EXHIBIT 10.7

 

KOHL'S DEPARTMENT STORES

September 1, 2003

Summary of Benefits Insured by Mutual of Omaha

 

Class 1, CEO, President, COO

 

Basic Life & Accidental Death & Dismemberment   Business Travel Accident

(Provided by Kohl's)

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(Provided by Kohl's)

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What is my Life Insurance benefit?   3x your Salary ($3,000,000 max)  

If I die while traveling on Business for Kohl's,

what is my Benefit?

  $250,000 What is my Accidental Death Benefit?  
3x your Salary ($2,000,000 max)   If I'm hurt while Traveling on Business, are
there any other benefits?  

Yes, benefits of $62,500, $125,000 or

$250,000 may be paid for specific

losses

What is my Accidental Dismemberment Benefit?  

1/4 to 1x your Salary

(depending upon the loss)

 

What if I have an Emergency while Traveling

on Business?

 

The coverage includes a

Worldwide Assistance

Program

Who Pays for It?   Kohl’s         Will My Benefit Continue if I get Disabled?  
Yes         Is there a Living Benefit if I develop a Terminal Condition?   Yes  
      Can I keep my Life Insurance When I Retire?   No         Can I Convert
Coverage to an Individual Policy when I Terminate employment?   Yes            
          Supplemental Life   Voluntary Accidental Death & Dismemberment

(Optional)

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(Optional)

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How much extra Life Ins can I buy?   1x your Salary   How much extra AD&D can I
buy?     Is there a maximum?   Yes, Basic + Supplemental
cannot exceed $3,000,000   Associate   Increments of $10,000 to a maximum of
$500,000 What is the Monthly Cost?  

Age Bracket

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Life Rate/$1000

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      % of your coverage     0-29   $0.04   Spouse only   60%     30-34   $0.05
  Child(ren) only   25% for each child     35-39   $0.06   Spouse and Child(ren)
  50% spouse     40-44   $0.10       20% for each child     45-49   $0.13      
      50-54   $0.25   Are only Accidental Deaths covered?   No, there are
benefits for certain    

55-59

60-64

65+

 

$0.41

$0.54

$0.84

      dismemberments and paralysis        

 

What is the Monthly Cost?

 

 

Associate: $.22 per $10,000 Dependents: $.40 per $10,000

            Will My Benefit Continue if I get Disabled?   Yes, until you are no
longer eligible for this benefit Will My Benefit Continue if I get Disabled?  
Yes   Can I keep my Life Insurance When I Retire?   No Is there a Living Benefit
if I develop a Terminal Condition?   Yes   Can I Convert Coverage to an
Individual Policy when I Terminate employment?   No Can I Convert Coverage to an
Individual Policy when I Terminate employment?   Yes        

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Dependents' Life   Long Term Disability

(Optional)

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(Provided by Kohl’s)

--------------------------------------------------------------------------------

How much Life Ins. can I buy for my Dependents?  

Option I

--------------------------------------------------------------------------------

 

Option II

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How long must I be Disabled before

Benefits begin?

  180 days Spouse   $5,000   $10,000        

Child(ren) over 6 months to age 19 or 25 if a

full-time student

  $2,000   $5,000   What is my Benefit?  

60% of your basic monthly

earnings to a maximum

monthly benefit of $10,000

Child(ren) 14 days to 6 months   $100   $100       How much does it Cost?  
$1.25 per month   $2.50 per month         Can I cover a dependent who is
confined in a health care facility or who is unable to perform normal
activities?   You can enroll them but coverage will not become effective until
the dependent is no longer confined and is able to perform normal activities  
How Long will Benefits continue?   Until you are no longer disabled or you reach
normal retirement age    

 

Are there special Limits for disabilities due

to Mental Disorders or Substance Abuse?

 

 

Yes, benefits for these disabilities are

generally limited to 24 months

   

 

Will my Benefit be offset by other Sources

of Income?

 

 

Yes

   

 

Is there a Partial Disability Benefit?

  Yes    

 

Are Pre-Existing Conditions covered?

 

 

You will not receive any benefits for a disability which begins in the first 12
months of your being insured if the disability is due to a pre-existing
condition

           

 

Can I Convert Coverage to an Individual Policy when I Terminate employment?

 

 

No

 

Certain exclusions exist for each benefit.

Amounts of Basic Life Insurance in excess of $50,000 are taxed by the IRS as
imputed income.

Amounts in excess of $1,000,000 ($400,000 if age 60 or over) are not guaranteed.
Satisfactory evidence of good health will be required.

You will become eligible for these benefits beginning with your first day of
active work. If you waive benefits and later decide to enroll for them, you must
submit satisfactory evidence of good health. You will be eligible to enroll in
or change your benefits during open enrollment of each year. Benefit changes
made during open enrollment are effective on April 1 of each year.

 

This summary is for illustrative purposes only and is not intended to be a
complete description of your benefits.

The benefits described in this summary are not guaranteed.

The above benefits may differ slightly from those benefits previously insured by
Reliance Standard.

Please refer to the Summary Plan Descriptions (available from Corporate Human
Resources—Benefit Department) for more detail.

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KOHL'S DEPARTMENT STORES

September 1, 2003

Summary of Benefits Insured by Mutual of Omaha

 

Class 2, CFO, Executive & Senior Vice President

 

Basic Life & Accidental Death & Dismemberment   Business Travel Accident

(Provided by Kohl's)

--------------------------------------------------------------------------------

 

(Provided by Kohl's)

--------------------------------------------------------------------------------

What is my Life Insurance benefit?   2x your Salary ($3,000,000 max)  

If I die while traveling on Business for Kohl's,

what is my Benefit?

  $250,000 What is my Accidental Death Benefit?  
2x your Salary ($2,000,000 max)   If I'm hurt while Traveling on Business, are
there any other benefits?  

Yes, benefits of $62,500, $125,000 or

$250,000 may be paid for specific

losses

What is my Accidental Dismemberment Benefit?  

1/4 to 1x your Salary

(depending upon the loss)

 

What if I have an Emergency while Traveling

on Business?

 

The coverage includes a

Worldwide Assistance

Program

Who Pays for It?   Kohl’s         Will My Benefit Continue if I get Disabled?  
Yes         Is there a Living Benefit if I develop a Terminal Condition?   Yes  
      Can I keep my Life Insurance When I Retire?   No         Can I Convert
Coverage to an Individual Policy when I Terminate employment?   Yes            
          Supplemental Life   Voluntary Accidental Death & Dismemberment

(Optional)

--------------------------------------------------------------------------------

 

(Optional)

--------------------------------------------------------------------------------

How much extra Life Ins can I buy?   1x your Salary   How much extra AD&D can I
buy?     Is there a maximum?   Yes, Basic + Supplemental
cannot exceed $3,000,000   Associate   Increments of $10,000 to a maximum of
$500,000 What is the Monthly Cost?  

Age Bracket

--------------------------------------------------------------------------------

 

Life Rate/$1000

--------------------------------------------------------------------------------

      % of your coverage     0-29   $0.04   Spouse only   60%     30-34   $0.05
  Child(ren) only   25% for each child     35-39   $0.06   Spouse and Child(ren)
  50% spouse     40-44   $0.10       20% for each child     45-49   $0.13      
      50-54   $0.25   Are only Accidental Deaths covered?   No, there are
benefits for certain    

55-59

60-64

65+

 

$0.41

$0.54

$0.84

      dismemberments and paralysis        

 

What is the Monthly Cost?

 

 

Associate: $.22 per $10,000 Dependents: $.40 per $10,000

            Will My Benefit Continue if I get Disabled?   Yes, until you are no
longer eligible for this benefit Will My Benefit Continue if I get Disabled?  
Yes   Can I keep my Life Insurance When I Retire?   No Is there a Living Benefit
if I develop a Terminal Condition?   Yes   Can I Convert Coverage to an
Individual Policy when I Terminate employment?   No Can I Convert Coverage to an
Individual Policy when I Terminate employment?   Yes        

--------------------------------------------------------------------------------

Dependents' Life   Long Term Disability

(Optional)

--------------------------------------------------------------------------------

 

(Provided by Kohl’s)

--------------------------------------------------------------------------------

How much Life Ins. can I buy for my Dependents?  

Option I

--------------------------------------------------------------------------------

 

Option II

--------------------------------------------------------------------------------

 

How long must I be Disabled before

Benefits begin?

  180 days Spouse   $5,000   $10,000        

Child(ren) over 6 months to age 19 or 25 if a

full-time student

  $2,000   $5,000   What is my Benefit?  

60% of your basic monthly

earnings to a maximum

monthly benefit of $10,000

Child(ren) 14 days to 6 months   $100   $100       How much does it Cost?  
$1.25 per month   $2.50 per month         Can I cover a dependent who is
confined in a health care facility or who is unable to perform normal
activities?   You can enroll them but coverage will not become effective until
the dependent is no longer confined and is able to perform normal activities  
How Long will Benefits continue?   Until you are no longer disabled or you reach
normal retirement age    

 

Are there special Limits for disabilities due

to Mental Disorders or Substance Abuse?

 

 

Yes, benefits for these disabilities are

generally limited to 24 months

   

 

Will my Benefit be offset by other Sources

of Income?

 

 

Yes

   

 

Is there a Partial Disability Benefit?

  Yes    

 

Are Pre-Existing Conditions covered?

 

 

You will not receive any benefits for a disability which begins in the first 12
months of your being insured if the disability is due to a pre-existing
condition

           

 

Can I Convert Coverage to an Individual Policy when I Terminate employment?

 

 

No

 

Certain exclusions exist for each benefit.

Amounts of Basic Life Insurance in excess of $50,000 are taxed by the IRS as
imputed income.

Amounts in excess of $1,000,000 ($400,000 if age 60 or over) are not guaranteed.
Satisfactory evidence of good health will be required.

You will become eligible for these benefits beginning with your first day of
active work. If you waive benefits and later decide to enroll for them, you must
submit satisfactory evidence of good health. You will be eligible to enroll in
or change your benefits during open enrollment of each year. Benefit changes
made during open enrollment are effective on April 1 of each year.

 

This summary is for illustrative purposes only and is not intended to be a
complete description of your benefits.

The benefits described in this summary are not guaranteed.

The above benefits may differ slightly from those benefits previously insured by
Reliance Standard.

Please refer to the Summary Plan Descriptions (available from Corporate Human
Resources—Benefit Department) for more detail.