severance Plan, and Buyer shall not be responsible for any such severance cost.
Each Continuing Employee who is not a party to a Retention Agreement and whose employment by Purchaser (or one of its Subsidiaries) is terminated by Purchaser (or the applicable Subsidiary) within nine months following the Effective Time shall be entitled to receive severance benefits in accordance with, and subject to the terms of, the Seller Severance Plan.
Purchaser covenants that Purchaser or Purchaser’s Affiliates shall offer severance benefits equivalent to the 2012 XX Xxxxxxxxx Benefits Plan attached hereto as Schedule 14.12 (the “Seller Severance Plan”) to any Transferred Employee who has actions taken against such Transferred Employee within eighteen (18) months after the expiration of the Transition Period that would make the Transferred Employee eligible for severance benefits under the involuntary terminations section of the Seller Severance Plan.