Staples, Inc. Executive Life Insurance Plan Summary of Provisions

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Staples, Inc. offers two executive life insurance plans for its officers. The Bonus Life Plan covers named executive officers (except John Wilson) and provides a death benefit equal to three times the officer's annual base salary, both before and after retirement (with at least 10 years of service). Participants can also choose survivorship coverage, and Staples reimburses premiums and related taxes. The Death Benefit Only Plan covers all officers, including Mr. Wilson, and provides a death benefit of three times salary before retirement and two times salary after meeting certain age and service requirements. Coverage is free and non-taxable to participants, but the benefit is taxable to beneficiaries, with Staples providing a tax gross-up.

Read More Arrow
EX-10.34 4 splsex1034013115.htm EXHIBIT 10.34 SPLS EX 10.34 013115

Exhibit 10.34
STAPLES, INC.
EXECUTIVE LIFE INSURANCE PLANS
SUMMARY OF PROVISIONS

BONUS LIFE PLAN
1.
This plan covers all named executive officers, except John Wilson. This plan was no longer offered at the time Mr. Wilson joined Staples.
2.
On a pre-retirement basis, the death benefit is equal to 3 times current annual base salary.
3.
On a post-retirement basis following 10 years of service, Staples will continue to provide a death benefit equal to 3 times annual base salary (at the time of separation of service).
4.
Alternatively, a participant can elect survivorship (or second-to-die) coverage under the Plan with a death benefit up to the maximum amount that can be obtained on a cost-neutral basis to the Staples.
5.
Staples reimburses participants for premium payments related to this plan. Staples also provides a gross-up payment which is intended to cover the income taxes on the premium payment reimbursement.

DEATH BENEFIT ONLY PLAN
1.
This plan covers all officers of Staples, including Mr. Wilson.
2.
On a pre-retirement basis, the death benefit is equal to three (3) times current annual base salary.
3.
On a post-retirement basis following certain age and service milestones, Staples will continue to provide a death benefit equal to two (2) times current annual base salary.
4.
The cost for this coverage is free, and non-taxable, to the participant.
5.
The death benefit under the plan is taxable to the beneficiary. Staples also provide a gross-up payment which is intended to cover the income taxes on the death benefit payment.