Classmates.com 2009 Annual Report Download - page 165
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pay. For example, an employee with a $40,000 per year base salary who has been employed continuously for four years
would be eligible for a severance benefit equal to nine (9) weeks of base pay.
(b) The Severance Payment Benefit amount for Presidents and Executive Vice Presidents shall be one year of base pay.
The Severance Payment Benefit amount for Senior Vice Presidents and Vice Presidents shall be six (6) months of base pay. The amounts for
Presidents, Executive Vice Presidents, Senior Vice Presidents and Vice Presidents shall apply whether or not the termination occurs during the
Transaction Protection Period. Whether an employee is a President, Executive Vice President, Senior Vice President or Vice President will be
based upon such employee’s title as of the date of termination or, if during the Transaction Protection Period, the employee’s highest title at any
time during that period. It shall be solely in the Company’s discretion to change employees’ titles.
2. Severance Payment Benefit Guideline for Employees Entitled to Notice Under the WARN Act. If you are entitled to
prior notice of your termination pursuant to the provisions of the WARN Act, the Severance Payment Benefit guideline is as follows: The
Severance Payment Benefit amount is the greater of (a) the amount for which you would be eligible under Section IV.B.1. above (if you had not
been entitled to WARN Act notice) minus eight weeks’ base pay, or (b) one week’s base pay. For example, the benefit guideline for a person
who has been employed for five years with a base salary of $100,000 who is not terminated during the Transaction Protection Period would be
two weeks’ base pay. The benefit
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