Professional Documents
Culture Documents
Employee Voluntary Separation Plan
Employee Voluntary Separation Plan
11-20
Years
of
Service:
One
week
of
Base
Pay
for
every
year
from
1-10
years
of
completed
service
AND
two
weeks
of
Base
Pay
for
every
year
from
11-20
years
of
completed
service
21-27
Years
of
Service:
One
week
of
Base
Pay
for
every
year
from
1-10
years
of
completed
service
AND
two
weeks
of
Base
Pay
for
every
year
from
11-20
years
of
completed
service
AND
three
weeks
of
Base
Pay
for
every
year
from
21-27
years
of
completed
service
For
Director-level
participants,
severance
pay
shall
be
the
greater
of:
eight
weeks
of
severance
or
the
severance
amount
calculated
under
the
above
formula.
For
Vice
President-level
participants
and
above,
severance
pay
shall
be
the
greater
of:
12
weeks
of
severance
or
the
severance
amount
calculated
under
the
above
formula.
Health
&
Welfare
Benefits:
During
the
Continuation
Period,
employees
will
continue
to
be
eligible
to
participate
in
the
following
Company
benefit
plans:
Medical
Dental
Vision
Healthcare
Flexible
Spending
Account
Dependent
Care
Flexible
Spending
Account
Health
Savings
Account
Outplacement
Services:
The
Company
will
make
outplacement
services
available
through
Challenger,
Grey
&
Christmas
based
on
the
employees
level
within
the
Company.
The
level
of
benefit
will
be
detailed
in
the
employees
personalized
packet.
Management
Incentive
Plan
(MIP):
If
the
employee
is
eligible
to
participate
in
the
2015
MIP,
the
employee
will
remain
eligible
to
receive
their
annual
target
bonus
at
100%
of
the
annual
target,
with
the
bonus
amount
to
be
calculated
based
on
the
financial
results
of
Tribune
Publishing
and/or
your
Participating
Business
Unit,
as
applicable,
and
pro-rated
based
on
the
period
of
the
employees
employment
during
2015
through
the
Last
Day
of
Work.
Vesting
of
Outstanding
Equity
Compensation:
Any
outstanding
stock
option
and
Restricted
Stock
Unit
(RSU)
grants
under
the
Companys
2014
Omnibus
Incentive
Plan
(Equity
Incentive
Plan)
held
by
the
employee
will
continue
to
be
governed
by
the
terms
of
the
Equity
Incentive
Plan
and
related
grant
award
agreements.
The
portion
of
the
stock
options
or
RSUs
scheduled
to
vest
during
the
employees
Continuation
Period
but
before
the
Termination
Date
will
vest
as
described
in
the
employees
individual
grant
agreement.
All
enhanced
benefits
as
part
of
the
EVSP
and
outlined
above
is
being
offered
to
employees
in
return
for
a
signed
Separation
Agreement
and
General
Release
and
the
successful
completion
of
specific
transition
tasks,
as
defined
by
the
Company.
RETIREE
MEDICAL:
Some
employees
are
currently
eligible
for
the
Companys
retiree
medical
program,
as
defined
in
the
Tribune
Publishing
Company
Benefit
Program
(Retiree
Medical
Program)
as
an
employee
who
has
10
or
more
years
of
service,
was
hired
before
April
1,
2003
and
is
at
least
55
years
of
age
as
of
the
employees
Last
Day
of
Work.
Based
on
the
Companys
decision
to
close
the
plan
for
active
members
as
of
December
31,
2015,
we
have
outlined
the
impact
to
employees
below:
Non-EVSP
Employee
Impact:
The
Companys
retiree
medical
program
will
be
closed
to
all
active
employees
as
of
December
31,
2015;
therefore
the
benefits
under
this
plan
will
terminate
for
all
active
employees
who
remain
employed
by
the
Company
after
such
date.
EVSP
Employee
Impact:
Any
employee
who
meets
the
eligibility
requirements
of
the
retiree
medical
program
and
exits
the
Company
as
part
of
the
EVSP
will
continue
to
remain
in
the
program
and
receive
benefits
past
employees
termination
date,
the
plan
closure
date
of
December
31,
2015
or
as
long
as
the
plan
continues.
The
Company
cannot
guarantee
that
the
Retiree
Medical
Program
will
be
available
to
retirees
at
any
time
in
the
future
and
the
Company
reserves
the
right
to
modify,
amend
or
terminate
the
Retiree
Medical
Program
at
any
time.