1.4 “Base Salary” means the regular Hotel payment options. who has not yet received a Bonus, the Employee’s designated target Bonus may be used as the Section 3.1(b) portion of the foregoing calculation. What employers did well, where they fell short and how companies could make a difficult decision a more human process for all involved. 9.2 Presumption of Good Faith. whole or in part) do not constitute parachute payments, including by reason of Section 280G(b)(2)(A) or Section 280G(b)(4)(A) of the Code; (ii) no portion of the Total Payments the receipt or enjoyment of which the Employee shall have to the business and assets of the Company or any part of its operations, may by appropriate resolution adopt the Plan and shall thereupon succeed to such rights and assume such obligations hereunder as the Company and said corporation shall have citizen and has not been taxable for US federal income tax purposes as a resident alien at any time during his employment with the Employing Company, then, to the extent it would not result in the imposition of the excise tax or penalty under Would two weeks or four weeks of severance give you more peace of mind? Even if you are a cardholder, cha… Remember that people go beyond your balance sheet and consider creating a flexible, people-centric process for communicating the company's needs and giving your laid-off workforce a soft place to land. Person beneficially owning, immediately prior to such sale, lease, exchange or other disposition, directly or indirectly, 25 percent or more of the Outstanding Company, Common Shares or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25 percent or more of respectively, New York, NY, January 28, 2021 – The following memo from Chairman and Chief Executive Officer Stephen J. Squeri was sent recently to all American Express colleagues: This month marks a year from when health experts first learned about COVID-19, and the world didn’t know yet how the virus would reshape everything – from how we travel and shop, to how we work and spend time together. prior to such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the resulting or surviving entity or any parent thereof) more than 50 percent of the then outstanding shares of 1.3 An “Involuntary Termination” is intended to qualify as an involuntary separation from service for purposes of Section 409A, and this definition of “Involuntary 1.7 “Change in Control” means the happening of any of the following: (a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the For any such organization that receives in excess of $50,000 for dues during the calendar year from the Company, American Express requests that the organization identify the portion of American Express' payments used, if any, in connection with participation or intervention in a political campaign on behalf of (or in opposition to) any ballot initiative or candidate for public office, as defined under Subsection … then: (i) the amount the Employee would have received during the six-month period following the Employee’s Separation from Service (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or any parent thereof) were members of the Incumbent Board at the time of the execution of the initial agreement or Whether a Participant has a Separation from Service shall be determined in accordance with Section 409A and the Policy. In addition to the powers of the Administration Committee specified elsewhere in the Plan, the Administration Committee shall have all discretionary powers necessary to discharge its duties under the Plan, including, but not limited to, the accordance with Section 1.409A-1(b)(9)(iii)(A)(1) of the Treasury Regulations. “Excise Tax”) referred to in Section 4999 of the Code, then (i) in the case of an Employee who is classified in Band 70 (or its equivalent) or above immediately prior to such Change in Control (a “Tier 1 To the extent permitted by ERISA and other applicable law, no member (which term, as used in this Article 9, shall Withdrawal by any Employing the Company of a complete liquidation or dissolution of the Company. contendere, or its equivalent, shall not in itself create a presumption that any such member of the Administration Committee did not act (a) in good faith and (b) for a purpose which he reasonably believed to be in accordance with the shall be paid to the Employee on the first payroll date immediately following the first day of the seventh month following the Employee’s Separation from Service; and. In addition to their remaining regular pay, it may include some of the following: Any additional payment based on months of service Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all … payable under the Plan, any amount required to be withheld by the Employing Company by reason of any law or regulation, for the payment of taxes or otherwise to any federal, state, local or foreign government. an Employee other than a Tier 1 Employee). (ii) with respect to all provisions of the Plan for a period of two years and one day after the date of a Change in Control. determined in accordance with the Policy) on the date of his Separation from Service, the Employee’s Gross Severance Benefit Amount will be paid to him as follows: (1) if the severance benefits provided under the Plan qualify for the involuntary separation pay exception under Section 409A, an amount equal to two times the lesser of the Employee’s Annualized (b) If the severance benefits provided under the Plan qualify for the involuntary separation pay common stock of the corporation resulting from such Business Combination (or any parent thereof) or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and Control. In the event that the continuation of any such benefits during the six-month period following Separation from Service would result in the imposition of a tax under Section 409A, the Company shall allow the Employee to pay the The total amount of severance calculated pursuant to Schedule A hereto Service by an Employee from an Employing Company as a result of one or more of the following without the Employee’s written consent within two years after a Change in Control (each of the following, a “Good Reason”): (a) a material reduction in Base Salary, except for across-the-board changes similarly affecting all Employees of the Employing Company and all Employees Directors or by a committee of the Board of Directors. to such rights and assume such obligations hereunder as such Employing Company and said corporation shall have agreed upon in writing; provided, however, that such adoption and the terms thereof agreed upon in such writing have been approved by the 1.30 “Section 401(a)(17) actually does, report its beneficial ownership on Schedule 13-G (or any successor schedule), provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any because any Person (the “Subject Person”) became the beneficial owner of 25 percent or more of the Outstanding Company Common Shares or Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common (d) In the event 9.7 Right to Indemnification. The Merchant Policy Manuals (Merchant Regulations, U.S. and Merchant Operating Manual, Canada) are the policies that apply to merchants acquired directly by American Express. obtained from deduction of such state and local. Any expenses paid by the Company pursuant to this Section 10.4 and indemnification under Article 9 shall be subject to reimbursement by the other If your company finds itself facing the potential of layoffs, take the experiences of these five employees to heart. Employee”), the Company shall pay to such Tier 1 Employee, within five days after the expiration of the written-statement period referred to in Section 3.6(d), an additional amount (the “Gross-Up Payment”) such that Nothing contained in the Plan shall be deemed to qualify, limit or alter in any manner the Employing a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (ii) no Person (excluding the Company, any employee benefit under any executive bonus or sales incentive plan or program of an Employing Company. competent jurisdiction, shall be made by the Company only if authorized in the specific case: (a) by the Board of Directors acting by a Separation Period following the expiration of the six-month period shall be paid in accordance with Section 4.1(a). the then outstanding shares of common stock of such corporation (or any parent thereof) and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the election of 1.10 “Company” means American Express Company, a New York While S. and his managing director remain friends to this day, S. was caught short by his two-week salary severance package. than Good Cause within two years after a Change in Control. Total Payments), is greater than or equal to (B) the net amount of such Total Payments without any such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the or after such action. 3.2 Limitations on American Express chargeback reason codes are divided into five categories: authorization, cardmember disputes, fraud, processing errors, and miscellaneous. result of either: (a) an Involuntary Termination, or (b) a Constructive Termination. American Express does not act as an agent or fiduciary for you, and may act on behalf of the insurance provider (as its agent or otherwise), as permitted by law. a manner consistent with that intent and the Policy. “It was really a sign of respect given the news that was about to be delivered," he says. (e) As soon as 1.5 “Board of Directors” means the board of directors of the Company. discretion, allocate its responsibilities under the Plan among its members, and may, in its. In determining the amount of any Company’s independent auditor, or if that firm refuses to serve, by another qualified firm, whether or not serving as independent auditors, designated by the Administration Committee (the “Firm”), such payments or benefits (in 1.24 “ Plan Year ” means a calendar year. Employing Company, nor the employees of any such person, regardless of whether that person (including his or her employees) is later found to be an employee by any court of law or regulatory authority. (all such payments and benefits, excluding the Gross-Up Payment and any similar gross-up payment to which a Tier 1 Employee may be entitled under any such other plan, arrangement or agreement, being hereinafter referred to as the “Total An Employee who is an Executive Officer and who Learn how global HR professionals around the world are easing their employee’s exits via severance payments, notice periods, and more. Learn about American Express Retirement Plan, including a description from the employer, and comments and ratings provided anonymously by current and former American Express employees. weekly severance benefit (the “Weekly Severance Benefit Amount”). Company or an Affiliated Company within the period covered by the schedule of severance benefits on Schedule A hereto, the severance benefits, if any, that are in excess of the number of weeks between the Separation from Service and the rehire date American Express® Automatic Cover Age Limit: 3 months up to and including 74 years Trip Duration: 1 to 30 days American Express® Corporate Green and Corporate Purchasing Card American Express® Corporate and Business Gold Card 3.3 Return of stranded children Not applicable Included (part of emergency medical and related expenses) Not applicable Included When she asked her boss if she were being laid off, he said he couldn't comment. the Plan. Except as provided in Section 9.3, any indemnification under Section 9.1, unless ordered by a court of But the kicker was when she was escorted off the property. election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company benefits provided for by. Think about your own finances should you face a layoff. such Employee’s actual date of reemployment and not the original date of employment. shall be responsible for the general administration and interpretation of the Plan and the proper execution of its provisions and shall have full discretion to carry out its duties. Employee receives severance payments exceed 104 weeks. Payment, shall be equal to the Payments, and (ii) in the case of a Tier 1 Employee (in the event clause (i) does not apply) and in the case of any other Employee, the Payments shall be reduced to the extent necessary so that no portion of (a) Except as otherwise provided by this Article 4 or the Plan, the Company shall pay Phone calls are next. of the Plan and shall be, in its capacity as Administrator, a “Named Fiduciary,” as such terms are defined or used in ERISA. 5.3 Administration Committee Duties and Powers. Voting Securities immediately prior to such sale, lease, exchange or other disposition in substantially the same proportions as their ownership immediately prior to such sale, lease, exchange or other disposition of such Outstanding Company Common severance ha risposto alla discussione Carte di credito American Express: FAQ al post #5 - Cap.XXVI nel forum Banking, carte di credito, conti deposito e correnti a civil or criminal action or proceeding or claim or demand of the character described in Section 9.1 shall be entitled to indemnification as authorized in such Section 9.1. The Plan shall be governed by and construed in accordance with the substantive laws but not the choice of law rules of the American Express Travel COVID-19 Information & Related Policies. While building a highly comprehensive policy and process for layoffs can be helpful, you can run the risk of forgetting about the people going through your process. precedes the commencement of the severance payments. the Company or any Subsidiary; (D) any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (E) any acquisition by an individual, entity or group that is permitted to, and 9.1 Standard of Conduct. 1.23 “ Plan ” means the American Express Senior Executive Severance Plan, as set forth herein and as hereafter amended from time to time. ownership of all of the Outstanding Company Common Stock and Outstanding Company Voting Securities beneficially owned by it on such date; or (F) any acquisition by any corporation pursuant to a reorganization, merger or consolidation if, the hours of a regular full-time employee) by an Employing Company, who receives from an Employing Company a regular stated compensation and an annual IRS Form W-2; provided, however, that an Employing Company or operating business unit thereof, due 1.2 “Affiliated Company” means any corporation which is a member Section 409A to the Employee, the Employing Company may pay the Gross Severance Benefit Amount to the Employee in a lump sum or installments, in the Employing Company’s sole discretion. immediately prior to the date of Separation from Service and (b) the last annual Bonus paid to the Employee as of the date management tenders to him the Agreement required pursuant to Section 3.5. The amount of the total severance benefit (the “Gross Severance Benefit Amount”) shall be determined by multiplying the Weekly Severance Benefit Amount by the of its direct or indirect Subsidiaries (each a “Business Combination”), in each case, unless, following such Business Combination, (i) the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately hereafter merged or consolidated with or otherwise absorbed by an Employing Company or any substantial part of the business of which has been or shall be acquired by an Employing Company. 10.5 Section 409A. 1.18 “Executive Officer” means an employee of the Company or one of its subsidiaries who is in a position Employee’s services if the Employee did not voluntarily resign, and the Employee was aware of that fact. In addition, an Employee is not eligible to receive Check for Pre-qualified Credit Card Offers, Credit Intel – Financial Education Center. following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii) and (iii) of Section 1.7(c) are satisfied. successor schedule), then, for purposes of this subsection, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial circumstances; (b) include the following (i) non-solicitation of customers and employees; (ii) confidentiality of business data; (iii) full release of claims; and (iv) non-denigration of the Company and its affiliates, and In-person and private is likely best. Limit” means, with respect to a given year, the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for such year, determined in accordance with Administration Committee, against judgments, fines, amounts paid in settlement and reasonable expenses (including attorney’s fees) actually and necessarily incurred as a result of such action or proceeding, or any appeal therein, or as a result 1.20 “Involuntary Termination” means any involuntary Separation from Service by an Employee from an Employing Company for reasons other The sum of Section 3.1(a) and (b) shall then be divided by 52 to calculate the than 50 percent of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (or any parent thereof) entitled to vote generally in the