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If Hite did not give notice, he would have had to forfeit his severance benefit.
For nonunion employees, no specific severance benefit is required, Professor Harper said.
If Mattrick leaves, he gets a severance benefit worth twice his annual salary of $1 million plus two times his bonus.
Mr De Castro will leave with all the severance benefits detailed in his contract – thought to amount to around $40 million.
The two airlines originally invoked an emergency clause in their union contracts in refusing to pay severance benefits.
The airlines had invoked an emergency clause in their union contracts in refusing to pay severance benefits.
Union officials remained dissatisfied yesterday with the severance benefits being offered by American and Northwest.
Explain how the closure will affect them in terms of timing and severance benefits.
Employees affected would get severance, benefits and outplacement services, the memorandum said.
But the Merrill proxy says the compensation committee has "discretion" to award severance benefits.
Stumpf said that Tolstedt is leaving the company with no retirement or severance benefits.
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