Seller’s Severance Plan definition

Seller’s Severance Plan means the OFS Energy Services, LLC Comprehensive Severance/Retention Benefit Plan (Wrap Plan) and each following related sub-plan therein: the Severance Pay Plan for Salaried/Office Employees (“Salaried/Office Severance Plan”), the Severance Pay Plan for Hourly Employees (“Hourly Severance Plan”), the Severance/Retention Pay Plan for Field Employees (“Field Employees Severance/Retention Plan”), and the Severance/Retention Pay Plan for Houston Employees (“Houston Employees Severance/Retention Plan”).
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Seller’s Severance Plan has the meaning specified in Section 8.1(e)(1).
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Seller’s Severance Plan shall have the meaning set forth in Section 6.2(e).
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Examples of Seller’s Severance Plan in a sentence

  • The Transferred Business Employees shall cease active participation in each Employee Plan at or following the Hire Date pursuant to the terms of the applicable Employee Plan and any applicable Law and shall not be eligible for severance under the Seller’s Severance Plan (as defined below).


More Definitions of Seller’s Severance Plan

Seller’s Severance Plan shall include the Seller’s Human Resources Policy No. 321 Reduction in Workforce and Policy No. 314 Income Assistance/Severance, and the letter agreements listed in Schedule 8.5.
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Related to Seller’s Severance Plan

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.

  • Severance Plan means any severance plan maintained by the Company that is applicable to the Participant.

  • Change in Control Benefits means the following benefits:

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Severance Agreement means the Key Executive Severance Agreement, dated as of the date hereof, between the parties, as it may be amended from time to time, that provides for certain benefits related to termination of the Executive’s employment that are unrelated to a Change of Control.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Severance means the complete separation and dismemberment of the part from the body.

  • Non-Exempt Severance Arrangement means a severance arrangement or other agreement between the Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder) (“Separation from Service”) and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Health benefits plan means a benefits plan which pays or

  • Severance Term means the six (6) month period following Employee’s termination by the Company without Just Cause (other than by reason of death or Disability) or by Employee for Good Reason; provided, that if such termination occurs within twelve (12) months following a Change in Control, the Severance Term shall be the twelve (12) month period following such termination.

  • Separation Plan means the Company’s Separation Plan Amended and Restated Effective August 13, 2006, as may be amended from time to time or any successor plan, program, arrangement or agreement thereto.

  • Severance Amount means:

  • Severance Date means the date on which an Executive incurs a Severance, which shall be the date of termination as determined under Section 5.2.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Seller Benefit Plan means each Benefit Plan sponsored, maintained or contributed to by Seller or any of its Subsidiaries or with respect to which Seller or any of its Subsidiaries is a party and in which any Employee is or becomes eligible to participate or derive a benefit.

  • Medical Benefits means the monthly fair market value of benefits provided to the Employee and the Employee’s dependents under the major medical, dental and vision benefit plans sponsored and maintained by the Company, at the level of coverage in effect for such persons immediately prior to the Employee’s termination of employment date. The “monthly fair market value” of such benefits shall be equal to the monthly cost as if such persons elected COBRA continuation coverage at such time at their own expense.