Common use of Layoffs and Severance Clause in Contracts

Layoffs and Severance. A. In the event of a reduction in force, layoff or restructuring, the Company shall provide, in addition to the severance and benefit continuation, two (2) weeks notice of layoff, or pay in lieu thereof, to each affected bargaining unit employee. B. In the event of a layoff or a termination pursuant to Article 13.D, a bargaining unit employee who is terminated after 6 months but less than one year of employment shall, upon execution of a standard Company waiver and release agreement, receive at least five (5) weeks of severance pay. An employee with at least one year of employment but less than two years of employment shall, upon execution of a standard Company waiver and release agreement, receive six (6) weeks’ severance pay. An employee with at least two years of employment but less than four (4) years of employment shall, upon execution of a standard Company waiver and release agreement, receive eight (8) weeks’ severance pay. An employee with at least four (4) years of employment shall, upon execution of a standard Company waiver and release agreement, receive 2 weeks’ severance pay per full year of service, with a maximum payment of 14 weeks of severance pay. For laid off bargaining unit employees who enroll in COBRA at a plan no greater than the plan they were enrolled in as an employee, the Company shall cover the employer share of health care for the same period as their severance period (starting with the employee’s termination date). The Company shall directly pay the employer share of COBRA to the COBRA administrator. Thereafter, laid off employees can continue in COBRA at the full cost. In the event of a layoff that would trigger a WARN notice under state or federal law, employees shall receive, instead of severance according the above formula, one week of severance pay for each year of service, with a cap of 8 weeks of severance pay, in addition to the WARN notice ( or pay in lieu thereof). C. For purposes of Article 19 of this Agreement, an employee who is laid off and is rehired within one year shall not suffer a break in continuity and shall have their prior years of service counted towards their total length of service. D. Upon being notified by the Company of a date of termination, an employee who leaves for other employment prior to that date of termination shall nevertheless receive full severance pay pursuant to the terms of this Article. E. The Company will adhere to any local, state and federal laws regarding layoffs including the WARN act.

Layoffs and Severance. A. In the event of a reduction in force, layoff If an employee is terminated for just cause or restructuringgross misconduct, the Company shall provide, in addition is not obligated to the severance and benefit continuation, two (2) weeks notice of layoff, or pay in lieu thereof, to each affected bargaining unit employee. B. In the event of a layoff or a termination severance. Employees terminated pursuant to Article 13.D13, a bargaining unit employee who is terminated after 6 months but less than one year of employment shallSection F, shall receive severance pay according to the following formula upon execution of a standard Company waiver and release agreementrelease: Severance pay accrues at the rate of two weeks for each year of service, receive at least five (5) subject to the following minimums: 1. An employee involuntarily terminated after six months but less than one year of employment, 2 weeks of severance pay. An employee with at least involuntarily terminated after one year of employment but less than two years of employment shallemployment, upon execution 4 weeks of a standard Company waiver and release agreement, receive six (6) weeks’ severance pay. An employee with at least involuntarily terminated after two years of employment but less than four (4) three years of employment shallemployment, upon execution 6 weeks of a standard Company waiver and release agreement, receive eight (8) weeks’ severance pay. An employee with at least involuntarily terminated after three years but less than four (4) years of employment shallemployment, upon execution 8 weeks of severance pay. 2. In the event an employee is terminated pursuant to a standard Company waiver and release agreementreduction in force, job elimination or layoff, each terminated employee will receive 2 weeks’ severance pay of two (2) weeks of severance per full year of service, with a maximum payment of 14 at least twelve (12) weeks of severance pay. ▇. For laid off bargaining unit employees who enroll ▇▇▇▇▇▇▇▇▇ will be paid out by the Company in COBRA at biweekly installments during the relevant severance period, only after the terminated employee has signed a plan no greater than release in a form acceptable to the plan they were enrolled in as an employeeCompany. In addition, the Company shall cover will maintain the employer share of employee’s health care benefits for the same period as their relevant severance period (period, starting with the employee’s termination date), after which the employee may elect continuing coverage under COBRA. C. If an employee is offered the opportunity to resign (a/k/a as “buyout”) they will receive at least that same package of severance pay and extended benefits. They will be afforded at least three days to consider the offer before being required to accept or reject it. D. The Company Employer shall directly pay notify the employer share of COBRA to the COBRA administrator. Thereafter, laid off employees can continue in COBRA at the full cost. In the event Guild of a layoff that would trigger a WARN notice under state or federal law, employees shall receive, instead in advance of severance according the above formula, one week of severance pay for each year of service, with a cap of 8 weeks of severance pay, in addition to the WARN notice ( or pay in lieu thereof)notifying employees. C. For purposes of Article 19 of this Agreement, an E. An employee who is laid off and is rehired within one (1) year shall not suffer a break in continuity and shall have their prior years of service counted towards their total length the following provisions of servicethe Agreement. D. F. Upon being notified by the Company of a date of termination, an employee who leaves for other employment prior to that date before the proposed termination date, but after receiving notice of termination termination, shall nevertheless receive full severance pay pursuant to the terms of this Articlepay. E. The Company will adhere to any local, state and federal laws regarding layoffs including the WARN act.