Covered Employees Definition Example

Covered Employees. All Regular Full‐Time Employees (both exempt and non‐exempt) who are (i) Executives or (ii) otherwise designated by the Board or by an authorized committee to be a Covered Employee under this Plan, who experience a Covered Termination and who are not designated as ineligible to receive severance benefits under the Plan as provided in Section 5 hereof. For the avoidance of doubt, neither Temporary Employees nor Part-Time Employees are eligible for severance benefits under the Plan. An employee's... full‐time, part-time or temporary status for the purpose of this Plan is determined by the Plan Administrator upon review of the employee's status immediately before termination. Any person who is classified by the Company as an independent contractor or third party employee is not eligible for severance benefits even if such classification is modified retroactively View More