Kaydon Corporation Executive Medical Reimbursement Insurance Plan Summary

Summary

Kaydon Corporation's Executive Medical Reimbursement Insurance Plan provides additional medical coverage for Named Executives and select individuals, reimbursing them and their eligible dependents for medical expenses not covered by the company's main health plan or other group/government programs. The plan offers up to $100,000 per year for unreimbursed medical costs (with a $10,000 per occurrence cap), $100,000 in Accidental Death & Dismemberment Insurance, and worldwide emergency medical assistance. Benefits are not taxable and only apply to expenses incurred while insured.

EX-10.18 6 k91849exv10w18.txt KAYDON CORPORATION EXECUTIVE MEDICAL REIMBURSEMENT INSURANCE PLAN EXHIBIT 10.18 KAYDON CORPORATION EXECUTIVE MEDICAL REIMBURSEMENT INSURANCE PLAN The following is a summary of the Executive Medical Reimbursement Insurance Plan, which covers all Named Executives and certain other individuals. The Executive Medical Reimbursement Insurance Plan ("MRI") supplements the Company's group major medical plan by reimbursing the Named Executive and certain other individuals and his/her eligible dependents, for medical expenses not covered under the basic plan, or by any other group health plan or government program. The MRI may provide the participant with an annual benefit of up to $100,000 per employee or family unit for unreimbursed medical expenses during a calendar year (subject to a $10,000 per occurrence limit). Covered expenses must be incurred while insured. It also provides $100,000 of Accidental Death & Dismemberment Insurance. The MRI also provides Worldwide Medical Emergency Assistance for the participant when he/she travels. The MRI is an insured plan and the medical reimbursement benefits are not taxable.