Establishment and Term of the Plan. 1.1 Establishment of the Plan. Xxxxxxxx American Inc. hereby amends and restates the severance plan known as the “Xxxxxxxx American Inc. Executive Severance Plan” effective as of December 1, 2012. The Plan was originally effective January 1, 2007, and was subsequently amended and restated effective January 1, 2008, January 1, 2009, February 1, 2009, and August 1, 2009. The Plan provides severance benefits to specified executives of the Company and any other entity that adopts this Plan in accordance with the provisions of Section 9.3 upon certain terminations of employment from a Participating Company. The Company considers the establishment and maintenance of a sound management to be essential to protecting and enhancing the best interests of the Company and its shareholders. In this connection, the Company recognizes that, as is the case with many publicly held corporations, the possibilities of a Change in Control or a termination of an Executive’s employment by a Participating Company may arise and that such possibilities, and the uncertainty and questions which they may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its shareholders. Accordingly, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Participating Companies’ management to their assigned duties without distraction in circumstances arising from the possibility of a Change in Control of the Company or a termination of an Executive’s employment by a Participating Company.
Establishment and Term of the Plan. 1.1Establishment of the Plan. The Corporation established the CBOE Holdings, Inc. Executive Severance Plan effective on January 1, 2011 (the "Plan"). The Plan has been amended from time to time thereafter including this complete amendment and restatement effective January 1, 2015. The purpose of the Plan is to provide Severance Benefits to certain eligible executives of the Corporation and its Affiliates in accordance with the terms of the Plan. No individuals other than the Executives shall be eligible to receive Severance Benefits. Severance Benefits for the Executives will be determined exclusively under the Plan. The Plan, as set forth herein, is an employee welfare benefit plan within the meaning of ERISA Section 3(1), and the Corporation intends that the Plan be administered in accordance with the applicable requirements of ERISA. This Plan document, including the information provided in Appendix B hereto, is also the summary plan description of the Plan.
Establishment and Term of the Plan
