Termination of Employment Benefits. (a) You agree and acknowledge that your participation in Boston Scientific's 401(k) Plan, Stock Option Plan(s), and Global Employee Stock Ownership Plan, if any, Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, Short-Term and Long-Term Disability Plans will terminate as of your Resignation Date, as will your accrual of vacation time. You further agree and acknowledge that You will participate through the Resignation Date in all other benefits and benefit plans in which You are currently enrolled to the same extent as do active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate on the Resignation Date. (b) Because you will as of your Resignation Date have met the definition of Retirement with respect your stock options that are currently unvested, those options will vest as of your Resignation Date and become exercisable in accordance with the terms and conditions in the applicable option agreement(s) and plan document(s). Prior to your Resignation Date, Boston Scientific shall seek the approval of the Compensation Committee of the Boston Scientific Board of Directors to allow your stock options that were granted in 2000, all of which have vested, to be exercisable for thirty-six (36) months after your Resignation Date. (c) Paragraph 3(a) notwithstanding, Boston Scientific will continue to make annual bonus payments to Employee equal to the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1, 2010 or Employee's death, whichever is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation under the life insurance policy itself and that Boston Scientific's obligation with respect to the life insurance policy extends solely to the payment of the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may from time to time be requested to enable Boston Scientific to effectuate this provision, including but not limited to proof of coverage, premium statements and tax information necessary to calculate the gross up amount.
Appears in 1 contract
Samples: Agreement and General Release of All Claims (Boston Scientific Corp)
Termination of Employment Benefits. (a) You agree and acknowledge that your participation in Boston Scientific's 401(k) Plan, Stock Option Plan(s), and Global Employee Stock Ownership Plan, if any, Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, Short-Term and Long-Term Disability Plans will terminate as of your Resignation Retirement Date, as will your accrual of vacation time. You further agree and acknowledge that You will participate through the Resignation Retirement Date in all other benefits and benefit plans in which You are currently enrolled to the same extent as do other active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate on the Resignation Retirement Date.
(b) Your participation in Boston Scientific's Medical, Dental, and Vision Plans (as well as the participation of any of your dependents who were covered by such Plans one month prior to the Retirement Date) shall continue, on the same terms and conditions as such coverage and/or participation is made available from time to time to Boston Scientific employees generally, except that You will pay the entire portion of the costs for any such medical/dental/vision coverage for the period of time such coverage is provided under the Consolidated Omnibus Budget and Reconciliation Act of 1986 ("COBRA"), should You be eligible for and elect it. To enable Boston Scientific to comply with its obligation to provide notification of your rights to continue Medical, Dental, and Vision Plan coverage and/or Healthcare Reimbursement Account participation, You agree to inform Boston Scientific of any change in address, dependent or marital status. You further agree to inform Boston Scientific immediately if before the end of the COBRA eligibility period, you become eligible for any other group health coverage, and of the type and amount of such coverage, as well as to promptly respond to any inquiries from Boston Scientific regarding other group health coverage. You also acknowledge that You understand that the terms of Boston Scientific's Medical, Dental, and Vision Plans and Healthcare Reimbursement Account offered to Boston Scientific employees generally may change from time to time, and that your coverage and/or participation and associated contribution costs will be subject to any such change.
(c) Because you You will as of your Resignation Retirement Date have met the definition of Retirement with respect to your stock options that are currently unvested, those options will vest as of your Resignation Retirement Date and become exercisable in accordance with the terms and conditions in the applicable option agreement(s) and plan document(s). Prior to your Resignation Date, Boston Scientific shall seek the approval of the Compensation Committee of the Boston Scientific Board of Directors to allow your stock options that were granted in 2000, all of which have vested, to be exercisable for thirty-six (36) months after your Resignation Date.
(c) Paragraph 3(a) notwithstanding, Boston Scientific will continue to make annual bonus payments to Employee equal to the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1, 2010 or Employee's death, whichever is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation under the life insurance policy itself and that Boston Scientific's obligation with respect to the life insurance policy extends solely to the payment of the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may from time to time be requested to enable Boston Scientific to effectuate this provision, including but not limited to proof of coverage, premium statements and tax information necessary to calculate the gross up amount.
Appears in 1 contract
Samples: Agreement and General Release of All Claims (Boston Scientific Corp)
Termination of Employment Benefits. (a) You agree and acknowledge that your participation in Boston Scientific's 401(k) Plan, Stock Option Plan(s), and Global Employee Stock Ownership Plan, if any, Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, Short-Term and Long-Term Disability Plans will terminate as of your Resignation Retirement Date, as will your accrual of vacation time. You further agree and acknowledge that You will participate through the Resignation Retirement Date in all other benefits and benefit plans in which You are currently enrolled to the same extent as do other active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate on the Resignation Retirement Date.
(b) Because Boston Scientific will provide You with health care coverage to Age 65 as follows:
(i) If, before you will turn Age 65, Boston Scientific implements an executive retiree health, i.e. medical plan, You (as well as any of your Resignation Date have met dependents who were covered through your participation in the definition Consolidated Omnibus Budget and Reconciliation Act of Retirement with respect 1986 ("COBRA") as described below) will be eligible to participate in that plan, under all applicable terms and conditions, once your stock options eligibility to receive benefits under COBRA ends. You understand that are currently unvestedthe terms of any such retiree health, those options i.e. medical plan, may change from time to time and that your coverage and/or participation, and associated contribution costs will vest be subject to any such change (including, if applicable, a shared premium responsibility as described in (ii) immediately below);
(ii) Your participation in Boston Scientific's Medical and Dental Plans and Healthcare Reimbursement Account (as well as the participation of any of your Resignation Date dependents who were covered by such Plans or Account one month prior to the Retirement Date) shall continue on the same terms and become exercisable in accordance with conditions as such coverage and/or participation is made available from time to time to Boston Scientific employees generally under the terms and conditions in the applicable option agreement(s) and plan document(s)of COBRA. Prior to your Resignation Date, Boston Scientific shall seek will pay the approval employer's portion of the Compensation Committee costs for any such medical and dental coverage for the period of time such coverage is provided under COBRA, should You be eligible for it. To enable Boston Scientific to comply with its obligation to provide notification of your rights to continue Medical and Dental Plan coverage and/or Healthcare Reimbursement Account participation, You agree to inform Boston Scientific of any change in address, dependent or marital status. You further agree to inform Boston Scientific immediately if, before the end of the COBRA eligibility period, you become eligible for any other group health coverage, and of the type and amount of such coverage, as well as to promptly respond to any inquiries from Boston Scientific Board regarding other group health coverage. You also acknowledge that You understand that the terms of Directors Boston Scientific's Medical and Dental Plans and Healthcare Reimbursement Account offered to allow Boston Scientific employees generally may change from time to time, and that your stock options coverage and/or participation and associated contribution costs will be subject to any such change.
(iii) Should your eligibility to participate in COBRA, as described in (ii) immediately above, never mature or cease before you turn Age 65 and should Boston Scientific not have implemented an executive retiree health, i.e. medical plan at the time of that were granted failure to mature or cessation, You will then have the option of obtaining on the open market, as available, medical insurance comparable to that supplied by Boston Scientific and with a shared premium responsibility as described in 2000(ii) immediately above.
(iv) When your coverage under any of the above plans ends because You reach Age 65 or otherwise, all your dependents, if any, will retain no continued eligibility to participate in any of which have vestedthose plans, to be exercisable for thirty-six (36) months after your Resignation Dateexcept as required by law.
(c) Paragraph 3(a) notwithstanding, Boston Scientific will continue to make annual bonus payments to Employee equal to the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1effect, 2010 but not later than December 31, 2008 or Employee's death, whichever is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation under the life insurance policy itself and that Boston Scientific's obligation with respect to the life insurance policy extends solely to the payment of the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may from time to time be requested to enable Boston Scientific to effectuate this provision, including but not limited to proof of coverage, premium statements and tax information necessary to calculate the gross up amount.
(d) Any unvested portions of previously awarded stock option grants will continue to vest through the Retirement Date and will become exercisable under the terms and conditions contained in the applicable option agreement(s) and plan document(s).
Appears in 1 contract
Samples: Agreement and General Release of All Claims (Boston Scientific Corp)
Termination of Employment Benefits. (a) You agree and acknowledge that your participation and eligibility for future participation in Boston Scientific's BSC’s 401(k) Plan, Stock Option Plan(s), and Global Employee Stock Ownership Plan, if any, Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, and Short-Term and Long-Term Disability Plans will terminate as of your Resignation Retirement Date, as will your accrual of vacation time. You further agree and acknowledge that You will participate through the Resignation Retirement Date in all other benefits and benefit plans in which You are currently enrolled to the same extent as do active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate on the Resignation Retirement Date.
(b) Because you will Your participation in BSC’s Medical/Dental/Vision Plans (as well as the participation of any of your Resignation dependents who were covered by such Plans one month prior to the Retirement Date) shall continue for Twelve (12) Months following the Retirement Date have met (the definition of Retirement with respect your stock options that are currently unvested“Twelve-Month Period”), those options will vest as of your Resignation Date and become exercisable in accordance with on the same terms and conditions in the applicable option agreement(s) and plan document(s). Prior to your Resignation Date, Boston Scientific shall seek the approval of the Compensation Committee of the Boston Scientific Board of Directors to allow your stock options that were granted in 2000, all of which have vested, to be exercisable for thirty-six (36) months after your Resignation Date.
(c) Paragraph 3(a) notwithstanding, Boston Scientific will continue to make annual bonus payments to Employee equal to the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1, 2010 or Employee's death, whichever such coverage and/or participation is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation under the life insurance policy itself and that Boston Scientific's obligation with respect to the life insurance policy extends solely to the payment of the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may made available from time to time to BSC employees generally (unless you become eligible for and elect other group medical coverage before the expiration of the Twelve-Month Period). The employee portion of your group health Plan coverages (Medical/Dental/Vision Plans) for a period of twelve (12) months following your Retirement Date shall be requested deducted from the lump sum amount paid to you under paragraph 2(a) above. After the expiration of the Twelve-Month Period, you may continue your participation in BSC’s Medical/Dental/Vision Plans as provided under the Consolidated Omnibus Budget and Reconciliation Act of 1986 (“COBRA”), should You be eligible for and elect it. During the time of such participation, You will be responsible for making timely payments for the full costs thereof, plus the then applicable costs and fees to continue participation in BSC’s Medical/Dental/Vision Plans for any additional period of time as provided under COBRA. To enable Boston Scientific BSC to effectuate this provision, including but not limited comply with its obligation to proof provide notification of your rights to continue group health plan coverage, premium statements and tax information necessary You agree to calculate the gross up amount.inform BSC of any change in address, dependent or marital
Appears in 1 contract
Termination of Employment Benefits. (a) Your participation in BSC’s Medical/Dental/Vision Plans and Healthcare Flexible Spending Account (as well as the participation of any of your dependents who were covered by such Plans or Account just prior to the Separation Date) shall continue through the Separation Date, on the same terms and conditions as such coverage and/or participation is made available from time to time to active BSC employees generally. You may continue your participation in BSC’s Medical/Dental/Vision Plans and Healthcare Flexible Spending Account for eighteen (18) (or possibly more) months as provided under the Consolidated Omnibus Budget and Reconciliation Act of 1986 (“COBRA”), should you be eligible for and elect it. During the time of such participation, you will be responsible for making timely payments for the then applicable costs and fees. BSC shall directly pay, or reimburse you, for that portion of the premium for you and your covered dependents for an amount equal to the employer costs of COBRA from the Separation Date through December 31, 2014 (i.e., such monthly installments shall be at the same level at which BSC makes contributions for such coverage on behalf of similarly situated, active employees). To enable BSC to comply with its obligation to provide notification of your rights to continue Medical/Dental/Vision Plan and/or Healthcare Flexible Spending Account participation, you agree to inform BSC of any change in address, dependent or marital status. You also acknowledge that you understand that the terms of BSC’s Medical/Dental/Vision Plans and Healthcare Flexible Spending Account offered to BSC employees generally may change from time to time, and that your coverage and/or participation and associated costs will be subject to any such change.
(b) You further agree and acknowledge that your participation in Boston Scientific's 401(k) Planall other Company benefits and benefit plans in which you are currently enrolled, Stock Option Plan(s), and Global Employee Stock Ownership Plan, if any, including but not limited to Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, and Short-Term and Long-Term Disability Plans will terminate as of your Resignation DatePlans, as will your accrual of vacation time. You further agree and acknowledge that You will participate shall continue through the Resignation Separation Date in all other benefits and benefit plans in which You are currently enrolled to on the same extent as do active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate on the Resignation Date.
(b) Because you will as of your Resignation Date have met the definition of Retirement with respect your stock options that are currently unvested, those options will vest as of your Resignation Date and become exercisable in accordance with the terms and conditions in the applicable option agreement(s) and plan document(s). Prior to your Resignation Date, Boston Scientific shall seek the approval of the Compensation Committee of the Boston Scientific Board of Directors to allow your stock options that were granted in 2000, all of which have vested, to be exercisable for thirty-six (36) months after your Resignation Date.
(c) Paragraph 3(a) notwithstanding, Boston Scientific will continue to make annual bonus payments to Employee equal to the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1, 2010 or Employee's death, whichever such coverage and/or participation is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation under the life insurance policy itself and that Boston Scientific's obligation with respect to the life insurance policy extends solely to the payment of the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may made available from time to time to active BSC employees generally, except that as of the Transition Date, you will no longer be requested eligible to enable Boston Scientific participate in the Company’s Executive Retirement Plan and your Change in Control Agreement shall terminate. To the extent permitted by the plans, you will be given the same rights to effectuate this provision, including but not limited continue your coverage on a non-group basis as afforded to proof of coverage, premium statements and tax information necessary to calculate the gross up amountother employees and/or officers who have separated from employment.
Appears in 1 contract
Samples: Transition and Separation Agreement (Boston Scientific Corp)
Termination of Employment Benefits. (a) You agree and acknowledge that your participation and eligibility for future participation in Boston Scientific's BSC’s 401(k) Plan, Stock Option Plan(s), and Global Employee Stock Ownership Plan, if any, Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, and Short-Term and Long-Term Disability Plans will terminate as of your Resignation Retirement Date, as will your accrual of vacation time. You further agree and acknowledge that You will participate through the Resignation Retirement Date in all other benefits and benefit plans in which You are currently enrolled to the same extent as do active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate on the Resignation Retirement Date.
(b) Because you will Your participation in BSC’s Medical/Dental/Vision Plans (as well as the participation of any of your Resignation dependents who were covered by such Plans one month prior to the Retirement Date) shall continue for Six (6) Months following the Retirement Date have met (the definition of Retirement with respect your stock options that are currently unvested“Six-Month Period”), those options will vest as of your Resignation Date and become exercisable in accordance with on the same terms and conditions in the applicable option agreement(s) and plan document(s). Prior to your Resignation Date, Boston Scientific shall seek the approval of the Compensation Committee of the Boston Scientific Board of Directors to allow your stock options that were granted in 2000, all of which have vested, to be exercisable for thirty-six (36) months after your Resignation Date.
(c) Paragraph 3(a) notwithstanding, Boston Scientific will continue to make annual bonus payments to Employee equal to the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1, 2010 or Employee's death, whichever such coverage and/or participation is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation under the life insurance policy itself and that Boston Scientific's obligation with respect to the life insurance policy extends solely to the payment of the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may made available from time to time to BSC employees generally (unless you become eligible for and elect other group medical coverage before the expiration of the Six-Month Period). After the expiration of the Six-Month Period, you may continue your participation in BSC’s Medical/Dental/Vision Plans as provided under the Consolidated Omnibus Budget and Reconciliation Act of 1986 (“COBRA”), should You be requested eligible for and elect it. During the time of such participation, You will be responsible for making timely payments for the full costs thereof, plus the then applicable costs and fees to enable Boston Scientific continue participation in BSC’s Medical/Dental/Vision Plans for any additional period of time as provided under COBRA. You further agree to effectuate this provision, including but not limited to proof inform BSC immediately if before the end of the Six-Month Period you become eligible for any other group health coverage, premium statements and tax information necessary of the type and amount of such coverage, as well as to calculate promptly respond to any inquiries from BSC regarding other group health coverage. You also acknowledge that the gross up amountterms of BSC’s group health plan coverage offered to BSC employees generally may change from time to time, and that your coverage and/or participation and associated contribution costs will be subject to any such change.
Appears in 1 contract
Termination of Employment Benefits. (a) You agree and acknowledge that your participation in Boston ScientificBSC's 401(k) Plan, Stock Option Plan(s), and Global Employee Stock Ownership Option Plan, if any, Accidental Death and Dismemberment (AD&D), Business Travel Accident, Life Insurance, and Short-Term and Long-Term Disability Plans will terminate as of your Resignation Termination Date, as will your accrual of vacation timetime under the applicable BSC vacation policy. You further agree and acknowledge that You you will participate through the Resignation Termination Date in all other benefits and benefit plans in which You you are currently enrolled to the same extent as do active employees and that your participation in and entitlement to any and all other benefits and benefits plans in which You are currently enrolled, but which are not otherwise specifically addressed in this Agreement, terminate terminates on the Resignation DateTermination Date or according to the same terms and conditions as are available to terminating BSC employees generally, whichever is applicable.
(b) Because you will Your participation in BSC's Medical/Dental/Vision Plans (as well as the participation of any of your Resignation dependents who were covered by such Plans one month prior to the Transition Date) shall continue after the Termination Date have met on the definition of Retirement with respect your stock options that are currently unvested, those options will vest as of your Resignation Date and become exercisable in accordance with the same terms and conditions as such coverage is made available from time to time to terminating BSC employees generally. You will be responsible for making timely payments for the full costs (plus a 2% administrative fee) of continued participation in the applicable option agreement(s) and plan document(s). Prior BSC's Medical/Dental/Vision Plans for an additional period of up to your Resignation Date, Boston Scientific shall seek the approval of the Compensation Committee of the Boston Scientific Board of Directors to allow your stock options that were granted in 2000, all of which have vested, to be exercisable for thirty-six eighteen (36or possibly more) months after as provided by the Consolidated Omnibus Budget and Reconciliation Act of 1985 ("COBRA"), should You elect it. To enable BSC to comply with its obligation to provide notification of your Resignation Dateeligibility to continue Medical/Dental/Vision Plan coverage, You agree to inform BSC of any change in address or marital status. You also acknowledge that you understand that the terms of BSC's Medical/Dental/Vision Plans offered to BSC employees generally may change from time to time, and that your coverage and associated contribution costs will be subject to any such change.
(c) Paragraph 3(a) notwithstanding, Boston Scientific Any unvested portions of previously awarded stock option grants will continue to make annual bonus payments to Employee equal to vest through the amount of the premium payments for the Security Life of Denver Insurance Company universal life insurance policy currently covering Employee (the "life insurance policy") for as long as the life insurance policy remains in effect until February 1, 2010 or Employee's death, whichever is earlier, plus a grossed up amount for tax purposes. Employee or his trust or designee Termination Date and will remain responsible for making premium payments on the life insurance policy itself. Employee and Boston Scientific agree that Boston Scientific is not responsible for maintaining, administering or making payments under or for any other obligation become exercisable under the life insurance terms and conditions contained in the applicable plan documents.
(d) BSC will reimburse You in accordance with usual BSC policy itself for all unreimbursed business travel and that Boston Scientific's obligation with respect to other out-of-pocket expenses incurred by You through the life insurance policy extends solely to Termination Date in the payment performance of your duties as an employee of BSC. Such expenses must be submitted no later than the bonus amounts set forth herein. Employee agrees to provide Boston Scientific with documentation as may from time to time be requested to enable Boston Scientific to effectuate this provision, including but not limited to proof of coverage, premium statements and tax information necessary to calculate the gross up amountTermination Date.
Appears in 1 contract
