Molex employees and their families can now take advantage of enrolling in the credit union for free today, reaping many of its many advantages as members.
Molex shall provide Fleischhacker and his eligible dependents dental coverage through his Retirement Date in accordance with his active employee plan.
Life Insurance
Molex provides life insurance as part of their employee benefit packages, and in the event of their death will make a lump-sum payment equal to one times their annual salary as additional death benefits provided by federal and state laws.
Molex will provide Fleischhacker an annual retirement benefit equivalent to 100% of his base salary at his Retirement Date less deductions and tax withholdings until December 31, 2015 (the “Retirement Period”), continuing this payment even in the event of his premature death before its conclusion.
Fleischhacker shall not own, operate, manage, be employed by, or be associated in any way with any business that competes directly or indirectly with Molex and its products without first receiving express written approval from Molex’s Chief Executive Officer.
As a Molex employee, you can join their credit union. Membership provides access to incredible discounts at over 250 of the world’s top retailers while offering fraud protection, zero liability protection and billing dispute resolution services.
Disability Insurance
Molex provides disability insurance to its full-time employees. This coverage pays a percentage of an employee’s wages over an extended period if they cannot work due to illness or injury, in addition to our vacation and sick days policy; specific amounts vary based on employee salaries – for instance hourly employees might receive 10 paid sick leave days annually while salaried staff typically have their benefits reset every year.
Molex provides flexible spending and health savings accounts as part of its employee benefits package, as well as life, accidental death and dismemberment, short-term and long-term disability insurance policies to protect workers and their families in case of unexpected income losses.
Molex will offer Fleischhacker additional retirement benefit payments through retirement date in addition to group dental coverage for him and his dependents according to its current plan. Fleischhacker will contribute toward its cost based on active employee rates; such coverage does not count against federal COBRA coverage extensions.
Fleischhacker has gained access to and/or received trade secrets and confidential and proprietary information that is vital to Molex’s business, such as trade secrets or confidential and proprietary data that would benefit its business operations. He agrees not to disclose this Confidential Information without first seeking written authorization from Molex’s Chief Executive Officer and acting with due care and diligence in keeping with his obligations under his agreement with Molex.
Molex and Fleischhacker agree that due to his continuing consulting arrangement and services he will perform for Molex after retirement date, these arrangements do not qualify as “separations from service” under Section 409A of the Internal Revenue Code and no six-month delay is necessary in commencing retirement benefit payments.
Health Insurance
Fleischhacker will now be responsible for developing and executing Molex’s product strategy; anticipating and responding to major technology shifts within the market; forging key university relationships to explore potential technologies, products and innovations; as well as helping build up Molex’s technical employee talent pipeline. He will remain part of Molex’s global leadership team and report directly to Molex’s chief executive officer.
Fleischhacker will receive an annual retirement benefit through December 31, 2015 (the “Retirement Period”) equal to 100% of his base salary on his Retirement Date less applicable deductions and withholding taxes; additionally he may participate in Molex’s 401(k) plan as allowed under its terms; additionally Molex will continue providing dental coverage at applicable active employee contribution rates until its conclusion.
As part of this Agreement, Fleischhacker agrees to return all information and property belonging to Molex immediately following his retirement (the “Retirement Date”) except material required to provide consulting services per the attached Consulting Agreement. He further promises not engaging in any activity that directly disparages or adversely impacts business of Molex; additionally if subsequent employment does not violate this provision then Fleischhacker must notify his chief executive officer within 10 days or this Agreement becomes null and void.
Long-Term Care Insurance
Long term care insurance provides financial relief when medical costs become overwhelming; while health insurance provides immediate coverage. Medicare may not cover all these services; long term care policies are designed to ease financial stressors.
Fleischhacker will serve in his role as Director of Product Innovation to advance Molex’s product vision and platform, foster cross-divisional cooperation on strategic business opportunities and technological needs, develop key technical employee talent pipelines and support the strategic initiatives of Global Leadership Team.
Fleischhacker will receive his annual retirement benefit equal to 100% of his base salary as of the Retirement Date less any applicable deductions and tax withholdings, in accordance with regular payroll practices at the Company. Furthermore, these payments would continue in the event of his death prior to completion of the Retirement Period.
At his Retirement Date, Fleischhacker will no longer be eligible to participate in the Company’s 401(k) or other supplemental executive retirement plans; however, he is entitled to all amounts that would have otherwise been received under these plans had he not elected to separate in accordance with Section 409A of the Internal Revenue Code.
Fleischhacker will receive continued group dental coverage under its current dental plan(s) until the end of his Retirement Period, making contributions towards premium costs as required under active employee contribution rates at that time. Nothing in this Agreement shall prohibit the Company from increasing or decreasing active employee contribution rates for its dental programs, altering or changing terms thereof or discontinuing them as it sees fit based on its sole discretion.
