Siebel Set to Calm Worried Employees
Siebel’s compensation committee has approved the adoption of an employee retention benefits program, providing plans for employees at various levels. Read more:
Siebel discloses employee retention program
Excerpt:
Under the plans, eligible employees will receive certain severance benefits during the period that begins three months before a change of control and ends one year following a change of control. The plans cover involuntary terminations “without cause” and voluntary resignations “for good reason,” according to the filing.
Siebel drafts retention plan to keep staff amid rumors
Excerpt:
Siebel’s new retention plans guarantee workers cash payments of three to 18 months (the duration depends on the employee’s title and position) of base salary and target bonus, along with three to 18 months of continuing health-care and other benefits. It also guarantees immediate acceleration of unvested stock awards and removal of holding periods on stock awards. Essentially all of Siebel’s 5,200 employees are covered by the plans.
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