Black & Decker 2015 Annual Report Download - page 130

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.
E. Medical, Dental, and Vision Care - All employees receiving separation pay will remain
enrolled in the active medical, dental and vision insurance plans in which they were enrolled
on the last day worked through the end of the month of the last day paid, including
separation pay, provided they make the necessary contributions.
At such time, employees may elect to continue their group medical, dental and/or vision insurance
under COBRA regulations for a period of up to 18 months (or up to 36 months upon a second
qualifying event such as death, divorce or when a dependent child ceases to be a dependent) by
electing COBRA within the time allowed under federal law and making the premium payments in
advance. Once on COBRA, if the cobra participant becomes entitled (enrolled) in Medicare, the
COBRA coverage will end per federal regulations.
At the end of the COBRA continuation period, retiree coverage cannot be elected and a
medical conversion option is not available.
All employees who are at least 55 years of age with at least 10 years of service as of their last day
paid may, in lieu of exercising any COBRA rights, elect coverage under the retiree medical and,
provided the employee is under age 65, dental plans. Retirees pay the full cost of retiree coverage
unless they qualify for the involuntary termination subsidy (age 55 or greater with 20 or more years
of service) listed above.
Employees who are at least 55 years of age with at least 10 years of service as of their last day
paid who elect medical, dental and/or vision insurance under COBRA regulations in lieu of retiree
medical and/or dental coverage will not, from the point of such COBRA election forward, be eligible
to enroll in the retiree medical and/or dental plans.
Employees who are at least 55 years of age with at least 10 years of service as of their last day
paid who choose not to elect insurance coverage under either COBRA regulations or under the
retiree medical and/or dental (if under age 65) plans because they are covered by a spouse's
active employer's insurance plan will be eligible to enroll in the SBD retiree medical and/or dental
plans at a later date, only if they lose their spouse's coverage and apply for retiree coverage within
31 days after losing such coverage.
The company reserves the right, for current and future retirees, to change, amend or terminate
any retiree life, medical or dental plans at any time, without advance notice, including changing
plan benefits, changing plan administrators/insurers, changing retiree contributions, reducing or
eliminating company subsidies, and terminating retiree insurance plans.
F. Pensions - Employees who are pension plan participants and are at least 55 with at least 10 years
of service as of their last day worked are eligible to retire.
G. Company cars - Company issued vehicles must be returned by the employee's last day worked,
excluding any extended employment period. In the alternative, the employee may purchase the
vehicle from the Company for the wholesale market value price set by the Company.
H. Stock Option Plan Exercise Periods - At the discretion of the Senior Vice President of Human
Resources, employees will have 180 days plus 2 calendar months to exercise any eligible
shares, under the terms of the Stock Option Plan. These time frames do not apply to any stock
options for "retirees" or those granted by Black & Decker, Inc.
I. MICP Payments - Employees will receive a share pro-rated through their last day worked in an
amount determined by the Senior Vice President of Human Resources in his/her sole discretion.