Black & Decker 2015 Annual Report Download - page 129

These Policies Are Intended To Serve As A Practical Guide To Stanley Black & Decker's Various Practices And Programs. The Company
Reserves The Right To Modify Or Revoke Any Policy, At Any Time, With Or Without Notice. Where More Specific Documents Exist, Such As
Insurance Plan Documents, The Terms OJ The More Specific Document Will Be Followed. These Policies Are Not Intended To Create Or
Constitute A Contract of Employment Between The Company And Any Employee. Employment At SBD Remains Strictly On An "At-Will" Basis.
These Policies Supersede Any Previously Issued Policies, Handbooks, Or Policy Manuals of either The Stanley Works or Black & Decker.
BENEFITS FOR TERMINATED EMPLOYEES
Eligibility for Company benefit programs for terminating employees cease at various times in
accordance with the following schedule: (Refer to the Separation Guide for more details)
• on the last day worked: vacation, short and long term disability, business travel accident
insurance, 401(k) savings plan, deferred compensation and pension plan (if applicable),
voluntary benefits (including homeowners, auto and pet insurance) and company service
awards.
• on the last day of the last month of your last day paid, including separation pay, and has
made any required contributions: medical, dental, and vision (if applicable); basic,
supplemental and dependent life insurance, and accidental death and dismemberment
insurance, group legal, employee assistance program (EAP)and Flexible Spending
Accounts, if applicable.
A. Vacation - Vacation pay will be paid in accordance with the provisions of the Vacation Human Resource
Guideline 2002.
B. Disability Benefits - There is no conversion privilege for short term disability benefits. However,
Executive Long Term Disability can be continued if the employee chooses to do so and applies and
pays for the first premium within 60 days of their last day worked. At the time of termination, a
conversion option is available to participants enrolled in Executive LTD to convert the Executive LTD
group benefit and also continue the Individual Executive LTD portion of the benefit. The group
Executive LTD benefit may be converted at group conversion rates determined by the insurance
company up to certain guaranteed maximum benefit amounts, provided the employee has been
covered by the plan for the last 12 months. When these policies are continued, the employee is
required to pay the premiums directly to the insurance company. Lindberg & Ripple, the insurance
agents handling the Executive LTD plan, can provide more conversion information at [phone].
C. Basic & Supplemental Life Insurance/AD&D - All employees receiving separation pay will remain
enrolled in the active Basic and Supplemental employee and dependent life insurance and AD&D
plans in which they were enrolled on their last day worked through the end of the month of the last
day paid, including separation pay, provided they make the necessary Supplemental Life/AD&D
contributions. Employees may convert and/or port their active life insurance coverage to an
individual policy within 31 days of their coverage end date, according to the terms of the insurance
plan. There is a conversion option under the Basic and Supplemental Life insurance plans. There
is also a portability option (with more favorable rates) under the Supplemental Life plan only.
Conversion and Portability forms are available on uCentral.
D. Executive Life - (MICP Level 4 and above) - The company will continue paying the Executive Life
premiums until the end of the calendar quarter coincident with or following the last day paid. At
that time, eligible employees can discuss continuation alternatives with Lindberg & Ripple, the
insurance agent handling this Executive Life plan. For more information, call Lindberg & Ripple at
[phone]. If the employee qualifies for a final retirement funding payment under the terms of
the Executive Life insurance plan, the company will make this payment according to the retirement
terms of the Executive Life Insurance plan based on your age and years of service.