Polypore Administrative Policy – Severance (Effective August 10, 2006)
This policy outlines the severance benefits for salaried employees of Polypore who are terminated for reasons other than cause, such as job elimination or workforce reduction. Eligible employees with more than one year of service may receive severance pay based on their age, years of service, and job level, as detailed in a provided matrix. Severance is calculated as a set number of weeks of base pay, and medical coverage may continue at the employee rate for the same period. The company decides if payments are lump sum or salary continuation.
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Effective August 10, 2006
Polypore Administrative Policy—Severance
Purpose
In the event of the termination of employment of a Polypore salaried employee for reason other than Cause, the employee may be eligible for severance payment.
Eligibility
Salaried exempt employees with more than one year of service, who are terminated for reason other than Cause. Examples include job elimination, workforce reduction, or inability to satisfactorily perform the duties assigned. Eligibility will be determined by the Senior Vice President of Human Resources in consultation with the Senior Leadership Team member responsible for the employee.
The following guidelines will be used to determine the number of weeks of severance provided to the terminated employee.
| | AGE PLUS SERVICE | |||||||
|---|---|---|---|---|---|---|---|---|
| | < 30 | 30-39 | 40-49 | 50+ | ||||
| Professional Level | 4 wks | 6 wks | 8 wks | 12 wks | ||||
| Managerial Level | 8 | 10 | 12 | 16 | ||||
| Director Level | 12 | 14 | 16 | 20 | ||||
| VP Level | 14 | 18 | 22 | 26 | ||||
| SLT Level | 26 | 39 | 52 | 52 | ||||
The severance payment will be equal to the employee's annual base pay divided by 52 times the number of weeks indicated on the above matrix. The Company reserves the right to determine if the payments will be made in a lump sum or salary continuation.
In addition to the severance payment, the employee will be eligible to continue in the Polypore Medical Plan under COBRA at their current employee contribution rate for the same number of weeks. After the expiration of the number of weeks of severance, the terminated employee may continue medical coverage at the normal COBRA rates.
Non-exempt employees may be eligible for 4 weeks of severance under this policy.
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