Church & Dwight Co., Inc. Severance Policy for Non-Union Salaried Employees (Effective March 28, 2001)
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Summary
Church & Dwight Co., Inc. has established a severance policy for its non-union, salaried employees who are terminated due to company decisions such as termination, reorganization, or facility closure. The policy provides severance and continued health care benefits based on one week per year of service, with a minimum of 6 weeks and a maximum of 52 weeks, contingent on the employee signing a waiver and release. The policy excludes voluntary separations and terminations for cause, and does not apply if the employee is entitled to severance under another plan or law.
EX-10.12 38 dex1012.txt SEVERANCE POLICY EXHIBIT 10.12 [LOGO] (R) CHURCH & DWIGHT CO., INC. - -------------------------------------------------------------------------------- Effective Date: March 28, 2001 SEVERANCE POLICY OBJECTIVES The Company will offer a severance payment to ease an employee's departure from the Company after a decision has been made to terminate the employee, reorganize, reengineer or close a facility. SCOPE This policy applies to all non-union, salaried employees of Church & Dwight Co., Inc. It does not apply in cases of voluntary separation or in cases of involuntary separation for cause. POLICY The company will offer severance and health care benefits continuation in the amount of one week per year of service. In consideration for signing a waiver and release additional severance and health care benefits continuation will be provided. Assuming an executed waiver and release, the minimum severance payment will be 6 weeks and the maximum 52 weeks. Employees terminated who received stock option awards will retain the 3 year vesting and exercising rights in outstanding stock options issued prior to May 6, 1999, contingent upon a signed waiver and release. In the event any employee is or becomes entitled to severance benefits under any other plan, policy, arrangement or agreement with the Company or any other company or pursuant to any applicable state law, then no severance benefits will be payable to such employee under this plan.
