Executive Severance Pay Policy for Grades 15, 16, and 17+ Employees
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Severance Agreements
Summary
This document outlines the severance pay policy for executives at Grades 15, 16, and 17 or above. It specifies eligibility requirements, severance payment amounts based on grade and service, and conditions for enhanced severance if a settlement agreement is signed. Severance is paid bi-weekly and includes a lump sum COBRA health care payment for the severance period. Unused vacation is paid per state law, and outplacement services may be offered. Signing a general release is required for enhanced severance benefits.
EX-10.18 4 c13018exv10w18.htm EXHIBIT 10.18 exv10w18
Exhibit 10.18
Executive Severance Pay
| Severance Provision | Grade 15 | Grade 16 | Grades 17 & above | |||||||||
Service Requirement | • | One (1) year | • | One (1) year | • | No minimum service requirement | ||||||
Severance Payment | • | Base salary (annual base rate) | • | Base salary (annual base rate) | • | Base salary (annual base rate) | ||||||
Severance Amount | • • | One (1) month - standard Can be enhanced up to nine (9) months if settlement agreement is signed | • • | One (1) month – standard Can be enhanced up to one (1) year if settlement agreement is signed | • • | One (1) month – standard Can be enhanced up to eighteen (18) months if settlement agreement is signed | ||||||
Payment Timing | • | Bi-weekly | • | Bi-weekly | • | Bi-weekly | ||||||
Vesting Provisions | • | Per grant agreement | • | Per grant agreement | • | Per grant agreement | ||||||
Benefits - Health Care | • | Lump sum COBRA payment will be provided equal to the severance period | • | Lump sum COBRA payment will be provided equal to the severance period | • | Lump sum COBRA payment will be provided equal to the severance period | ||||||
Settlement Agreement (General Release) | • | Must sign general release for enhanced package consideration | • | Must sign general release for enhanced package consideration | • | Must sign general release for enhanced package consideration | ||||||
Vacation | • | Unused earned vacation will be paid per state law | • | Unused earned vacation will be paid per state law | • | Unused earned vacation will be paid per state law | ||||||
Outplacement Services | • | May be included in severance agreement | • | May be included in severance agreement | • | May be included in severance agreement | ||||||
