5.1 ERMUSR 06-14-2022 - Laserfiche WebLink

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6.5.By Employee for Good Reason. For purposes of this Agreement, “Good Reason” means the occurrence of one or more of the following events without the Employee’s prior written consent, provided that the Employee gives notice of his/her intent to resign for Good Reason within 90 days of his/her discovery of such event: (a) a material diminution in Employee’s title or duties; (b) a failure by the Utilities to provide Employee any material payments or benefits owed to Employee; (c) a material diminution of Employee’s compensation or benefits; or (d) relocation of the Utilities’s offices to a place more than fifty (50) miles away from the Utilities’s headquarters at the inception of Employee’s employment. Employee may terminate his employment at any time for “Good Reason,” provided that Employee has provided the Utilities at least 60 days’ advance written notice stating the specific reason for such resignation and provided that such reason has not been cured by the Utilities within said notice period. 6.6. Severance Pay Upon Termination Without Cause or For Good Reason. On the condition that Employee signs and does not rescind an agreement releasing claims arising out of his/her employment, in a form prescribed by the Utilities, in the event that Employee’s employment is terminated by the Utilities without Cause or by Employee for Good Reason, the Utilities shall, subject to all conditions set forth in this Section 6, provide Employee the following severance benefits “Severance Benefits”). (a) Separation Pay. Subject to the conditions set forth in this section the Utilities shall pay the Employee an amount equivalent to six months of the Employee’s then-current Base Salary. (b) COBRA Continuation Premiums. Subject to the conditions set forth in this section the Utilities shall continue to pay the Employer portion of the Employee’s group health insurance premium for the first six months of Employee’s eligibility for COBRA continuation of health insurance. (c) Earned and Unused Vacation. Employee shall be paid out for the amount of earned but unused vacation time in his vacation account as of the date of separation, provided they sign and do not rescind an agreement releasing claims arising out of their employment, in a form prescribed by the Utilities, less the amount of any debt then owed by Employee to the Utilities whether or not such debt is then due or payable. (d) Vacation Upon Retirement. Alternatively, if Employee retires immediately eligible to claim his/her pension and gives the Utilities at least 60 days notice shall have 100% of unused vacation time converted into cash and deposited into their Post Employment Health Care Savings account. 6 48943343v3 146