Summary of Agreement Regarding Post-Employment Medical Coverage Between Merrill Lynch and Employee
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Summary
This agreement states that if your employment with Merrill Lynch ends without you qualifying for the company's retiree medical plan, and you are not terminated for cause, Merrill Lynch will offer you access to a medical plan with coverage equal to or better than the retiree plan. You will pay no more than the standard unsubsidized premium. This benefit is conditional on you not working for, advising, or having an interest in any competitor of Merrill Lynch or its affiliates.
EX-10.3 4 y57271exv10w3.htm EX-10.3: SUMMARY OF AGREEMENT EX-10.3
EXHIBIT 10.3
Summary of Agreement with respect to Post-Employment Medical Coverage
Should your employment terminate without your attaining eligibility for coverage under Merrill Lynch’s then-current retiree medical plan, and the termination of your employment is not for Cause, Merrill Lynch will provide access to a plan or policy that will provide coverage that is identical to or better than the coverage provided under the then-current retiree medical plan at a premium cost to you that is no more than the premium paid by eligible employees paying a premium unsubsidized by Merrill Lynch, on the condition that you do not engage in any employment, accept or maintain any directorship or other position, own an interest in, or, as principal, agent, employee, consultant or otherwise, provide any services to anyone, whether or not for compensation, in any business that is engaged in competition with the business of Merrill Lynch or its affiliates.
