\n ——————————————————————-
\n ——————————————————————-
\n 1 – 2 years 4 weeks<\/p>\n ——————————————————————-
\n ——————————————————————-
\n 3- 4 years 6 weeks<\/p>\n
——————————————————————-
\n ——————————————————————-
\n 5 or more years 4 weeks plus 1 week for each
\n Year of Service, to a maximum
\n of 52 weeks
\n ——————————————————————-<\/p>\n
Director or Above<\/p>\n
——————————————————————-
\n Years of Service Severance Pay<\/p>\n
——————————————————————-
\n ——————————————————————-
\n Less than 2 years 4 weeks<\/p>\n
——————————————————————-
\n ——————————————————————-
\n 2 – 3 years 8 weeks<\/p>\n
——————————————————————-
\n ——————————————————————-
\n 4 or more years 4 weeks plus 2 weeks for each
\n Year of Service, to a maximum
\n of 52 weeks
\n ——————————————————————-
\n<\/c><\/c><\/s><\/caption>\n<\/table>\n
(b) Paid Leave in Lieu of Notice. If you become entitled to severance pay
\nunder Section 4(a) on account of Layoff subject to WARN, then, to the extent you
\nhave been given less than the WARN-required advance notice of the date your
\nactive services will actually terminate, you will be given a Paid Leave in Lieu
\nof Notice for the balance of the WARN-required advance notice period, as
\nfollows:<\/p>\n
(i) During your Paid Leave in Lieu of Notice, you will be an
\n inactive employee but you will be entitled to the same benefit
\n plan benefits and participation rights to which you would have
\n been entitled had your active employment continued, except
\n that you will not accrue any paid leave, paid vacation days or
\n additional severance benefits under this Plan.<\/p>\n
(ii) If you die during a Paid Leave in Lieu of Notice, your paid
\n leave will end and the full and partial weeks of Weekly Base
\n Pay that you would have received during the balance of the
\n paid leave will be paid to your estate in a lump sum. All
\n other Paid Leave in Lieu of Notice benefits will stop on the
\n day you die and your estate will not be entitled to any
\n additional severance pay under this Plan.<\/p>\n
(iii) When your Paid Leave in Lieu of Notice ends, you will then be
\n entitled to Severance Pay under Section 4(a), but the amount
\n of Severance Pay otherwise payable will be reduced by the cash
\n wages you received for your paid leave.<\/p>\n
The WARN-required advance notice period is generally 60 days, but under certain
\nunusual circumstances, may be less.<\/p>\n
(c) Outplacement Support Benefits. The Company in its sole and
\nabsolute discretion may arrange to provide you with, and you may elect to
\nutilize, outplacement counseling services from an outplacement firm selected by
\nthe Company. You must complete any outplacement program provided to you within
\none year after your Layoff Date. The Company will pay the full cost of any such
\noutplacement services provided to you.<\/p>\n
(d) Stay Bonus. In certain cases, you may be asked to stay with
\nthe Company for an extended period prior to your Layoff Date. In such case, the
\nCompany may elect, in its sole discretion, to offer you a stay bonus to induce
\nyou to remain at work until your Layoff Date. Any such offer by the Company will
\nbe made by means of a written stay bonus offer and may contain such
\ncontingencies or variations in Plan terms as the Company may determine. For
\nexample, a stay bonus may include increased severance pay or may be contingent
\nupon your execution of an agreement releasing the Company from liability for any
\nand all claims specified in the agreement.<\/p>\n
(e) Other Benefits.<\/p>\n
(i) Educational Reimbursement. Your Layoff will not affect your
\n eligibility for tuition reimbursement under the Company’s
\n Educational Reimbursement Program with respect to any class
\n that you successfully complete and that you began attending
\n with Company approval before your Layoff Date.<\/p>\n
(ii) Relocation. You will not have to repay any relocation costs
\n you may have otherwise owed the Company on account of
\n premature termination of employment under a relocation
\n agreement previously entered into between you and the Company.<\/p>\n
(f) Integration With Other Payments. If you are a Participant (that is,
\nyou receive benefits under the Plan), you will not be entitled to receive any
\nother severance, separation, notice or termination payments on account of your
\nemployment with the Company or any other Controlled Group Member. In addition,
\nbenefits under this Plan are not intended to duplicate such benefits as workers’
\ncompensation wage replacement benefits, disability benefits,
\npay-in-lieu-of-notice, severance pay, or similar benefits under other benefit
\nplans, severance programs, employment contracts, or applicable laws, such as the
\nWARN Act and the Paid Leave In Lieu of Notice provisions of Section 4(b). Should
\nsuch other benefits be payable, benefits payable to a Participant under this
\nPlan will be offset or, alternatively, benefits previously paid under this Plan
\nwill be treated as having been paid to satisfy such other benefit obligations.
\nIn either case, the Plan Administrator, in its sole discretion, will determine
\nhow to apply this provision and may override other provisions in this Plan in
\ndoing so.<\/p>\n
(g) Taxes. Employment and income taxes will be deducted or withheld from
\nbenefits under the Plan to the extent required by law, as determined by the
\nCompany.<\/p>\n
SECTION 5. – HOW AND WHEN WILL AMOUNTS BE PAID?<\/p>\n
Any severance pay payable under Section 4(a) above will be paid to you in
\na single lump sum payment as soon as practicable following your Layoff Date.<\/p>\n
If you received your severance pay under Section 4(a) and you are rehired
\nby the Company or any Controlled Group Member prior to the expiration of your
\nSeverance Period, you will be required to repay to the Company a portion of your
\nseverance pay. The portion of your severance pay that you will be required to<\/p>\n
repay will be equal to your Weekly Base Pay multiplied by the number of weeks
\nremaining in your Severance Period from and after your date of rehire by the
\nCompany or any Controlled Group Member. Your “Severance Period” is the number of
\nweeks used to calculate your severance pay, as specified in the schedule
\napplicable to you under Section 4(a) above.<\/p>\n
Any other benefits provided to you under Section 4(c) through 4(e) will be
\nprovided to you at the time and by the means specified in such Sections. If you
\nare rehired by the Company or any Controlled Group Member, you will not be
\nrequired to repay any benefits you received under Sections 4(c) through 4(e),
\nbut any provisions of a relocation agreement entered into between you and the
\nCompany which are still applicable will continue to apply during the period of
\nyour rehire and at your later termination of employment.<\/p>\n
SECTION 6. – AMENDMENT AND TERMINATION<\/p>\n
Disney, acting through its President in its nonfiduciary capacity as
\nsettlor of the Plan, reserves the right, in its sole and absolute discretion, to
\nterminate, amend or modify the Plan, in whole or in part, at any time and for
\nany reason, prospectively or retroactively and with or without advance notice.
\nIf the Plan is terminated, amended or modified, your right to participate in, or
\nreceive benefits under, the Plan may be changed or eliminated.<\/p>\n
Neither the establishment of the Plan, nor any modification thereof, nor
\nthe payment of any benefits hereunder, will be construed as giving to any
\nParticipant, Employee (or any beneficiary of either), or other person any legal
\nor equitable right against the Company or any officer, director or employee
\nthereof, and in no event will the terms and conditions of employment by the
\nCompany of any Employee be modified or in any way affected by the Plan. This
\nPlan does not give any Employee any vested right to Plan benefits.<\/p>\n
No individual may become entitled to additional benefits or other rights
\nunder the Plan after the Plan is terminated.<\/p>\n
SECTION 7. – MISCELLANEOUS PROVISIONS<\/p>\n
(a) Records. The records of the Company with respect to length of
\nemployment, employment history, base pay, absences, and all other relevant
\nmatters may be conclusively relied on by the Plan Administrator.<\/p>\n
(b) Governing Law. This Plan is an employee welfare benefit plan that is
\nregulated by ERISA, a federal law. To the extent, if any, that state laws apply
\nto the Plan, California law shall apply (except to the extent it would require
\nuse of another state’s law).<\/p>\n
(c) Severability. Should any provisions of the Plan be deemed or held to
\nbe unlawful or invalid for any reason, the balance of the Plan shall remain in
\neffect, unless it is amended or terminated as provided in Section 6.<\/p>\n
(d) Incompetency. If the Plan Administrator finds that a Participant is
\nunable to care for his or her affairs because of illness or accident, then
\nbenefits payable hereunder, unless claim has been made therefor by a duly
\nappointed guardian, committee, or other legal representative, may be paid in
\nsuch manner as the Plan Administrator will determine, and will constitute a
\ncomplete discharge of all liability for any payments or benefits to which such
\nParticipant was or would have been otherwise entitled under the Plan.<\/p>\n
(e) Assignment and Alienation. Except as required by law, the benefits
\npayable under this Plan will not be subject to alienation, transfer, assignment,
\ngarnishment, execution or levy of any kind, and any attempt to cause any
\nbenefits to be so subjected will not be recognized.<\/p>\n
(f) Plan Not a Contract of Employment. Nothing contained in the Plan will<\/p>\n
be held or construed to create any liability upon the Company to retain any
\nEmployee in its service. All Employees will remain subject to discharge or
\ndiscipline to the same extent as if the Plan had not been put into effect.
\nNothing in this Plan shall preclude the Company from terminating an Employee for
\nany reason or no reason or preclude a person from being or continuing to be an
\nat-will employee.<\/p>\n
(g) Overpayments. If any overpayment is made under the Plan for any
\nreason, the Plan Administrator will have the right to recover the overpayment.
\nThe Participant shall cooperate fully with the Plan and return any overpayment.<\/p>\n
SECTION 8. – WHAT ELSE DO YOU NEED TO KNOW ABOUT THE PLAN?<\/p>\n
(a) Claim Procedure<\/p>\n
If you are a Participant in the Plan, you will automatically receive any
\nbenefits set forth under Section 4 of the Plan for which you are entitled. If
\nyou feel you have not been provided with all benefits to which you are entitled
\nunder the Plan, you may file a written claim with the Plan Administrator with
\nrespect to your rights to receive benefits from the Plan. You will be informed
\nof the Plan Administrator’s decision with respect to your claim within 90 days
\nafter it is filed. Under special circumstances, the Plan Administrator may
\nrequire an additional period of not more than 90 days to review your claim. If
\nthis occurs, you will be notified in writing as to the length of the extension,
\nthe reason for the extension, and any other information needed in order to
\nprocess your claim.<\/p>\n
If your claim is denied, in whole or in part, you will be notified in
\nwriting of the specific reason for the denial, the exact Plan provision on which
\nthe decision was based, what additional material or information is relevant to
\nyour claim, and what procedure you should follow to get your claim reviewed
\nagain. If you are not notified within the 90-day (or 180-day, if so extended)
\nperiod, you may consider your claim to be denied. In either case, you then have
\n60 days to appeal the decision to the Plan Administrator.<\/p>\n
Your appeal must be submitted in writing. You may submit a written
\nstatement of issues and comments.<\/p>\n
A decision as to your appeal will be made within 60 days after the appeal
\nis received. Under special circumstances, the Plan Administrator may require an
\nadditional period of not more than 60 days to review your appeal. If this
\noccurs, you will be notified in writing as to the length of the extension, not
\nto exceed 120 days from the day on which your appeal was received.<\/p>\n
If your appeal is denied, in whole or in part, you will be notified in
\nwriting of the specific reason for the denial and the exact Plan provision on
\nwhich the decision was based. The decision on your appeal will be final and
\nbinding on all parties and persons affected thereby. If you are not notified
\nwithin the 60-day (or 120-day, if extended) period you may consider your appeal
\nas denied.<\/p>\n
(b) Plan Interpretation and Benefit Determination<\/p>\n
The Plan is administered and operated by the Plan Administrator, who has
\ncomplete authority, in such person’s sole and absolute discretion, to construe
\nthe terms of the Plan (and any related or underlying documents or policies), to
\ninterpret applicable law, to make findings of fact and to determine the
\neligibility for, and amount of, benefits due under the Plan to Participants or
\nany persons claiming benefits derivatively through them. All such
\ninterpretations and determinations of the Plan Administrator (whether of fact or
\nlaw) will be final and binding upon all parties and persons affected thereby. If
\nchallenged in a legal proceeding, the Plan Administrator’s interpretations and
\ndeterminations will be reviewed under the most deferential abuse of discretion<\/p>\n
standard of review.<\/p>\n
If, due to errors in drafting, any Plan provision does not accurately
\nreflect its intended meaning, as demonstrated by consistent interpretations or
\nother evidence of intent, or as determined by the Plan Administrator in its sole
\nand absolute discretion, the provision shall be considered ambiguous and shall
\nbe interpreted by the Plan Administrator in a fashion consistent with its
\nintent, as determined in the sole and absolute discretion of the Plan
\nAdministrator.<\/p>\n
This Section 8(b) may not be invoked by you or any person to require the
\nPlan to be interpreted in a manner inconsistent with its interpretation by the
\nPlan Administrator.<\/p>\n
(c) Your Rights Under ERISA<\/p>\n
As a Participant in the Plan, you are entitled to certain rights and
\nprotections under ERISA. ERISA provides that all Plan Participants will be
\nentitled to:<\/p>\n
(i) examine, without charge, at the Plan Administrator’s office, and at
\n other specified locations, all Plan documents; and<\/p>\n
(ii) obtain copies of all Plan documents upon written request to the Plan
\n Administrator, who may make a reasonable charge for the copies.<\/p>\n
In addition to creating rights for Plan Participants, ERISA imposes duties
\nupon the people who are responsible for the operation of an employee benefit
\nplan. The people who operate your Plan, called “fiduciaries” of the Plan, have a
\nduty to do so prudently and in the interest of you and other Plan Participants
\nand beneficiaries. No one, including your Company or other person, may fire you
\nor otherwise discriminate against you in any way to prevent you from obtaining a
\nbenefit under this Plan or exercising your rights under ERISA. If your claim for
\na welfare benefit is denied in whole or in part, you must receive a written
\nexplanation of the reason for the denial. Within certain time limits specified
\nunder Section 8(a) (Claim Procedure), you have the right to have the Plan review
\nand reconsider your claim. Under ERISA, there are steps you can take to enforce
\nthe above rights.<\/p>\n
For instance, if you request materials from the Plan and do not receive
\nthem within 30 days, you may file suit in a federal court. In such a case, the
\ncourt may require the Plan Administrator to provide the materials and pay you up
\nto $110 a day until you receive the materials, unless the materials were not
\nsent because of reasons beyond the control of the Plan Administrator.<\/p>\n
If you have a claim for benefits hereunder which is denied or ignored, in
\nwhole or in part, you may file suit in a state or federal court. If it should
\nhappen that Plan fiduciaries misuse the Plan’s money, or if you are
\ndiscriminated against for asserting your rights, you may seek assistance from
\nthe U.S. Department of Labor, or you may file a suit in a federal court. The
\ncourt will decide who should pay court costs and legal fees. If you are
\nsuccessful, the court may order the person you have sued to pay these costs and
\nfees. If you lose, the court may order you to pay these costs and fees, for
\nexample, if it finds your claim is frivolous.<\/p>\n
If you have any questions about the Plan, you should contact the Plan
\nAdministrator. If you have any questions about this statement or about your
\nrights under ERISA, you should contact the nearest office of the Pension and
\nWelfare Benefits Administrator, U.S. Department of Labor, listed in the
\ntelephone directory or the Division of Technical Assistance and Inquiries,
\nPension and Welfare Benefits Administration, U.S. Department of Labor, 200
\nConstitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain
\npublications about your rights and responsibilities under ERISA by calling the<\/p>\n
publications hotline of the Pension and Welfare Benefits Administration.<\/p>\n
\n\n <\/p>\n(d) Other Important Facts<\/p>\n
OFFICIAL NAME OF THE PLAN: Disney Severance Pay Plan
\nSPONSOR: The Walt Disney Company
\n 500 South Buena Vista Street
\n Burbank, CA 91521
\nEMPLOYER IDENTIFICATION
\nNUMBER (EIN): 95-4545390
\nPLAN NUMBER: 513
\nTYPE OF PLAN: Employee Welfare Severance Benefit Plan
\nEND OF PLAN YEAR: December 31
\nTYPE OF ADMINISTRATION: Employer Administered
\nPLAN ADMINISTRATOR: Senior Vice President Human Resources
\n The Walt Disney Company
\n 500 South Buena Vista Street
\n Burbank, CA 91521
\n (818) 560-1000
\nEFFECTIVE DATE: May 15, 2001
\n<\/c><\/s><\/caption>\n<\/table>\n
The Plan Administrator keeps records of the Plan and is responsible for
\nthe administration of the Plan. The Plan Administrator will also answer any
\nquestions you may have about the Plan.<\/p>\n
Service of legal process may be made upon the General Counsel of The Walt
\nDisney Company at the address specified above.<\/p>\n
All benefits under the Plan are paid out of the general assets of the
\nCompany. The Plan is not funded and has no assets.<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7331],"corporate_contracts_industries":[9532],"corporate_contracts_types":[9539,9551],"class_list":["post-38796","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-disney-walt-co","corporate_contracts_industries-travel__services","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38796"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38796"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38796"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}