Earlier this month I asked about policies regarding employee illnesses when working in a pharmaceutical clean room environment. I received three responses (thank you).
In the interest of providing you all with a basic summary, the input I received ranged from considering accommodation so there is no loss in pay, consulting the CDC home site, to finally a sample of an SOP that addresses this issue. Basically, it is up to the employer based on business necessity and cleanroom operations. We've decided (based on the chemical we work with in the pharma mfg) that there can be no symptoms of cold, coughing, sneezing, infection, or bleeding injuries. Employees will be re-assigned outside the mfg area and perform other work instead.
Monday, March 24, 2008
Wednesday, March 19, 2008
Severance Agreements
Feedback regarding severance agreements:
Company A
VP’s, Directors – 6 months
CEO – 1 year
If Change of Control – 1 year for all
Company B
VP’s – 6 months
CEO – 1 year
Change of Control only
Company C
2 – 12 weeks for performance related dismissals
Larger payout for Change of Control
3 levels of VP and above have own program
Sr Dir/Dir, Assoc Dir/Manager, Indiv. Contributor – each group has a max number of weeks based upon years of service (12 – 26 weeks)
Pay severance with normal payroll, not paid in lump sum; COBRA also paid
Company D
VP & above – 6 months
Only available with Change of Control and loss of job – double trigger
No severance for performance issues
Company E
Change of Control only – double trigger
Below VP – 3 months + 2 weeks per year of service
VP’s – 1.5X annual salary + 1 year of bonus
Company F
General severance provision – 2 to 10 weeks + 2 weeks per year of service to a max 26 weeks (non-exempt through non-officer VP)
Change of Control for officers only (not all VP’s) – 6 months, CEO – 1 yr.
COBRA paid, no equity acceleration
Change of Control – Officer VP’s get 12 months, CEO gets 18 months – double trigger
Target bonus, COBRA and 100% equity acceleration
Company G
Change of Control only
VP’s – 6 months, CEO – 12 months
Performance issues – negotiate individually, typically 3 – 6 months with signed release
Company H
When company was acquired – Director level – 12 months pay & 12 months COBRA Above Director – 18 months
Involuntary term (not for cause) – 1 week + 1 week per year of service for all grades to Director
Director & above – 2 weeks plus 2 weeks per year of service
Company I
Change of Control (SVP & above) – 2X annual salary
CEO – non CoC events – 1X annual salary
Other separations – 2 weeks + 1 week per year of service
Company J
CoC and Constructive Termination – double trigger (can be reduction of pay of more than 5%)
All VP’s and above are covered – 9 months + 1 month per year of service up to 15 months
CEO – more
Company K
Only for CEO, COO and EVP, not all VP’s
CEO – Change of Control only
COO/EVP – CoC and job performance – different amounts depending on the situation
Company L
Change of Control only
Dept. heads, key positions, all VP’s, executives
6 – 12 months
Company M
All levels – anyone who leaves with a package
CoC, job performance, or other reasons are covered
1 week to 6 months
Not known for executive levels
Company N
All VP’s – 6 months
EVP’s – 9 months
Any termination for other than cause
Company O
Execs only – 6 – 12 months
Change of Control, termination without cause, voluntary termination with cause
Company P
Officers only
Termination other than cause
1 year salary and benefits
Change of Control – options 100% vested
Company Q
Officers only
Change of Control or termination other than cause
CEO - 1 year salary, can be extended additional 6 months if no new job, avg. 3 years bonus, COBRA
Officer VP – 9 months salary, can be extended additional 3 months if no new job, avg. 3 years bonus, COBRA
In summary, most companies cover non-officer VP’s as well as just officers. Several go into lower levels within the organization. Most companies cover both Change of Control and Constructive Termination occurrences. The average payout seems to be 6 months to 1 year of severance. Thanks everyone! This helps me tremendously! Susan M.
Company A
VP’s, Directors – 6 months
CEO – 1 year
If Change of Control – 1 year for all
Company B
VP’s – 6 months
CEO – 1 year
Change of Control only
Company C
2 – 12 weeks for performance related dismissals
Larger payout for Change of Control
3 levels of VP and above have own program
Sr Dir/Dir, Assoc Dir/Manager, Indiv. Contributor – each group has a max number of weeks based upon years of service (12 – 26 weeks)
Pay severance with normal payroll, not paid in lump sum; COBRA also paid
Company D
VP & above – 6 months
Only available with Change of Control and loss of job – double trigger
No severance for performance issues
Company E
Change of Control only – double trigger
Below VP – 3 months + 2 weeks per year of service
VP’s – 1.5X annual salary + 1 year of bonus
Company F
General severance provision – 2 to 10 weeks + 2 weeks per year of service to a max 26 weeks (non-exempt through non-officer VP)
Change of Control for officers only (not all VP’s) – 6 months, CEO – 1 yr.
COBRA paid, no equity acceleration
Change of Control – Officer VP’s get 12 months, CEO gets 18 months – double trigger
Target bonus, COBRA and 100% equity acceleration
Company G
Change of Control only
VP’s – 6 months, CEO – 12 months
Performance issues – negotiate individually, typically 3 – 6 months with signed release
Company H
When company was acquired – Director level – 12 months pay & 12 months COBRA Above Director – 18 months
Involuntary term (not for cause) – 1 week + 1 week per year of service for all grades to Director
Director & above – 2 weeks plus 2 weeks per year of service
Company I
Change of Control (SVP & above) – 2X annual salary
CEO – non CoC events – 1X annual salary
Other separations – 2 weeks + 1 week per year of service
Company J
CoC and Constructive Termination – double trigger (can be reduction of pay of more than 5%)
All VP’s and above are covered – 9 months + 1 month per year of service up to 15 months
CEO – more
Company K
Only for CEO, COO and EVP, not all VP’s
CEO – Change of Control only
COO/EVP – CoC and job performance – different amounts depending on the situation
Company L
Change of Control only
Dept. heads, key positions, all VP’s, executives
6 – 12 months
Company M
All levels – anyone who leaves with a package
CoC, job performance, or other reasons are covered
1 week to 6 months
Not known for executive levels
Company N
All VP’s – 6 months
EVP’s – 9 months
Any termination for other than cause
Company O
Execs only – 6 – 12 months
Change of Control, termination without cause, voluntary termination with cause
Company P
Officers only
Termination other than cause
1 year salary and benefits
Change of Control – options 100% vested
Company Q
Officers only
Change of Control or termination other than cause
CEO - 1 year salary, can be extended additional 6 months if no new job, avg. 3 years bonus, COBRA
Officer VP – 9 months salary, can be extended additional 3 months if no new job, avg. 3 years bonus, COBRA
In summary, most companies cover non-officer VP’s as well as just officers. Several go into lower levels within the organization. Most companies cover both Change of Control and Constructive Termination occurrences. The average payout seems to be 6 months to 1 year of severance. Thanks everyone! This helps me tremendously! Susan M.
Monday, March 17, 2008
Vacation Policy
A comprehensive survey of 19 member companies addressing the following questions:
- Number of vacation days offered for 1-5 yrs of service
- Number of vacation days offered for 6-10 yrs of service
- Number of vacation days offered for 10+ yrs of service
- Are vacation/PTO combined (Y or N)
- Number of PTO days total
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