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Severance Benefit Plan

This is an actual contract by Aviva Petroleum.

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Sectors: Energy
Governing Law: Texas, View Texas State Laws
Effective Date: November 01, 1995
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EXHIBIT 10.2


AVIVA PETROLEUM INC.


SEVERANCE BENEFIT PLAN


EFFECTIVE AS OF NOVEMBER 1, 1995


AVIVA PETROLEUM INC.


SEVERANCE BENEFIT PLAN


WITNESSETH:


WHEREAS, the Board of Directors of Aviva Petroleum Inc. has authorized and directed the officers of Aviva Petroleum Inc. to execute the Aviva Petroleum Inc. Severance Benefit Plan;


NOW, THEREFORE, the Aviva Petroleum Inc. Severance Benefit Plan is hereby adopted effective as of November 1, 1995, to read as follows:


ARTICLE I


DEFINITIONS
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1.1. "CAUSE" means, in the context of an Employee's termination or separation from employment with the Company, an Employee's (i) neglect, refusal or failure (other than by reason of illness, accident or other physical or mental incapacity), in any material respect, to attend to his duties as assigned by the Company; (ii) failure in any material respect to comply with any of his terms of employment; (iii) failure to follow the established, reasonable and material policies, standards, and regulations of the Company; (iv) willful engagement in gross misconduct injurious to the Company or to any of its subsidiaries or affiliates; or (v) conviction in a court of law of, or pleading of guilty or nolo contendere to, any crime that constitutes a felony in the jurisdiction involved.


1.2. "CHANGE OF CONTROL" means an event which shall be deemed to have occurred when either (i) any "person" (as that term is used in sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) becomes a "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act) directly or indirectly of securities of the Company representing 35% or more of the combined voting power of the Company's then outstanding securities, (ii) individuals who, as of the effective date of the Plan, constitute the Directors cease for any reason to constitute at least a majority of the Directors, unless such cessation is approved by a majority vote of the Directors in office immediately prior to such cessation, or (iii) the Company is merged into a previously unrelated entity.


1.3. "CODE" means the Internal Revenue Code of 1986, as amended.


1.4. "COMPANY" means Aviva Petroleum Inc.


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1.5. "DIRECTORS" means the Board of Directors of the Company.


1.6. "ELIGIBLE EMPLOYEE" means each Employee other than (a) an Employee whose terms and conditions of employment are governed by a collective bargaining agreement, unless such agreement provides for his coverage under the Plan, (b) a nonresident alien who has no United States source income, (c) an Employee who is a party to a separate severance agreement with the Company, or (d) an Employee who is a party to an individual employment agreement with the Company providing for severance benefits.


1.7. "EMPLOYEE" means any individual who is employed full-time by the Company (or any of its wholly-owned subsidiaries), and who is not a temporary employee. Full-time employees are those employees who, on average, work at least 35 hours per week for the Company. Temporary employees are those employees whose anticipated duration of employment at the time of hire is no more than six months.


1.8. "PLAN" means the Aviva Petroleum Inc. Severance Benefit Plan, as amended from time to time.


1.9. "PLAN ADMINISTRATOR" means the Company.


1.10. "PLAN YEAR" means the twelve-consecutive-month period commencing January 1 of each year.


ARTICLE II


GENERAL SEVERANCE BENEFIT
-------------------------


2.1. SEVERANCE BENEFIT. The Company shall provide severance benefits as set forth in Article III to Eligible Employees, pursuant to the terms, conditions and limitations set forth in the Plan. No benefits shall be provided to an Eligible Employee unless such Eligible Employee executes documents required by the Plan Administrator relieving the Company from any employment- related liability.


ARTICLE III


SEVERANCE BENEFITS
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3.1. SEVERANCE BENEFITS. Each Eligible Employee shall be entitled to severance benefits under the Plan if, within two (2) years after a Change of Control, the Company (or any of its wholly-owned subsidiaries) terminates his employment, reduces his salary or transfers the Eligible Employee to a location that is at least 50 miles from his current employment location, or in any


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other circumstances in which the Plan Administrator within its discretion deems severance benefits appropriate. The amount of an Eligible Employee's severance benefits shall be determined by the Plan
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