Severance Plans definition

Severance Plans shall have the meaning set forth in Section 6.4.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Severance Plans means (i) each agreement with any present or former employee, retiree, director or independent contractor (or their beneficiaries, dependents or spouses) of the Company or a Subsidiary of the Company (A) the benefits of which are contingent, or terms of which are altered, upon the occurrence of a transaction involving the Company, any Subsidiary of the Company, or an ERISA Affiliate of the Company of the nature of any of the transactions contemplated by this Agreement, (B) providing any term of employment or compensation guarantee, or (C) providing severance benefits or other benefits after the termination of employment of such person; (ii) each agreement, plan or arrangement under which any person may receive payments from the Company, any Subsidiary of the Company, or any ERISA Affiliate of the Company that has subjected or could subject the Company or any Subsidiary of the Company, to the Taxes imposed by Section 4999 of the Code or included in the determination of such person’s parachute payment under Section 280G of the Code; and (iii) each agreement, plan or arrangement, including without limitation any stock option plan, stock appreciation right plan, restricted stock plan, stock purchase plan or severance benefit plan which has subjected or could subject the Company or any Subsidiary of the Company, to any liability or obligation.

Severance Plans has the meaning set forth in Section 4.15(g).

Examples of Severance Plans in a sentence

• The Executive affirmatively waives any rights he may have to payments or benefits provided under the Severance Plans to the extent the Executive receives similar payments or benefits under this Agreement.

• In lieu of participation in such Severance Plans, the parties have agreed that the Executive will receive certain other payments and benefits as set forth in this Agreement.

• If the Optionee’s employment is terminated by the Corporation and, as a result, the Optionee becomes eligible for severance benefits under the Corporation’s Severance Plans, then to the extent this Option is vested and exercisable (and becomes vested and exercisable under Section 4(f)), it may be exercised through the first anniversary of the date of termination (but not beyond the Expiration Date) and shall thereafter expire.

• Not later than the Distribution Date, Healthcare shall establish the Healthcare Severance Plans and Electronics shall establish the Electronics Severance Plans, each effective as of the Distribution Date and, correspondingly, Healthcare Employees and Electronics Employees shall cease participating in the Tyco Severance Plans on the Distribution Date.

• The Executive affirmatively waives any rights he or she may have to payments or benefits provided under the Severance Plans to the extent the Executive receives similar payments or benefits under this Agreement.

More Definitions of Severance Plans

Severance Plans means individually and collectively the ▇.▇. ▇▇▇▇▇ Corporation Severance Pay Plan, ▇.▇. ▇▇▇▇▇ Electrical Products Company Management Severance Plan, ▇.▇. ▇▇▇▇▇ Corporation Key Management Severance Plan and the ▇.▇. ▇▇▇▇▇ Corporation Senior Leadership Severance Plan.

Severance Plans means the severance plans of Repap USA and the Subsidiaries designated in writing by Repap and consented to by Buyer, which consent shall not be unreasonably withheld.

Severance Plans when immediately preceded by "REI," means the severance pay plans established and maintained by REI. When immediately preceded by "Resources," "Severance Plans" means the severance pay plans established and maintained by Resources.

Severance Plans means the severance pay plans established and maintained by Resources.

Severance Plans means (i) Genzyme Corporation United States Severance Pay Plan effective July 1, 2010; and (ii) Genzyme Japan K.K. Employee Resignation Guidelines effective August 31, 2010.

Severance Plans means all severance plans, programs or practices of the Sellers;

Severance Plans when immediately preceded by "Southern," means the severance pay plans established and maintained by Southern. When immediately preceded by "Southern Energy," "Severance Plans" means the severance pay plans established and maintained by Southern Energy.