Common use of Employees, Severance Policy Clause in Contracts

Employees, Severance Policy. (A) Subject to NPB’s usual personnel and qualification policies, NPB will endeavor to continue the employment of all current non-management employees of PFI in positions that will contribute to the successful performance of the combined organization. More specifically, NPB will, after consultation with Xxxxxx X. Xxxxx and Xxxx X. Xxxxxxxxxx, prior to or soon after the Closing Date, inform each PFI employee of the likelihood of such employee having continued employment with NPB, NPBank or any other NPB Subsidiary following the Closing, and will permit any PFI employee to apply for any employment position posted as available with NPB, NPBank or any other NPB Subsidiary. NPB will give any PFI applicant priority consideration. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position or does not offer the employee comparable employment (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level in a work location within twenty five (25) miles of the employee’s then current work location with PFI), NPB will make severance payments to the displaced employee as set forth in this Section 5.07(c)(i).

Employees, Severance Policy. (A) Subject to NPB’s 's usual personnel and qualification policies, NPB will endeavor to continue the employment of all current non-management employees of PFI CBT in positions that will contribute to the successful performance of the combined organization. More specifically, NPB will, after consultation with Xxxxxx Zxxxxxxx X. Xxxxx Xxxxxxxxxxxx, President and Xxxx X. XxxxxxxxxxChief Executive Officer of CBT, prior to or soon after the Closing Date, inform each PFI CBT employee of the likelihood of such employee having continued employment with NPB, NPBank or any other NPB Subsidiary the Surviving Bank following the Closing, it being NPB’s intent to retain most of CBT’s customer contact personnel, and NPB will permit any PFI CBT employee to apply for any employment position posted as available with the Surviving Bank, NPB, NPBank or any other NPB Subsidiary. NPB will give any PFI CBT applicant priority consideration. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position or does not offer the employee comparable employment (i.e., a position of substantially similar job descriptions description or responsibilities at substantially the same salary level in a work location within twenty five thirty (2530) miles of the employee’s then current work location with PFICBT), NPB will make severance payments to the displaced employee as set forth in this Section 5.07(c)(i5.08(c)(i).

Employees, Severance Policy. (A) Subject to NPB’s 's usual personnel and qualification policies, NPB will endeavor to continue the employment of all current non-management employees of PFI NFC in positions that will contribute to the successful performance of the combined organization. More specifically, NPB will, after consultation with Xxxxxx Xxxxx X. Xxxxx Xxxxxxxx, President and Xxxx X. XxxxxxxxxxChief Executive Officer of NFC, prior to or soon after the Closing Date, inform each PFI NFC employee of the likelihood of such employee having continued employment with Nittany Bank, NPB, NPBank or any other NPB Subsidiary following the Closing, it being NPB’s intent to retain all customer contact personnel, and NPB will permit any PFI NFC employee to apply for any employment position posted as available with Nittany Bank, NPB, NPBank or any other NPB Subsidiary. NPB will give any PFI NFC applicant priority consideration. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position or does not offer the employee comparable employment (i.e., a position of substantially similar job descriptions description or responsibilities at substantially the same salary level in a work location within twenty twenty-five (25) miles of the employee’s then current work location with PFINFC), NPB will make severance payments to the displaced employee as set forth in this Section 5.07(c)(i).

Employees, Severance Policy. (A) Subject to NPB’s 's usual personnel and qualification policies, NPB will endeavor to continue the employment of all current non-management employees of PFI in positions that will contribute to the successful performance of the combined organization. More specifically, NPB will, after consultation with Xxxxxx X. Xxxxx George C. Mason and Xxxx X. XxxxxxxxxxHugh J. Garchinskx, prior to or xxxxx xx xx soon after the Closing xxxxx xxx Xxxxxxx Date, inform each PFI employee of the likelihood of such employee having continued employment with NPB, NPBank or any other NPB Subsidiary following the Closing, and will permit any PFI employee to apply for any employment position posted as available with NPB, NPBank or any other NPB Subsidiary. NPB will give any PFI applicant priority consideration. Where there is a coincidence of responsibilities, NPB will try to reassign the affected individual to a needed position that utilizes the skills and abilities of the individual. If that is impracticable or if NPB elects to eliminate a position or does not offer the employee comparable employment (i.e., a position of substantially similar job descriptions or responsibilities at substantially the same salary level in a work location within twenty five (25) miles of the employee’s 's then current work location with PFI), NPB will make severance payments to the displaced employee as set forth in this Section 5.07(c)(i).