Second Amendment to the Severance Pay Plan of Johnson & Johnson and U.S. Affiliated Companies
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Summary
Johnson & Johnson, through its Pension and Benefits Committee, amends its Severance Pay Plan for U.S. employees. Effective for those notified of termination after September 28, 2015, the amendment clarifies that employees are not eligible for severance benefits if they refuse a comparable position (with no significant reduction in pay or grade and within 50 miles of their current location) or accept another job within the company. This change aims to specify eligibility for severance payments under the plan.
EX-10.X 3 exhibit10x-secondamendment.htm EXHIBIT 10.X SECOND AMENDMENT Exhibit
Exhibit 10(x)
SECOND AMENDMENT TO THE
SEVERANCE PAY PLAN OF
JOHNSON & JOHNSON AND U.S. AFFILIATED COMPANIES
(as amended and restated effective October 1, 2014)
Pursuant to the actions of the Pension and Benefits Committee of Johnson & Johnson at a meeting held on September 28, 2015, the Severance Pay Plan of Johnson & Johnson and U.S. Affiliated Companies (the "Plan") is amended as follows, effective with respect to individuals who are given notice of termination after September 28, 2015:
1. | Article 4.1(b)(iii) is amended to read as follows: |
a. | An Eligible Employee is not eligible for the benefits provided in Article 5 if his or her employment is terminated as a result of any one of the following events: |
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i. | the refusal of a position with a Johnson & Johnson Company, which, in the sole discretion of the Pension and Benefits Committee, is comparable (meaning that the new position would not result in a reduction of the Eligible Employee’s base pay or salary (other than a de minimis reduction) or pay grade ) to the Eligible Employee’s current position and for which the primary work location is no more than a 50-mile radius from the Eligible Employee’s current primary work location, or the acceptance of employment with a Johnson & Johnson Company; |
* * *
Nov 4, 2015 /s/ Lisa Blair Davis
Date Lisa Blair Davis
Member
Pension & Benefits Committee
of Johnson & Johnson
:
