Common use of Benefits Programs Clause in Contracts

Benefits Programs. You will be eligible to participate in Stryker’s comprehensive package of benefits pursuant to the terms and conditions of the guiding benefits plans. As may be in effect from time to time, which currently includes the following: • Comprehensive health insurance plan including medical, dental, vision and prescription drug coverage; • Basic Term Life Insurance coverage, with supplemental coverage available at an additional cost; • Short-Term and Long-Term Disability coverage; • Opportunity to participate in discounted Stryker Stock Purchase Plan; • Stryker 401(k) Savings and Retirement Plan; • Stryker’s Supplemental Savings and Retirement Plan, in accordance with the terms of such plan subject to your start date and Stryker approval. • Company matching contributions – After the close of each year, Stryker currently matches all or a portion of your contributions according to Plan guidelines. Stryker currently contributes $.50 for every $1.00 you contribute, up to a maximum of 4% of your eligible earnings. Additionally, Stryker may contribute a percentage of your eligible earnings as a discretionary contribution. Historically, 7% of eligible earnings have been contributed. • More information about Xxxxxxx’x current benefits can be found in Stryker’s 2020 Benefits at a Glance at xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/- /media/Mercer/Stryker/Documents/2020_benefits_glance.ashx In addition, you will participate in Stryker benefits programs at the level of similarly situated Stryker executives, as determined by Stryker, subject to the terms and conditions of any applicable benefit policy, the applicable plan documents and the discretion of the Board or any administrative or other committee provided for under or contemplated by each plan. Please note that Stryker’s benefits are subject to change or modification, and may be discontinued, at the exclusive discretion of Stryker.

Appears in 3 contracts

Samples: Letter Agreement (Stryker Corp), Stryker Corp, Stryker Corp

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Benefits Programs. You will be eligible to participate in Stryker’s comprehensive package of benefits pursuant to the terms and conditions of the guiding benefits plans. As may be in effect from time to time, which currently includes the following: • Comprehensive health insurance plan including medical, dental, vision and prescription drug coverage; • Basic Term Life Insurance coverage, with supplemental coverage available at an additional cost; • Short-Term and Long-Term Disability coverage; • Opportunity to participate in discounted Stryker Stock Purchase Plan; • Stryker 401(k) Savings and Retirement Plan; • Stryker’s Supplemental Savings and Retirement Plan, in accordance with the terms of such plan subject to your start date and Stryker approval. • Company matching contributions – After the close of each year, Stryker currently matches all or a portion of your contributions according to Plan guidelines. Stryker currently contributes $.50 for every $1.00 you contribute, up to a maximum of 4% of your eligible earnings. Additionally, Stryker may contribute a percentage of your eligible earnings as a discretionary contribution. Historically, 7% of eligible earnings have been contributed. • More information about Xxxxxxx’x current benefits can be found in Stryker’s 2020 Benefits at a Glance at xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/- /media/Mercer/Stryker/Documents/2020_benefits_glance.ashx xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/-/media/Mercer/Stryker/Documents/2020_benefits_glance.ashx In addition, you will participate in Stryker benefits programs at the level of similarly situated Stryker executives, as determined by Stryker, subject to the terms and conditions of any applicable benefit policy, the applicable plan documents and the discretion of the Board or any administrative or other committee provided for under or contemplated by each plan. Please note that Stryker’s benefits are subject to change or modification, and may be discontinued, at the exclusive discretion of Stryker.

Appears in 2 contracts

Samples: Wright Medical Group N.V., Wright Medical Group N.V.

Benefits Programs. You will be eligible to participate in Stryker’s comprehensive package of benefits pursuant to the terms and conditions of the guiding benefits plans. As may be in effect from time to time, which currently includes the following: • Comprehensive health insurance plan including medical, dental, vision and prescription drug coverage; • Basic Term Life Insurance coverage, with supplemental coverage available at an additional cost; • Short-Term and Long-Term Disability coverage; • Opportunity to participate in discounted Stryker Stock Purchase Plan; • Stryker 401(k) Savings and Retirement Plan; • Stryker’s Supplemental Savings and Retirement Plan, in accordance with the terms of such plan subject to your start date and Stryker approval. • Company matching contributions – After the close of each year, Stryker currently matches all or a portion of your contributions according to Plan guidelines. Stryker currently contributes $.50 for every $1.00 you contribute, up to a maximum of 4% of your eligible earnings. Additionally, Stryker may contribute a percentage of your eligible earnings as a discretionary contribution. Historically, 7% of eligible earnings have been contributed. • More information about Xxxxxxx’x current benefits can be found in Stryker’s 2020 Benefits at a Glance at xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/- /media/Mercer/Stryker/Documents/2020_benefits_glance.ashx xxxx://xxxxxxxxxxxx.xxxxxxx.xxx/-/media/xxxxxx/Stryker/Documents/2020_benefits_glance.ashx In addition, you will participate in Stryker benefits programs at the level of similarly situated Stryker executives, as determined by Stryker, subject to the terms and conditions of any applicable benefit policy, the applicable plan documents and the discretion of the Board or any administrative or other committee provided for under or contemplated by each plan. Please note that Stryker’s benefits are subject to change or modification, and may be discontinued, at the exclusive discretion of Stryker.

Appears in 1 contract

Samples: Stryker Corp

Benefits Programs. You will be eligible to participate in Stryker’s comprehensive package of benefits pursuant to the terms and conditions of the guiding benefits plans. As may be in effect from time to time, which currently includes the following: • Comprehensive health insurance plan including medical, dental, vision and prescription drug coverage; • Basic Term Life Insurance coverage, with supplemental coverage available at an additional cost; • Short-Term and Long-Term Disability coverage; • Opportunity to participate in discounted Stryker Stock Purchase Plan; • Stryker 401(k) Savings and Retirement Plan; • Stryker’s Supplemental Savings and Retirement Plan, in accordance with the terms of such plan subject to your start date and Stryker approval. • Company matching contributions – After the close of each year, Stryker currently matches all or a portion of your contributions according to Plan guidelines. Stryker currently contributes $.50 for every $1.00 you contribute, up to a maximum of 4% of your eligible earnings. Additionally, Stryker may contribute a percentage of your eligible earnings as a discretionary contribution. Historically, 7% of eligible earnings have been contributed. • More information about Xxxxxxx’x Stryker’s current benefits can be found in Stryker’s 2020 Benefits at a Glance at xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/- /media/Mercer/Stryker/Documents/2020_benefits_glance.ashx xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/-/media/Xxxxxx/Stryker/Documents/2020_benefits_glance.ashx In addition, you will participate in Stryker benefits programs at the level of similarly situated Stryker executives, as determined by Stryker, subject to the terms and conditions of any applicable benefit policy, the applicable plan documents and the discretion of the Board or any administrative or other committee provided for under or contemplated by each plan. Please note that Stryker’s benefits are subject to change or modification, and may be discontinued, at the exclusive discretion of Stryker.

Appears in 1 contract

Samples: Letter Agreement (Wright Medical Group N.V.)

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Benefits Programs. You In addition, you would participate in the Stryker benefits programs at the level of similarly situated Stryker employees subject to the terms and conditions of any applicable benefit policy or summary plan description. Please note that such benefits are subject to change or modification at the exclusive discretion of Stryker. As a Stryker employee, you will be eligible to participate in Stryker’s our comprehensive package of benefits pursuant to the terms and conditions of the guiding benefits plans. As may be in effect from time to timebenefits, which currently includes the followingincluding among other things: • Comprehensive health insurance plan plan, including medical, dental, vision and prescription drug coverage; • Basic Term Life Insurance coveragepaid by the Company, with supplemental coverage available at an additional costavailable; • Short-Term and Long-Term Disability coverage; • Opportunity to purchase Long-Term Care Insurance; • Opportunity to participate in discounted Stryker Stock Purchase Plan; • Stryker 401(k) Savings and Retirement Plan; • Stryker’s Supplemental Savings and Retirement Plan, in accordance with the terms of such plan subject to your start date and Stryker approval. Plan • Company matching contributions Matching and Discretionary Contributions – After the close of each year, Stryker currently matches will match all or a portion of your contributions according to Plan guidelines. Stryker currently contributes will contribute $.50 for every $1.00 you contribute, up to a maximum of 4% of your eligible earnings. Additionally, Stryker may contribute a percentage of your eligible earnings as a discretionary contribution. Historically, 7% of eligible earnings have been contributed. • More information about Xxxxxxx’x current benefits can Supplemental Savings and Retirement Plan You also will be found eligible to participate in Stryker’s 2020 Benefits at a Glance at xxxxx://xxxxxxxxxxxx.xxxxxxx.xxx/- /media/Mercer/Stryker/Documents/2020_benefits_glance.ashx In additionany severance program or policy that is maintained, and as may be amended from time to time, by Stryker for similarly situated employees on the same terms and conditions as provided to such similarly situated employees; provided that you will participate be given credit under any such severance program or policy for your years of service with Orthovita prior to and following the closing of the Transaction and, provided, further, that you will be eligible under such program or policy only to the extent you are not entitled to severance or other similar benefits under the Orthovita Change in Stryker benefits programs at the level of similarly situated Stryker executivesControl Agreement (as defined below), as determined modified by Strykerthe terms of the offer. The aforementioned statements of Company policy, subject practices, and benefits do not constitute the terms of an employment contract, either expressed or implied. The Company maintains the right to change its policies and procedures without notice. Acknowledgment and Waiver. By signing below and accepting this offer of employment with Stryker under the terms and conditions described herein, including without limitation the Retention Benefit described above, you acknowledge and agree that, effective as of the closing of the Transaction, you irrevocably waive your right to receive any applicable payment or benefit policyunder your Severance and Change in Control Agreement with Orthovita (the “Orthovita Change in Control Agreement”) following by reason of your resignation for “Good Reason” (as defined in the Orthovita Change in Control Agreement) due to a material diminution of your duties, responsibilities or authority (i.e., clause (i) of Section 12(c) of the Orthovita Change in Control Agreement) following the Transaction based on the terms set forth in this offer (the “Post-closing Employment Terms”); provided however, that commencing on the date that is seven months following the closing of the Transaction and continuing for a period of 30 days thereafter, you shall be entitled to the payments and benefits set forth under the Orthovita Change in Control Agreement in the event you resign for Good Reason due to such material diminution of your duties, responsibilities or authority. In this regard, the applicable plan documents Company and you acknowledge and agree that the discretion Post-closing Employment Terms constitute a material diminution of your duties, responsibilities or authority. The parties further acknowledge and agree that, from and following the closing of the Board or any administrative or Transaction, the limitation on your ability to terminate your employment for Good Reason based on a reduction in your base salary (i.e., clause (ii) of Section 12(c) of the Orthovita Change in Control Agreement) for across the board reductions applicable to executives generally, shall include executives of both Stryker and Orthovita (and not only Orthovita). Other than as expressly waived in the foregoing sentence, all other committee provided for under or contemplated by each plan. Please note that Stryker’s benefits are subject to change or modification, terms of your Severance and may be discontinued, at Change in Control Agreement with Orthovita shall remain in full force and effect from and following the exclusive discretion closing of Strykerthe Transaction.

Appears in 1 contract

Samples: Orthovita Inc

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