Earthlink 2008 Annual Report Download - page 176

miles of the employee’s current location of employment. If the employee accepts the new position, the employee’s employment
relationship with the Company or an Affiliate continues. If the employee declines the position offered, the employee will not be
entitled to any severance pay or benefits under the Plan.
II. The employee’s current position is eliminated and the employee is offered another position with the Company or an Affiliate with
lower salary or wages at the same or another location of employment. The employee will have the option of accepting the new position
or taking the severance package. If the employee accepts the new position, the employee’s employment relationship with the Company
or an Affiliate continues. If the employee declines the offered position, the employee will be given the severance package as stated
below.
III. The employee’s current position is eliminated and the employee is offered another position with the Company or an Affiliate with the
same or a higher salary or wages at another location that is fifty (50) or more miles from the employee’s current location of
employment. The employee will have the option of accepting the new position or taking the severance package. If the employee
accepts the new position, the employee’s employment relationship with the Company or an Affiliate continues. If the new position
entitles the employee to relocation benefits under the Company’s Corporate Relocation Policy, the employee will be offered the
Corporate Relocation Package. The expense of the relocation will be paid by the employee’
s new department. If the employee declines
the offered position, the employee will be given the severance package as stated below.
IV. The employee’s current position is eliminated and no other position is offered. In this case, the employee will be given the severance
package as stated below.
Severance Pay and Benefits
In exchange for providing the Company with an enforceable Waiver and Release Agreement in a form acceptable to the Company, and for not
later revoking that Waiver and Release Agreement, each eligible employee shall be entitled to receive severance pay and benefits, as stated
below. Please note that the severance pay described below will be prorated for those eligible employees who work a regular schedule of less
than forty (40) hours per week.
I.
Employees Whose Positions are at the Vice President Level of the Career Band System . After the notice period, eligible employees
will receive the following severance pay and benefits:
• Six (6) months base salary paid in a lump sum as soon as administratively practicable following the termination of
employee’s employment with the Company and all Affiliates but no later than the 15 day of the third month of the calendar year
following the calendar year in which the employee’s right to the payment vests. Base salary excludes overtime, incentive
compensation, bonuses, and any other forms of compensation over and above the employee’s base salary rate.
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