Staples, Inc. Senior Executive Long Term Disability Supplemental Coverage Reimbursement Policy
This policy outlines that Staples, Inc. will reimburse senior executives (Named Executive Officers) who earn more than $400,000 annually for the premiums they pay for supplemental long-term disability (LTD) insurance coverage related to their base salary. The reimbursement is provided as an annual bonus, grossed up for taxes, and is expected to total about $50,000 each year. All other associates pay for their own LTD coverage without reimbursement.
Exhibit 10.44
Staples, Inc.
Senior Executive Long Term Disability
Supplemental Coverage Reimbursement Policy
Coverages 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. With one limited exception for senior executives earning an annual base salary in excess of $400,000 (“Named Executive Officers ”), the Company annually reimburses through bonuses (on a grossed up basis) the Named Executive Officers for their premiums related to any supplemental LTD coverage due to base salary, and the Company expects such annual aggregate bonuses to be approximately $50,000.
