Staples, Inc. Long Term Care Insurance Plan Summary for Officers
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Summary
Staples, Inc. offers a company-paid long-term care insurance plan to its officers who were hired or promoted before January 1, 2017, including named executive officers. The plan provides a maximum benefit of $150 per day (up to $54,750 per year), with annual adjustments. Coverage ends on July 1, 2017 for most officers, except those over age 65 by December 31, 2017. Eligible officers may continue to receive benefits after retirement, depending on their age and service at the time they leave the company.
EX-10.38 5 splsex103801282017.htm SPLS EXHIBIT 10.38 01282017 Exhibit
Exhibit 10.38
STAPLES, INC.
LONG TERM CARE INSURANCE PLAN SUMMARY
Staples provides long-term care insurance coverage which is fully paid by the company to officers of Staples hired or promoted prior to January 1, 2017, including the named executive officers. The coverage includes a maximum daily benefit of $150 per day or $54,750 per year, adjusted annually. The benefit will end on July 1, 2017 for all officers except for those that are over the age of 65 by December 31, 2017; provided, that the benefit continues post-retirement based on age and service at the time of separation from employment.
