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This excerpt taken from the PHG 6-K filed Mar 19, 2008. Definitions “Canadian Affiliate”: Present or future affiliated corporations of the Company carrying on business in and from Canada, registered and resident in Canada and in which the Company owns directly or indirectly at least 50% of the affiliated corporation. “Disability”: A Participant will be considered to have a disability if such Participant is considered to have a “disability” under the applicable plan in which it participates or under which the Participant is covered for purposes of receiving disability coverage or benefits, whether such plan is provided by Philips Canada or any Canadian governmental agency or body. B-1 “Earnings”: Earnings include salary, bonus payment (the bonus payments must be made pursuant to a formalized, written individual bonus plan) and commission. Earnings does not include any other forms of compensation such as, overtime, group bonus plans, profit sharing or improvement plans, vacation pay, expense reimbursements, severance payments, payments in lieu of notice, stock options, deferred compensation, distributions from any long term incentive plan, perquisites, long term disability payments, payments from an accident or sickness program, whether paid by Philips Canada or by any applicable government or regulatory organization such as workers compensation, monetary or non monetary performance or seniority awards, etc. “Eligibility”: Each Eligible Employee may become a Participant on the first day of the first month immediately following a period of 90 days during which time such employee was at all times considered a Full-Time Employee, which determination shall be made in the sole discretion of the Committee, except that an Eligible Employee covered under a collective agreement will only be eligible for participation in this Plan at such time as their participation has been negotiated by Philips Canada and their bargaining unit. “Eligible Employee”: Each Canadian based Full-Time Employee, whether paid on an hourly or salaried basis. “Full-Time Employee”: An employee of Philips Canada who is regularly scheduled to work at least 37.5 hours per week, who is not a temporary or contract employee, nor a unionized employee. “Philips Canada”: Philips Electronics Ltd. and its Canadian Affiliates. |
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