Benefits under the Plan are in addition to any pay you may be entitled to for accrued but unused vacation. Benefits under the Plan will not be considered compensation for purposes of determining any benefits provided under any pension, savings or other benefit or bonus plan maintained by the Company.
|C. || |
PAYMENT OF PLAN BENEFITS
Severance pay provided under this Summary will be paid in substantially equal installments, on regular Company periodic pay cycles, over a period corresponding to the total number of weeks of pay you are entitled to. Payments will begin as soon as practicable but no later than thirty (30) days after the date the General Release is effective and any revocation period has expired.
For example, if you are entitled to fifty-two (52) weeks of Weekly Base Compensation, you will be paid this benefit in substantially equal installments over a fifty-two (52) week period. Payments will be made in accordance with the Companys regular periodic pay cycles (no less frequently than monthly). All payments are subject to withholding taxes and any other applicable withholdings.
|D. || |
REQUIREMENT OF GENERAL RELEASE AND RETURN OF COMPANY PROPERTY
| ||1. || |
General Release. As a condition of eligibility for Plan benefits, you are required to sign, return and not revoke an Agreement and General Release (General Release) within a timeframe specified by the Company. Any such timeframe may include a consideration period and revocation period that will in no event exceed sixty (60) days following your involuntary termination of employment. If you do not timely sign the General Release, or you revoke it, you will not be entitled to any benefits under the Plan.
The General Release will require you to (i) release and waive any and all legal claims you may have against the Company, its affiliates, any predecessor or successor thereto, and their assigns, employee benefit plans, present or former directors, officers, employees, fiduciaries, representatives, agents, and attorneys; and (ii) abide by certain non-compete, non-solicitation and confidentiality requirements. The Company, in its sole discretion, will prescribe the terms of the General Release.
If you file a lawsuit, charge, complaint or other claim asserting any claim or demand within the scope of the General Release, the Company, whether or not such claim is valid, will retain all rights and benefits of the General Release, and also will be entitled to cancel any and all future obligations of the General Release, together with the recovery of the Companys costs and attorneys fees.
| ||2. || |
Return of Company Property. As a further condition to receiving benefits under the Plan, you are required to cooperate with the Companys usual and customary separation/termination process, including, to the extent required by the Company, surrender and delivery of all Company property, including without limitation, identification cards, vehicles, company credit cards and computer equipment.
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