Severance Policies Sample Clauses
A Severance Policies clause outlines the terms and conditions under which an employee may receive severance pay or benefits upon termination of employment. Typically, this clause specifies eligibility criteria, the amount or calculation method for severance payments, and any conditions that must be met, such as signing a release of claims. Its core function is to provide clarity and predictability for both employer and employee regarding post-termination compensation, thereby reducing disputes and ensuring a smoother transition when employment ends.
Severance Policies. Because all employees of the Business will be offered employment with Buyer, the parties intend that no such employee will be entitled to receive severance pay, whether or not such employee accepts such employment. Failure to accept employment with Buyer shall be deemed to be a voluntary resignation by the employee.
Severance Policies. Prior to the Effective Time, the Company shall amend its severance plans or policies to the extent necessary to clarify that no severance payments are required to be paid to the Company’s employees that are offered employment by the Surviving Entity or its Affiliates, provided such offers of employment contain no diminution in such employee’s base salary or require the employee to perform his or her duties at a location that is more than 25 miles from the employee’s location of employment by the Company.
Severance Policies. A copy of International Paper's Salaried Employee Severance Program has previously been delivered to Buyer.
Severance Policies. (A) Effective as of the Closing Date, Merial shall, or shall cause the appropriate Merial Venture Company to, establish a severance policy (the “Regular Severance Policy”) covering the RM U.S. Employees (and, effective as of January 1, 1998, all of the U.S. Animal Health Employees) that provides, in exchange for an executed release, a severance benefit of [*] of salary (salary to be defined as base salary excluding overtime, premiums and other extraordinary payments) for each full year (for any partial year, prorated based on full calendar months) of service with the Merial Venture, RM and/or Merck (or their respective Subsidiaries) under circumstances and on terms and conditions as determined by the Board of Directors. For RM U.S. Employees, for the period from the Closing Date through December 31, 1997, such Regular Severance Policy shall include outplacement services and an additional [*] of salary for each full year of service (for any partial year, prorated based on full calendar months) plus [*] of salary in lieu of notice. Benefits payable under the Regular Severance Policy are in lieu of any other severance arrangements or benefits provided to employees by RM or its Subsidiaries or the Merial Venture.
(B) Effective prior to the Closing Date, RM shall establish a special severance policy (the “Special Severance Policy”) covering the employees listed by RM on Schedules 7.1 F-1 and 7.1 F-2 (collectively, the “Eligible Employees”) that provides, in exchange for an executed release by the Eligible Employees and an agreement as to certain other terms and conditions, a severance benefit in the event of a termination of employment described in the following sentence of (i) for the Eligible Employees listed on Schedule 7.1 F-1, [*] of salary [*] of salary for each full year of service (partial years will not be counted) subject to a maximum of [*] of salary and for the Eligible Employees listed on Schedule 7.1 F-2, [*] of salary plus [*] of salary for each full year of service (partial years will not be counted) subject to a maximum of [*] of salary, (ii) an amount equal to the applicable premium cost to an Eligible Employee of [*] of continuation of coverage under the RM Medical Plan and the RM Dental Plan (the “Premium Payment”) plus an additional amount equal to the estimated tax liability incurred by an Eligible Employee with respect to the Premium Payment (as set forth in the letter agreement with such Eligible Employee), and (iii)
Severance Policies. Without limiting the generality of Section 7.04, Purchaser shall cause the Company and its Subsidiaries to retain and maintain without amendment for the benefit of Transferred Employees who are terminated from employment during the Continuation Period the Company’s Change of Control Severance Plan (a correct and complete copy of which has been provided to Purchaser) as in effect immediately prior to the Closing.
Severance Policies. For a period of one (1) year following the Closing Date, Buyer shall cause the Company to maintain the severance policies set forth in Schedule 7.8 with respect to all persons employed by the Company as of the Closing Date.
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Severance Policies. Following the Closing Date until the first anniversary of the Closing Date, Activision shall, or cause the Surviving Corporation to, maintain and comply with (or otherwise provide severance benefits to employees of Games or any of its Subsidiaries that are no less generous to such employees in the aggregate as those provided under) the severance policies, plans and agreements of Games and its Subsidiaries in effect immediately prior to the Closing Date and listed on Section 5.10(a) of the Games Disclosure Schedule.
Severance Policies