CIC Employee definition
CIC Employee means any employee of the Company or its subsidiaries who, as of the date hereof, (A) participates in the Retention Plan or (B) is party to a contract with the Company or its subsidiaries that provides benefits or eligibility for enhanced severance payments in connection with a corporate transaction involving the Company.
Examples of CIC Employee in a sentence
For this purpose, a "Good Reason Trigger" is any provision or agreement that permits an CIC Employee to unilaterally terminate his or her relationship with the Company or its subsidiaries (or otherwise claim that the CIC Employee has been constructively terminated) and receive severance or other benefits or payments.
To the extent that Heartland terminates the employment of any CIC Employee at, or within six months after, the Effective Time, and such CIC Employee is not entitled to severance benefits under a separate contractual obligation with CIC, Heartland will provide such CIC Employee with severance benefits equivalent to one week of pay for each year of service with a minimum of two and a maximum of 12 weeks of severance pay.