BMY » Topics » Ineligibility for severance payments and benefits

This excerpt taken from the BMY 10-Q filed Oct 23, 2008.

Ineligibility for Severance Payments and Benefits

Notwithstanding any provision of the Plan, you shall not be eligible for separation payments and benefits under Section 3 if your termination of employment occurs by reason of any of the following:

 

   

voluntary termination other than for reasons specified above;

 

   

mandatory retirement from employment in accordance with Company policy or statutory requirements;

 

   

disability (as defined in the Company’s long-term disability plan);

 

   

for Cause;

 

   

refusal to accept a transfer to a position with the Company or a Participating Employer, as applicable, (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) provided the transfer would not constitute Good Reason for a voluntary termination;

 

   

the sale of all or part of the Company or Participating Employer’s business assets if you are offered employment by the acquirer of such assets regardless of the terms and conditions of employment offered by the acquirer;

 

   

upon the formation of a joint venture or other business entity in which the Company or a Participating Employer, as applicable, directly or indirectly will own some outstanding voting or other ownership interest if you are offered employment by the joint venture entity or other business entity regardless of the terms and conditions of employment offered by the joint venture entity or other business entity; or

 

   

you are reporting to a different person.

This excerpt taken from the BMY 10-Q filed Apr 24, 2008.

Ineligibility for Severance Payments and Benefits

You shall not be eligible for separation payments and benefits under Section 3 if your termination of employment occurs by reason of any of the following:

 

   

voluntary termination other than for reasons specified above;

 

   

mandatory retirement from employment in accordance with Company policy or statutory requirements;

 

   

disability (as defined in the Company’s long-term disability plan);

 

   

for Cause;

 

   

refusal to accept a transfer to a position with the Company or a Participating Employer, as applicable, (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) at your current work location;

 

   

refusal to accept a transfer to a position within the Company or to an affiliate or subsidiary of the Company (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) at a new work location that is less than 50 miles farther (determined in accordance with the Company’s relocation policy) from your primary residence than your work location immediately prior to the proposed transfer;

 

   

the sale of all or part of the Company or Participating Employer’s business assets if you are offered employment by the acquirer of such assets regardless of the terms and conditions of employment offered by the acquirer;

 

   

upon the formation of a joint venture or other business entity in which the Company or a Participating Employer, as applicable, directly or indirectly will own some outstanding

Senior Executive Severance Plan – Restated Effective January 1, 2008

Bristol-Myers Squibb

 

E-10-1


voting or other ownership interest if you are offered employment by the joint venture entity or other business entity regardless of the terms and conditions of employment offered by the joint venture entity or other business entity; or

 

   

you are reporting to a different person.

Senior Executive Severance Plan – Restated Effective January 1, 2008

Bristol-Myers Squibb

 

E-10-1


This excerpt taken from the BMY 8-K filed Apr 27, 2007.

Ineligibility for severance payments and benefits

You shall not be eligible for separation payments and benefits under Section 3 if your termination of employment occurs by reason of any of the following:

 

   

voluntary termination other than for reasons specified above;

 

   

mandatory retirement from employment in accordance with Company policy or statutory requirements;

 

   

disability (as defined in the Company’s long-term disability plan);

 

   

for Cause;

 

   

refusal to accept a transfer to a position with the Company or a Participating Employer, as applicable, (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) at your current work location;

 

   

refusal to accept a transfer to a position within the Company or to an affiliate or subsidiary of the Company (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) at a new work location that is less than 50 miles farther (determined in accordance with the Company’s relocation policy) from your primary residence than your work location immediately prior to the proposed transfer;

 

   

the sale of all or part of the Company or Participating Employer’s business assets if you are offered employment by the acquirer of such assets regardless of the terms and conditions of employment offered by the acquirer;

 

   

upon the formation of a joint venture or other business entity in which the Company or a Participating Employer, as applicable, directly or indirectly will own some outstanding voting or other ownership interest if you are offered employment by the joint venture entity or other business entity regardless of the terms and conditions of employment offered by the joint venture entity or other business entity; or

 

   

you are reporting to a different person.

This excerpt taken from the BMY 8-K filed Dec 11, 2006.

Ineligibility for severance payments and benefits

You shall not be eligible for separation payments and benefits under Section 3 if your termination of employment occurs by reason of any of the following:

 

    voluntary termination other than for reasons specified above;

 

    mandatory retirement from employment in accordance with Company policy or statutory requirements;

 

    disability (as defined in the Company’s long-term disability plan);

 

    for Cause;

 

    refusal to accept a transfer to a position with the Company or a Participating Employer, as applicable, (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) at your current work location;

 

    refusal to accept a transfer to a position within the Company or to an affiliate or subsidiary of the Company (for which you are qualified as determined by the Company by reason of knowledge, training, and experience) at a new work location that is less than 50 miles farther (determined in accordance with the Company’s relocation policy) from your primary residence than your work location immediately prior to the proposed transfer;

 

    the sale of all or part of the Company or Participating Employer’s business assets if you are offered employment by the acquirer of such assets regardless of the terms and conditions of employment offered by the acquirer;

 

    upon the formation of a joint venture or other business entity in which the Company or a Participating Employer, as applicable, directly or indirectly will own some outstanding voting or other ownership interest if you are offered employment by the joint venture entity or other business entity regardless of the terms and conditions of employment offered by the joint venture entity or other business entity; or

 

    you are reporting to a different person.

 

2


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