DOUGLAS TICE, Chief Judge, Bankruptcy
This matter came before the Court upon the Motion To Authorize and Approve Amended Phase III Employee Retention Plan (the "Motion") filed by the above-captioned debtors and debtors in possession (collectively, the "Debtors") for an order pursuant to sections 105 and 363 of title 11 of the United States Code (the "Bankruptcy Code") authorizing and approving the Debtors' Amended Phase III Retention Plan (as defined in the Motion); and notice of the Motion having been given to the United States Trustee for the Eastern District of Virginia and the parties indicated in the Motion; and it appearing that no other or further notice is necessary or required; and no objections having been filed to the Motion; and a hearing on the Motion having been held on February 18, 2004 (the "Hearing"); and after consideration of the Motion and the record of the Hearing; and it appearing that the relief requested in the Motion is in the best interests of the Debtors, their estates, creditors and other parties in interest; and after due deliberation and sufficient cause appearing therefore, it is hereby ORDERED:
1. The Motion is granted.
2. All capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Motion.
3. The Debtors are authorized and empowered to adopt and implement the Amended Phase III Retention Plan, which is attached to the Motion asExhibit A.
4. The Debtors are authorized and empowered to take such actions and make such payments as may be necessary to effectuate the Amended Phase III Retention Plan and this Order.
5. To the extent not previously waived, the receipt of all benefits under the Amended Phase III Retention Plan by a Key Employee shall be in lieu of all benefits provided for under separate plans or agreements that provide for pre-petition and/or post-petition severance payments and shall be deemed a waiver of the Key Employee's rights with respect to any and all such payments.
6. The Court shall retain jurisdiction over the Debtors and their employees with respect to any matters, claims, rights or disputes arising from or related to the Motion, the Amended Phase III Retention Plan and/or the implementation of this Order.
Upon entry of this Order the Clerk shall forward copies of this Order to the proponent hereof.
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