Seller’s Severance Program Clause Samples

Seller’s Severance Program. Seller shall, by either establishing or through an existing arrangement, cause the execution of a severance pay plan(s) for the benefit of Non-Represented Employees who are Remaining Employees (“Seller’s Severance Program”). Seller’s Severance Program shall provide for severance pay in accordance with the formula set forth in Section 11.4(b) below to all such Remaining Employees who are terminated by Seller without “Cause” (as defined above) within twelve (12) months of the Closing Date, irrespective of whether or not such Remaining Employees received an offer of employment with Buyer. Seller’s Severance Program shall provide that no such Remaining Employee shall be eligible to receive or retain any severance pay if such severance pay would result in a duplication of benefits hereunder. Seller’s Severance Program shall provide that benefits thereunder shall be conditioned on the Remaining Employee executing a full release of claims in favor of Seller, Buyer and their respective Affiliates.