Black & Decker 2015 Annual Report Download - page 124

• In recognition of the fact that the retirement benefits you will receive in the US are lower than your
previous European benefit, the Company will pay you additional “non-pensionable” compensation of
$3,713 per month.
These transition benefits are perquisites and not part of your base salary. As a result they will not be included
in the computation of the MICP and LTPAP programs. Similarly, the transition benefit payments will not be
eligible for the 401(k) match and Core US retirement benefits described above.
Relocation
The Company will reimburse reasonable travel and relocation expenses to include the cost of packing,
unpacking, insuring, and shipping household goods in moving you and your family from Belgium to the UK
and then to the US. The Company will also reimburse reasonable expenses to cover the cost of packing and
subsequent unpacking and storage of household goods not required in the US accommodation. Please refer to
the SBD European International Mobility Policy for details with respect to the move from Belgium to the U.K.
With respect to the European relocation (i.e., Belgium to U.K.), the Nova Relocation Group will manage under
the direction of Karl Van Bladel. Weichert Mobility will manage the relocation from the U.K. to the U.S.,
under the direction of the Corporate mobility team. To the extent it is efficient to ship items directly from
Belgium to the U.S., that shipment would be managed by the Nova Relocation Group. The Corporate mobility
team will monitor that the expenses and applicable reimbursements are reasonable and customary within
existing guidelines.
The Company will pay you a Miscellaneous Allowance of $10,000 USD for your move from Europe to the
US, intended to defray incidental expenses related to the move, which are not otherwise reimbursable under
provisions of the relocation policy. Such items include, but are not limited to: personal insurance, vehicle
registrations, home modifications and cleaning, loss of memberships, etc. The Miscellaneous Allowance will
be paid through the US payroll at the time of relocation, and no receipt submissions are required.
The Company will reimburse reasonable travel and relocation expenses for your return to the UK upon your
retirement, the mutually agreed acceptance of a different role, or in the event of death or disability or
involuntary termination, except for Just Cause (refer to Exhibit 1). Please refer to the SBD U.S. International
Long-Term Relocation Policy. The Company will not reimburse your relocation expenses in the event you
voluntarily resign or are involuntarily terminated for Just Cause.
Other Matters
We recognize your personal income taxes are complicated by previous assignments with Stanley Black &
Decker in Europe, related to stock-based compensation. As a result we will pay for the preparation of your
personal income tax filings in the U.S. and other jurisdictions for the shorter of the lapse of equity instruments
granted while in Europe (i.e. exercise of stock options and vesting of RSU’s) or the duration of your
employment. In the event that the cost for your income tax filings exceeds $5,000 per year, this will fully
utilize the $5,000 financial and estate planning benefit that would otherwise apply for an officer at your level.
For the avoidance of doubt, the total benefit payable in relation to the financial and estate planning program
annually will be the greater of the cost for income tax filings, or $5,000.
Please be aware that your employment at Stanley Black & Decker will be strictly on an “at-will” basis and as
such is terminable by either the Company or you at any time and for any reason. The Company confirms that
your seniority since you joined in 2006 will be guaranteed. Stanley Black & Decker does not recognize any
contract of employment unless it is reduced to writing and signed by an authorized Stanley Black & Decker
executive (an officer and member of the Corporate Policy Committee). Upon your acceptance, you will cease
to be eligible for compensation or other benefits from any other Stanley Black & Decker company effective on
the date your employment with the US entity (Black and Decker (U.S.), Inc.) commences. Until then, you will
continue to be compensated in accordance with your existing arrangements. Accordingly, this letter supersedes
all previous agreements that existed between you and the Company.
Our immigration attorney will continue to work with you to obtain your visa, and we expect you will promptly
take the steps necessary to obtain the visa and your US social security number.