RubinBrown Team Member Manual

Severance Pay 502

Policy Title: Policy Number:

Section:

Compensation

Effective Date:

Supersedes Policy Dated:

06/01/2024

06/01/2023

Background: RubinBrown may offer severance pay to those team members who are separated from employment and meet eligibility requirements. Policy: Full-time team members, exempt and non-exempt, with at least one year of employment at RubinBrown and who are separated from employment because of reduction in force, or elimination of job, are eligible to be considered for severance pay. A team member who leaves RubinBrown voluntarily, is terminated for misconduct, or retires from RubinBrown is not eligible for severance pay unless approved in writing by the Chairman or Firm Managing Partner. Severance pay will not be available for a team member terminated as a result of a reduction in force or elimination of job if the team member refuses to accept a position with RubinBrown or its successor which is deemed suitable by RubinBrown. This includes positions offered following any merger or sale of assets which affects the team member or changes his/her employer. Procedure: Severance pay is a matter of agreement between an employer and an employee. If granted, the amount of severance pay a team member is entitled to receive is calculated by multiplying the team member’s base pay for a regular work week by the sum of completed years of employment at RubinBrown. Team members will receive one week of severance pay for each year, or fraction of a year, of employment, minimum of two weeks. Under unusual circumstances, management group team members may be granted additional severance pay at the discretion of the Chairman or Firm Managing Partner. Severance pay will be distributed on the team member’s regular pay periods after termination or over a scheduled period of time. Severance pay will typically not appear in the form of a lump sum at the time of termination. Any unused and/or accrued Paid Time Off (PTO) will not be paid out, except when required by state law or circumstances that are considered extenuating by the Chairman or Firm Managing Partner. To the extent permitted by law, severance pay will be in lieu of unemployment compensation, with the period of unemployment compensation eligibility, if any, to follow the period of payments of severance pay. Severance pay will be terminated if the team member finds other employment prior to the end of the severance pay period. As a condition of being granted severance pay, the team member will be required to execute a standard RubinBrown general release of all claims including discrimination claims (age, sex, race, disability, etc). This requirement may be waived in appropriate circumstances by the Chairman or Firm Managing Partner.

RUBINBROWN TEAM MEMBER MANUAL | 56