Staples, Inc. Senior Executive Long Term Disability Supplemental Coverage Reimbursement Policy
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Summary
This policy outlines Staples, Inc.'s reimbursement arrangement for senior executives who earn more than $400,000 annually and choose supplemental long-term disability (LTD) coverage. While associates pay for both the standard and supplemental LTD plans, the company reimburses senior executives for premiums related to supplemental LTD coverage on base salary through annual bonuses. The total annual reimbursement is expected to be about $32,000. This policy applies to executives who elected coverage before certain changes to the plan's maximum monthly benefit.
EX-10.37 5 splsex1037013115.htm EXHIBIT 10.37 SPLS EX 10.37 013115
Exhibit 10.37
Staples, Inc.
Senior Executive Long Term Disability
Supplemental Coverage Reimbursement Policy
Coverage under the Company's Group Long Term Disability (LTD) Plan, which only covers base salary, and Supplemental LTD Plan, which covers any excess base salary and bonus, are fully paid for by our associates. For senior executives earning an annual base salary in excess of $400,000 and electing supplemental LTD coverage prior to certain changes reducing the maximum monthly benefit, the Company annually reimburses through bonuses (on a grossed up basis) premiums related to any supplemental LTD coverage due to base salary, and the Company expects such annual aggregate bonuses to be approximately $32,000.
