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Document Preview Severance Pay Plan |
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Title: |
Severance Pay Plan |
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Date: |
2005 |
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$39 |
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ID: |
#1935499 |
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YAMANOUCHI CONSUMER INC.
SEVERANCE PAY PLAN
FOR SENIOR VICE PRESIDENTS AND ABOVE
(Amended and Restated as of February 24, 2004)
I. PURPOSE
This Plan is intended to provide assistance to eligible employees of Yamanouchi Consumer Inc. (?YCI?) and the wholly owned domestic subsidiaries of YCI as of February 24, 2004, whether or not such subsidiary is subsequently sold or transferred to a third party (collectively, the ?Company?) in the event of certain terminations of employment called ?Qualifying Terminations,? as described below. This document contains the provisions of the Plan and supersedes any and all previous severance plans or policies of the Company.
II. WHO IS ELIGIBLE TO PARTICIPATE
Regular full-time employees of the Company are eligible for benefits under this Plan (except as hereinafter described) if they are Senior Vice Presidents or above of YCI or a wholly owned domestic subsidiary of YCI (any such subsidiary, a ?Subsidiary?) at any time on or after November 1, 2003 and experience a Qualifying Termination. For purposes of this Plan, ?regular full-time employees? are employees: 1) who are not temporary or seasonal employees; 2) who are classified by the Human Resources Department as of the date of termination as full-time employees under the established policies of the Company; and 3) whose wages are treated as U.S. source income. A person is not considered an employee for purposes of this Plan if he or she is an independent contractor or is a ?leased employee? under Section 414(n) of the Internal Revenue Code.
To be eligible under the Plan for any benefits, all of the following must also be satisfied:
| ? | the employee continues employment until the date of a Qualifying Termination for such employee; and |
| ? | during the period from the date the employee receives notice of termination until the termination date, the employee performs his or her duties in a manner which does not constitute ?Cause? (as defined below); and |
| ? | the employee executes and allows to become effective a release of claims (?Employee Release?) provided by the Company; and |
| ? | the employee fulfills all of his or her obligations to the Company with respect to confidential information, inventions, non-competition and the like and with respect to such other obligations as may from time to time be required by the Company; and |
| ? | the employee returns all Company property in employee?s possession on or before employee?s last day of employment; and |
| ? | the employee is not covered by a collective bargaining agreement, unless it specifically provides that such an employee is eligible to participate in this Plan. |
III. QUALIFYING TERMINATION
A ?Qualifying Termination? is (subject to the exclusions described in Section IV below) either (1) an involuntary termination of employment with the Company for any reason other than death, disability, temporary layoff, or
?Cause? (as defined below), or (2) a resignation by an employee following a relocation of that employee?s ?work location? that exceeds 75 miles without that employee?s written consent. If an employee regularly works at more than one location, then for the purposes of determining whether a Qualifying Termination has occurred, the employee?s ?work location? will be the location closest to the employee?s home.
?Cause? for termination by the Company shall mean (a) the employee?s conviction or plea of guilty or nolo contendere to a felony or crime involving moral turpitude, dishonesty, breach of trust or unethical business conduct, in each case involving the business of the Company; (b) the employee, in the performance of his or her duties to the Company, to the material and demonstrable detriment of the Company, engaging in (i) willful misconduct, (ii) willful or gross neglect, (iii) fraud, (iv) misappropriation, (v) embezzlement, or (vi) theft; (c) the employee?s willful disregard of the directions of the Board of Directors or the Chief Executive Officer of the entity which employs the employee at the time (the ?Employer?) either (i) to adhere to the written policies of the Company or (ii) to devote substantially all of his or her business time and effort to the Company, in either case if such disregard remains uncured (if curable) for a period of thirty (30) days following written notice by the Board of Directors or Chief Executive Officer of the Employer; (d) the breach by the employee of any obligation incurred by him or her under this Plan in any material respect, if such breach remains uncured (if curable) for a period of thirty (30) days following written notice by the Employer of such breach; or (e) the employee?s acknowledgment in writing in any agreement or stipulation to, or the adjudication in, any civil suit, of the commission of any theft, embezzlement, fraud, or other intentional act of dishonesty involving the business of the Company.
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