Examples of Tier IV Employee in a sentence
Subject to Section 3.7 and Section 5 hereof, each Tier I Employee, Tier II Employee, Tier III Employee and Tier IV Employee who incurs a Severance during the Change in Control Protection Period shall be provided with outplacement services as if such employee had been terminated prior to the Change in Control Protection Period and had been entitled to receive outplacement benefits pursuant to the applicable provisions of Section 2 hereof (determined without regard to any service requirement).
For the avoidance of doubt, (a) any action taken by the Company or the Plan Administrator to cause an Eligible Employee to no longer be designated as a Tier I Employee, Tier II Employee, Tier III Employee or Tier IV Employee, as the case may be, or to decrease the benefits for which an Eligible Employee is eligible, and (b) any amendment to this Section 5 following the occurrence of a Change in Control shall be treated as an amendment to the Plan which is adverse to the interests of any Eligible Employee.
Subject to Section 3.7 and Section 5 hereof, the Company shall pay to each Tier II Employee, Tier III Employee, Tier IV Employee and Tier V Employee who incurs a Severance during the Change in Control Protection Period an amount equal to two (2) times the sum of all monthly salary continuation payments the employee would have received under Section 2.2, 2.3 or 2.4 hereof, as applicable, in connection with a Severance prior to the Change in Control Protection Period.
Each Key Employee shall participate in the Plan beginning on the later of the Effective Date, the date such Key Employee commences full-time employment with the Company Group and the date such Key Employee is designated by the Administrator as either a Tier I Employee, Tier II Employee, Tier III Employee or Tier IV Employee.
Executive shall be entitled to relocation benefits in accordance with the Company’s Tier IV Employee Relocation Benefit program.
With respect to any employee of the Company who is otherwise eligible to participate in the Plan (other than an employee who is a Tier IV Employee), no such Eligible Employee or Former Employee shall be entitled to receive benefits under the Plan unless and until such Eligible Employee or Former Employee has executed a participation agreement in the form approved by the Board of Directors.