Purpose
The purpose of this memo is to provide further information and clarification on the benefit plans offered by New Cypress at non-U.S. locations. This memo includes information on health & welfare plans, ESPP, time off/vacation, and company paid holidays.
Details
Health & Welfare Plans:
Cypress and Spansion have supplemental group policies and pension plans in many of our international locations. Over the next few months, the New Cypress Benefits team will evaluate and integrate the benefits offered in each country. Employees in these countries will be notified of any plan design and provider changes.
Employee Stock Purchase Plan – ESPP:
All employees of New Cypress worldwide are eligible to participate in the industry leading Cypress ESPP plan. The plan has enrollment periods twice per year (January 1 and July 1). Former Spansion employees will be eligible to participate in the Cypress ESPP starting July 1, 2015. Watch for Open Enrollment information in early June. Click here for more information on how this program works: ESPP
Time Off/Vacation:
All non-U.S. New Cypress employees will continue to participate in their current time off/vacation programs. In 2016, an integrated time off/vacation program will be established for New Cypress employees in each country.
Company Paid Holidays:
The company paid holiday schedules that were in place for Spansion and Cypress prior to the merger will remain in effect through 2015. In 2016, an integrated company paid holiday schedule will be established for New Cypress employees in each country.
Purpose
The purpose of this memo is to provide further information and clarification on the benefit plans offered by New Cypress at non-U.S. locations. This memo includes information on health & welfare plans, ESPP, time off/vacation, and company paid holidays.
Details
Health & Welfare Plans:
Cypress and Spansion have supplemental group policies and pension plans in many of our international locations. Over the next few months, the New Cypress Benefits team will evaluate and integrate the benefits offered in each country. Employees in these countries will be notified of any plan design and provider changes.
Employee Stock Purchase Plan – ESPP:
All employees of New Cypress worldwide are eligible to participate in the industry leading Cypress ESPP plan. The plan has enrollment periods twice per year (January 1 and July 1). Former Spansion employees will be eligible to participate in the Cypress ESPP starting July 1, 2015. Watch for Open Enrollment information in early June. Click here for more information on how this program works: ESPP
Time Off/Vacation:
All non-U.S. New Cypress employees will continue to participate in their current time off/vacation programs. In 2016, an integrated time off/vacation program will be established for New Cypress employees in each country.
Company Paid Holidays:
The company paid holiday schedules that were in place for Spansion and Cypress prior to the merger will remain in effect through 2015. In 2016, an integrated company paid holiday schedule will be established for New Cypress employees in each country.
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