{"component": "clause", "props": {"groups": [{"snippet": "(A) If within one year of the Closing Date (the \u201cSeverance Period\u201d): (1) the applicable member of the Company Group involuntarily terminates the employment of a Transferred Employee (for reasons other than just cause or to commence employment with another entity within the Company Group) or (2) a Transferred Employee elects to terminate employment with the applicable member of the Company Group rather than accept a material reduction in compensation below his or her Equivalent Wage, the applicable member of the Company Group shall provide severance pay and other benefits to such Transferred Employee as described below (\u201cSeverance Program\u201d) in lieu of, and not otherwise in addition to, any severance to which such Transferred Employee would otherwise be entitled under any employee benefit plan, agreement or other arrangement with the Company Group. The applicable member of the Company Group shall adopt the Severance Program no later than the Expiration Date and shall not terminate it or amend it in a manner materially inconsistent with this Section 8.9(e)(v) prior to one year after the Expiration Date.\n(A) The Severance Program shall provide severance pay in an amount not less than the sum of (1) the Transferred Employee\u2019s Equivalent Wage (or his/her then-current base rate of pay, if greater) and (2) the applicable member of the Company Group\u2019s contribution of the premium cost for any health benefits in which the Transferred Employee is participating as of the date of his or her termination from employment, in each case as such Covered Employee would have received from, or had paid on his or her behalf by, the applicable member of the Company Group had such Transferred Employee remained employed by the applicable member of the Company Group through the end of the Severance Period. Notwithstanding the foregoing, the applicable member of the Company Group may condition eligibility for any benefit under the Severance Program on the execution and non-revocation of a general and comprehensive release or waiver of any and all claims. Such release or waiver shall be in such form as the applicable member of the Company Group determines in its sole discretion.", "snippet_links": [{"key": "within-one-year", "type": "definition", "offset": [7, 22]}, {"key": "the-closing-date", "type": "clause", "offset": [26, 42]}, {"key": "severance-period", "type": "clause", "offset": [49, 65]}, {"key": "the-company-group", "type": "definition", "offset": [98, 115]}, {"key": "employment-of", "type": "clause", "offset": [145, 158]}, {"key": "transferred-employee", "type": "clause", "offset": [161, 181]}, {"key": "just-cause", "type": "definition", "offset": [206, 216]}, {"key": "another-entity", "type": "definition", "offset": [248, 262]}, {"key": "employment-with-the", "type": "clause", "offset": [339, 358]}, {"key": "reduction-in-compensation", "type": "clause", "offset": [428, 453]}, {"key": "equivalent-wage", "type": "definition", "offset": [471, 486]}, {"key": "other-benefits-to", "type": "clause", "offset": [563, 580]}, {"key": "in-lieu-of", "type": "clause", "offset": [648, 658]}, {"key": "in-addition-to", "type": "clause", "offset": [678, 692]}, {"key": "employee-benefit-plan", "type": "clause", "offset": [781, 802]}, {"key": "agreement-or", "type": "definition", "offset": [804, 816]}, {"key": "other-arrangement", "type": "definition", "offset": [817, 834]}, {"key": "expiration-date", "type": "clause", "offset": [954, 969]}, {"key": "prior-to", "type": "definition", "offset": [1073, 1081]}, {"key": "sum-of", "type": "clause", "offset": [1203, 1209]}, {"key": "base-rate-of-pay", "type": "definition", "offset": [1282, 1298]}, {"key": "contribution-of-the", "type": "clause", "offset": [1365, 1384]}, {"key": "premium-cost", "type": "definition", "offset": [1385, 1397]}, {"key": "health-benefits", "type": "definition", "offset": [1406, 1421]}, {"key": "date-of", "type": "clause", "offset": [1483, 1490]}, {"key": "termination-from-employment", "type": "clause", "offset": [1502, 1529]}, {"key": "each-case", "type": "definition", "offset": [1534, 1543]}, {"key": "covered-employee", "type": "definition", "offset": [1552, 1568]}, {"key": "employed-by", "type": "definition", "offset": [1714, 1725]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1810, 1839]}, {"key": "eligibility-for", "type": "clause", "offset": [1898, 1913]}, {"key": "the-execution", "type": "clause", "offset": [1957, 1970]}, {"key": "a-general", "type": "clause", "offset": [1993, 2002]}, {"key": "waiver-of", "type": "clause", "offset": [2032, 2041]}, {"key": "all-claims", "type": "clause", "offset": [2050, 2060]}, {"key": "sole-discretion", "type": "clause", "offset": [2171, 2186]}], "samples": [{"hash": "7arA0UFarWD", "uri": "/contracts/7arA0UFarWD#severance-program", "label": "Purchase and Sale Agreement (NuStar GP Holdings, LLC)", "score": 23.8528405202, "published": true}], "size": 2, "hash": "fb5a48e80e1743536f58623901bb8cef", "id": 1}, {"snippet": "As of the Effective Time, Camden shall adopt a severance program with respect to certain employees of the Company and the Company Subsidiaries employed by the Company containing terms substantially the same as set forth on the form attached hereto as EXHIBIT C, and Camden shall maintain such severance program in accordance with the terms thereof.", "snippet_links": [{"key": "the-effective-time", "type": "clause", "offset": [6, 24]}, {"key": "with-respect-to", "type": "clause", "offset": [65, 80]}, {"key": "the-company-subsidiaries", "type": "clause", "offset": [118, 142]}, {"key": "employed-by-the-company", "type": "definition", "offset": [143, 166]}, {"key": "exhibit-c", "type": "definition", "offset": [251, 260]}, {"key": "in-accordance-with", "type": "definition", "offset": [311, 329]}, {"key": "the-terms", "type": "definition", "offset": [330, 339]}], "samples": [{"hash": "hpr7Fx4tO7Y", "uri": "/contracts/hpr7Fx4tO7Y#severance-program", "label": "Merger Agreement (Paragon Group Inc)", "score": 18.0, "published": true}], "size": 2, "hash": "cf59fd8679de4eb535e441352e239c51", "id": 2}, {"snippet": "Other than as set forth on Schedule 6.15(c) of the Disclosure Schedule, any former employee of PLAZA (excluding any such employee who is party to an employment agreement, change-in-control agreement or retention bonus agreement which provides for severance payments) whose employment is terminated (other than for cause, which is defined as willful breach of, habitual neglect of, willful failure to perform, or inability to perform, employee\u2019s duties and obligations to PLAZA or BANK or employee\u2019s fraud, gross incompetency, personal dishonesty involving PLAZA\u2019s or BANK\u2019s assets or willful misconduct of employee\u2019s duties) at the request of BANK (but by and in the sole discretion of PLAZA) prior to the Effective Time, or is terminated by BANK within twelve (12) months following the Closing Date, shall be entitled to receive severance payments in an amount equal to two (2) weeks base pay for each full year of service based upon the employee\u2019s date of hire by PLAZA (plus a prorated amount for each partial year of service, such service determined by taking into account service with PLAZA and BANK, with a minimum of four (4) weeks of base pay; provided, however, that for purposes of this Section 6.15 an employee shall also be considered to be terminated by BANK if such individual resigns after (i) any reduction in base salary or incentive compensation from that paid or made available immediately prior to the Closing Date or (ii) being required to be based at any office or location more than forty miles from where the individual was based on the date immediately preceding the Closing Date, except for travel reasonably required in the performance of responsibilities and commensurate with the amount of travel required prior to the Closing Date.", "snippet_links": [{"key": "on-schedule", "type": "definition", "offset": [24, 35]}, {"key": "disclosure-schedule", "type": "clause", "offset": [51, 70]}, {"key": "former-employee", "type": "clause", "offset": [76, 91]}, {"key": "an-employment-agreement", "type": "clause", "offset": [146, 169]}, {"key": "agreement-or", "type": "definition", "offset": [189, 201]}, {"key": "retention-bonus-agreement", "type": "definition", "offset": [202, 227]}, {"key": "severance-payments", "type": "definition", "offset": [247, 265]}, {"key": "employment-is-terminated", "type": "clause", "offset": [273, 297]}, {"key": "other-than-for-cause", "type": "clause", "offset": [299, 319]}, {"key": "breach-of", "type": "definition", "offset": [349, 358]}, {"key": "failure-to-perform", "type": "definition", "offset": [389, 407]}, {"key": "inability-to-perform", "type": "clause", "offset": [412, 432]}, {"key": "duties-and-obligations", "type": "clause", "offset": [445, 467]}, {"key": "personal-dishonesty", "type": "definition", "offset": [526, 545]}, {"key": "willful-misconduct", "type": "clause", "offset": [584, 602]}, {"key": "of-employee", "type": "clause", "offset": [603, 614]}, {"key": "the-request", "type": "clause", "offset": [628, 639]}, {"key": "sole-discretion", "type": "clause", "offset": [667, 682]}, {"key": "prior-to-the-effective-time", "type": "clause", "offset": [693, 720]}, {"key": "by-bank", "type": "clause", "offset": [739, 746]}, {"key": "following-the-closing-date", "type": "clause", "offset": [773, 799]}, {"key": "to-receive", "type": "definition", "offset": [819, 829]}, {"key": "payments-in", "type": "clause", "offset": [840, 851]}, {"key": "equal-to", "type": "definition", "offset": [862, 870]}, {"key": "pay-for", "type": "clause", "offset": [890, 897]}, {"key": "full-year-of-service", "type": "clause", "offset": [903, 923]}, {"key": "the-employee", "type": "definition", "offset": [935, 947]}, {"key": "date-of-hire", "type": "definition", "offset": [950, 962]}, {"key": "prorated-amount", "type": "definition", "offset": [980, 995]}, {"key": "partial-year-of-service", "type": "clause", "offset": [1005, 1028]}, {"key": "account-service", "type": "clause", "offset": [1069, 1084]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [1176, 1204]}, {"key": "an-employee", "type": "clause", "offset": [1210, 1221]}, {"key": "reduction-in-base-salary", "type": "clause", "offset": [1313, 1337]}, {"key": "incentive-compensation", "type": "clause", "offset": [1341, 1363]}, {"key": "available-immediately", "type": "clause", "offset": [1387, 1408]}, {"key": "prior-to-the-closing-date", "type": "clause", "offset": [1409, 1434]}, {"key": "the-individual", "type": "clause", "offset": [1529, 1543]}, {"key": "based-on", "type": "clause", "offset": [1548, 1556]}, {"key": "for-travel", "type": "clause", "offset": [1613, 1623]}, {"key": "performance-of-responsibilities", "type": "clause", "offset": [1651, 1682]}, {"key": "travel-required", "type": "clause", "offset": [1719, 1734]}], "samples": [{"hash": "4zOh2WxxJwl", "uri": "/contracts/4zOh2WxxJwl#severance-program", "label": "Merger Agreement (BayCom Corp)", "score": 29.2737850787, "published": true}], "size": 1, "hash": "f33024f044b09b4d52d793228ae3abb7", "id": 3}, {"snippet": "Other than as set forth on Schedule 6.16(c) of the Disclosure Schedule, any former employee of UBB (excluding any such employee who is party to an employment agreement or change-in-control agreement which provides for severance payments) whose employment is terminated (other than for cause) at the request of BAY (but by and in the sole discretion of FULB and UBB) prior to the Effective Time, or is terminated by BAY within twelve (12) months following the Closing Date, shall be entitled to receive severance payments in an amount equal to two (2) weeks\u2019 base pay for each full year of service based upon the employee\u2019s date of hire (plus a prorated amount for each partial year of service), such service determined by taking into account service with FULB, UBB and BAY, with a minimum of four (4) weeks of base pay; provided, however, that for purposes of this Section 6.16 an employee shall also be considered to be terminated by BAY if such person resigns after (i) any significant reduction in base salary or incentive compensation from that paid or made available immediately prior to the Closing Date or (ii) being required to be based at any office or location more than forty miles from where the person was based on the date immediately preceding the Closing Date, except for travel reasonably required in the performance of responsibilities and commensurate with the amount of travel required prior to the Closing Date.", "snippet_links": [{"key": "on-schedule", "type": "definition", "offset": [24, 35]}, {"key": "disclosure-schedule", "type": "clause", "offset": [51, 70]}, {"key": "former-employee", "type": "clause", "offset": [76, 91]}, {"key": "agreement-or", "type": "definition", "offset": [158, 170]}, {"key": "control-agreement", "type": "definition", "offset": [181, 198]}, {"key": "severance-payments", "type": "definition", "offset": [218, 236]}, {"key": "employment-is-terminated", "type": "clause", "offset": [244, 268]}, {"key": "other-than-for-cause", "type": "clause", "offset": [270, 290]}, {"key": "the-request", "type": "clause", "offset": [295, 306]}, {"key": "sole-discretion", "type": "clause", "offset": [333, 348]}, {"key": "prior-to-the-effective-time", "type": "clause", "offset": [366, 393]}, {"key": "following-the-closing-date", "type": "clause", "offset": [445, 471]}, {"key": "to-receive", "type": "definition", "offset": [491, 501]}, {"key": "payments-in", "type": "clause", "offset": [512, 523]}, {"key": "equal-to", "type": "definition", "offset": [534, 542]}, {"key": "pay-for", "type": "clause", "offset": [563, 570]}, {"key": "full-year-of-service", "type": "clause", "offset": [576, 596]}, {"key": "the-employee", "type": "definition", "offset": [608, 620]}, {"key": "date-of-hire", "type": "definition", "offset": [623, 635]}, {"key": "prorated-amount", "type": "definition", "offset": [644, 659]}, {"key": "partial-year-of-service", "type": "clause", "offset": [669, 692]}, {"key": "account-service", "type": "clause", "offset": [734, 749]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [844, 872]}, {"key": "an-employee", "type": "clause", "offset": [878, 889]}, {"key": "reduction-in-base-salary", "type": "clause", "offset": [988, 1012]}, {"key": "incentive-compensation", "type": "clause", "offset": [1016, 1038]}, {"key": "available-immediately", "type": "clause", "offset": [1062, 1083]}, {"key": "prior-to-the-closing-date", "type": "clause", "offset": [1084, 1109]}, {"key": "based-on", "type": "clause", "offset": [1219, 1227]}, {"key": "for-travel", "type": "clause", "offset": [1284, 1294]}, {"key": "performance-of-responsibilities", "type": "clause", "offset": [1322, 1353]}, {"key": "travel-required", "type": "clause", "offset": [1390, 1405]}], "samples": [{"hash": "kShUvLrTACY", "uri": "/contracts/kShUvLrTACY#severance-program", "label": "Agreement and Plan of Reorganization and Merger (BayCom Corp)", "score": 29.2737850787, "published": true}], "size": 1, "hash": "79d03567297c7f94dbf8e122abe3a6e9", "id": 4}, {"snippet": "Parent agrees to implement a special severance program (the \"SEVERANCE PROGRAM\") effective as of the Parent Plan Start Date which will provide severance benefits for Company employees who remain employed up to and through the Closing Date and whose employment is terminated by Parent within six (6) months following the Closing Date, other than for cause. For purposes of this Section 7.1, \"CAUSE\" shall mean that the employee has intentionally engaged in misconduct that violates the law, Parent's Corporate Business Principles, or Parent's Human Resources Guidelines. Benefits under the Severance Program shall be equal to six months of the base pay of a terminated employee.", "snippet_links": [{"key": "agrees-to", "type": "clause", "offset": [7, 16]}, {"key": "special-severance", "type": "clause", "offset": [29, 46]}, {"key": "plan-start-date", "type": "definition", "offset": [108, 123]}, {"key": "will-provide", "type": "clause", "offset": [130, 142]}, {"key": "employees-who", "type": "clause", "offset": [174, 187]}, {"key": "remain-employed", "type": "clause", "offset": [188, 203]}, {"key": "employment-is-terminated", "type": "clause", "offset": [249, 273]}, {"key": "by-parent", "type": "clause", "offset": [274, 283]}, {"key": "following-the-closing-date", "type": "clause", "offset": [306, 332]}, {"key": "other-than-for-cause", "type": "clause", "offset": [334, 354]}, {"key": "section-71", "type": "clause", "offset": [377, 388]}, {"key": "employee-has", "type": "clause", "offset": [418, 430]}, {"key": "engaged-in", "type": "definition", "offset": [445, 455]}, {"key": "the-law", "type": "clause", "offset": [481, 488]}, {"key": "business-principles", "type": "definition", "offset": [509, 528]}, {"key": "human-resources", "type": "clause", "offset": [542, 557]}, {"key": "equal-to", "type": "definition", "offset": [616, 624]}, {"key": "six-months", "type": "definition", "offset": [625, 635]}, {"key": "base-pay", "type": "definition", "offset": [643, 651]}, {"key": "terminated-employee", "type": "clause", "offset": [657, 676]}], "samples": [{"hash": "SmDmuqyWPL", "uri": "/contracts/SmDmuqyWPL#severance-program", "label": "Merger Agreement (Shiva Corp)", "score": 18.0, "published": true}], "size": 1, "hash": "80180b901d2e283138dabf120e733323", "id": 5}, {"snippet": "The severance program is available for the Assistant Superintendent if she has a minimum of ten years of administrative service to the Bloomfield Hills Schools. Eligibility will be based upon one of three categories for administrative service of 10, 15 or 18 years. Years between categories will be prorated.", "snippet_links": [{"key": "assistant-superintendent", "type": "definition", "offset": [43, 67]}, {"key": "ten-years", "type": "clause", "offset": [92, 101]}, {"key": "administrative-service", "type": "definition", "offset": [105, 127]}, {"key": "service-of", "type": "clause", "offset": [235, 245]}], "samples": [{"hash": "kqAGmO3MUIg", "uri": "/contracts/kqAGmO3MUIg#severance-program", "label": "Assistant Superintendent Contract", "score": 28.9010585374, "published": true}], "size": 1, "hash": "e95c35a2131d20c499adcb8cc46f2092", "id": 6}, {"snippet": "Upon retirement, a teacher shall be entitled to be paid for service in the South Dearborn Community School Corporation as follows: One hundred thirty dollars ($130.00) per year of service; and Forty dollars ($40.00) per unused accumulated sick leave day. To be eligible the teacher must have taught a total of ten (10) years or more in the schools now constituting the South Dearborn Community School Corporation. The minimum age to qualify will be at least fifty-five (55). Verification of Service Credit shall be based on official records on file in the Superintendent\u2019s Office. Military Service Credit, not to exceed four (4) years, shall be credited. The method of payment shall be as follows: The eligible teacher shall file with the Superintendent a letter stating to the effect the teacher will retire at the end of the next school year, which letter shall, unless waived by the Superintendent, be filed on or before May 1. When a teacher retires with the Corporation and receives compensation for both years of service and unused sick days, the Corporation shall report to ISTRF a salary that is two thousand dollars ($2,000) more than the teacher\u2019s contract amount. If the teacher\u2019s severance/retirement pay is less than two thousand dollars ($2,000), the Corporation shall report to ISTRF a salary that is the amount equal to the teacher\u2019s severance/retirement pay and the teacher\u2019s contract amount. The total severance/retirement compensation shall be deposited in the teacher\u2019s 403(b) account within thirty (30) days of the teacher\u2019s last day of employment. In the event an eligible teacher is unable to give the required notice of retirement and is forced to retire as a result of an accident or ill health, or because of the teacher\u2019s death, the Superintendent is authorized to waive the required notice of retirement and pay the retirement allowance by appropriate adjustment of the teacher\u2019s current contract. When a teacher in active service dies, the retirement pay benefit shall be paid in a lump sum to his named beneficiary or estate, if the teacher would otherwise have been eligible for the retirement pay benefit as of the date of death and the teacher has further met the provision of Section 1 of the Article. The named beneficiary shall be filed with the Indiana State Teachers\u2019 Retirement Fund and the Corporation\u2019s business office. RETIREMENT SAVINGS PROGRAM The contributions made by the certified employees and matched dollar for dollar by the Board shall be an amount which reflects the appropriate percent of the certified employee\u2019s base salary as set forth on the certified employee\u2019s Teacher\u2019s Contract which corresponds to his or her placement on the Salary Schedule. The parties further agree that all contributions made to the 401(a) Plan by the Board shall be considered as additional funds and be counted as part of any package increases negotiated for the certified employees. The 401(a) Plan shall: Be subject to all applicable Internal Revenue regulations. Have no contract initiation fees charged to the employee. Have no administrative or Plan Document charge to the Board. Be selected by mutual agreement of the parties. Payment will be sent to the vendor(s) within 5 business days of the pay date.", "snippet_links": [{"key": "upon-retirement", "type": "clause", "offset": [0, 15]}, {"key": "a-teacher", "type": "clause", "offset": [17, 26]}, {"key": "for-service", "type": "clause", "offset": [56, 67]}, {"key": "school-corporation", "type": "definition", "offset": [100, 118]}, {"key": "year-of-service", "type": "clause", "offset": [172, 187]}, {"key": "sick-leave-day", "type": "definition", "offset": [239, 253]}, {"key": "to-be-eligible", "type": "clause", "offset": [255, 269]}, {"key": "the-teacher", "type": "definition", "offset": [270, 281]}, {"key": "years-or-more", "type": "clause", "offset": [319, 332]}, {"key": "the-schools", "type": "clause", "offset": [336, 347]}, {"key": "minimum-age", "type": "definition", "offset": [418, 429]}, {"key": "to-qualify", "type": "clause", "offset": [430, 440]}, {"key": "based-on", "type": "clause", "offset": [515, 523]}, {"key": "official-records", "type": "clause", "offset": [524, 540]}, {"key": "on-file", "type": "clause", "offset": [541, 548]}, {"key": "military-service-credit", "type": "clause", "offset": [581, 604]}, {"key": "not-to-exceed", "type": "clause", "offset": [606, 619]}, {"key": "method-of-payment", "type": "definition", "offset": [659, 676]}, {"key": "eligible-teacher", "type": "definition", "offset": [702, 718]}, {"key": "at-the-end-of-the", "type": "clause", "offset": [809, 826]}, {"key": "next-school-year", "type": "definition", "offset": [827, 843]}, {"key": "by-the-superintendent", "type": "clause", "offset": [879, 900]}, {"key": "the-corporation", "type": "clause", "offset": [959, 974]}, {"key": "compensation-for", "type": "clause", "offset": [988, 1004]}, {"key": "years-of-service", "type": "definition", "offset": [1010, 1026]}, {"key": "unused-sick-days", "type": "clause", "offset": [1031, 1047]}, {"key": "report-to", "type": "definition", "offset": [1071, 1080]}, {"key": "a-salary", "type": "definition", 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Typically, this clause details eligibility requirements, the calculation of severance pay based on factors such as length of service, and any conditions employees must meet to receive these benefits, such as signing a release of claims. Its core function is to provide financial support to employees transitioning out of the company while protecting the employer from potential legal disputes."}, "json": true, "cursor": ""}}