A court of the Eastern District of Texas granted an ERISA Plan Sponsor and Administrator's Motion to Dismiss an action for benefits under a Leadership Change of Control Severance Plan, finding that under the facts alleged in the complaint, the administrator did not abuse his discretion when properly interpreting the plan's unambiguous language regarding a "Qualifying Termination" where the phrase "on terms and conditions substantially comparable" did not apply to employment or reemployment offered by the employer's purchaser during a potentially hostile takeover.
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