Severance Policy. Executive shall not be eligible to participate in Company’s generally applicable severance policy (“Severance Policy”), except as provided in Paragraph 7.4(c) above. Severance pay shall be payable under this Agreement and will be treated as paid in satisfaction of the Severance Policy as in effect from time to time to the extent of Executive’s entitlement to payments under the Severance Policy.
Severance Policy. A. An employee of the Colonel Xxxxxxxx Local School District who elects to retire from active service after thirty (30) or more years of teaching in any public educational setting is to be paid for thirty percent (30%) of accrued but unused sick leave which shall not exceed eighty-one and one-half (81.5) days (i.e., 30% of 272 = 81.5) as of June 30, 2007
Severance Policy. The Executive Severance Policy in force from time to time shall apply to the Executive in relation to the Employment. Such policy may be amended or terminated in accordance with the terms of the policy, save that where any proposed amendment or termination substantially reduces the rights of the Executive following his termination of employment: (i) the Company will consult with the Executive on such proposed amendment or termination; and (ii) any such substantial reduction in the rights or benefits of the Executive must be agreed with the Executive. Where, following consultation, the Executive does not agree to any such proposed amendment or termination, then the Executive Severance Policy shall continue in full force and effect without such proposed amendment or termination.
Severance Policy. Penns Woods agrees to cause JSSB to provide any employee xx XXBSM whose employment is involuntarily terminated other than for Cause (as defined below) within one year after the Effective Date or who within such one- year period is offered but declines to accept employment at a location more than 35 miles from such employee's work location with FNBSM provided such employees execute such documentation as Penns Woods may reasonably require: (i) one week of base xxxxry for each year of service with FNBSM with a minimum of two weeks and a maximum of twenty weeks; (ii) continued medical insurance coverage during the time period set forth in the preceding clause (i) to the extent permitted under Penns Woods' health insurance programs or, to the extent xxxxxmissible, reimbursement for the cost of continuation coverage provided under IRC Section 4980B(f) during the time period set forth in the preceding clause (i), and (iii) a cash payment for any vacation days accrued but unused in the year in which employment terminates. For purposes of this Section 4.10(c), "Cause" shall mean termination because of the employee's personal dishonesty, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties or willful violation of any law, rule or regulation (other than traffic violations or similar offenses). The benefits provided to terminated FNBSM employees under this subsection are the only severance benefits payable by FNBSM under any plan or policy. The benefits payable to FNBSM employees under this subsection or otherwise shall in any event be in lieu of any termination benefits to which such employees would otherwise be entitled under Penns Woods' or JSSB's severance policies or programs thex xx effect. The benefits payable under this subsection shall not apply to any FNBSM employee who enters into a written employment agreement with Penns Woods or JSSB.
Severance Policy. Reference is made to the Company's severance policy, set forth on Exhibit A hereto (the "Severance Policy"). The Parties confirm that the Employment Agreement calls for a severance payment different from that specified in the Severance Policy and, accordingly, upon the occurrence of any event that entitles Tietx xx the payment of severance benefits under the Employment Agreement, the provisions of the Employment Agreement shall apply and not those of the Severance Policy.
Severance Policy. The Buyer shall establish and maintain, for the period commencing on the Closing Date and terminating not less than one (1) year following the Closing Date, a severance policy for Imperial which provides severance benefits to the Current Employees who are retained by Imperial following the Closing Date which are substantially similar to the severance benefits described on Schedule 6(i) of the Disclosure Schedule; provided that nothing in this Agreement shall require the Buyer to retain any Current Employee or prevent the Buyer from terminating any Current Employee at any time to the extent not inconsistent with applicable Law.
Severance Policy. The Committee has designated you a participant in the Company’s Change of Control and Severance Policy (the “Policy”), attached as Exhibit A to this letter. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your employment as set forth in Exhibit B to this letter (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing this letter, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding the subject matter of this paragraph and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change of control provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company.
Severance Policy. Commencing on the second (2nd) anniversary of the Company’s emergence from Chapter 11 or, if later, the Participant’s commencement of employment with the Company, the Participant shall cease participating in any severance policies, plans or arrangements with the Company, including for the avoidance of doubt any severance terms set forth in any offer letter or employment agreement between the Company and Participant, and shall instead be eligible to participate in the new severance policy to be adopted by the Committee and/or Board on the following terms:
Severance Policy. The Committee has designated you a participant in the Company’s Change in Control and Severance Policy (the “Policy”), attached as Exhibit A to this letter. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your employment as set forth in Exhibit B to this letter (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing this letter, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding your rights to severance and/or change in control benefits from the Company and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change in control provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company.
Severance Policy. Reference is made to the Employer's severance policy, set forth on Exhibit A hereto (the "Severance Policy"). In the event of the termination of Employee under the Employment Agreement without cause, with "cause" defined as set forth of paragraph 1 of the Severance Policy or as set forth in the Employment Agreement, whichever applies, then and in such event, Employee shall be paid an amount equal to the greater of Employee's annual salary under the Employment Agreement for the balance of the term of the Employment Agreement or that amount called for by the Severance Policy.
