OmniVision offers a comprehensive and competitive benefits package designed to meet the varying needs of our employees. These benefits are an integral part of OmniVision's total compensation package and provide employees and their eligible family members valuable protection and financial options during employment with us. These benefits include:
401(k) - Deferred Compensation Plan
Participation in the plan is open to employees who have attained the age of 21. You may enter this plan on the first of the month following your start date. You may contribute any percentage of your salary on a tax-deferred basis, up to the annual IRS limit (combined for all 401(k) plans): $15,000 for 2006. Catch-up provisions apply for employees over age 50. In addition, OmniVision contributes 3% for the first 1% you contribute. The contributions can be allocated to any of several investment choices.
Employee Stock Purchase Plan (ESPP)
You may acquire stock ownership in the company by setting aside 1-15% of your gross compensation, through after-tax payroll deductions, to purchase OmniVision Stock. You will purchase OmniVision stock at a 15% discount of the fair market value of the lesser of the price of 1st day or last day of each six-month period. Moreover, OmniVision has a 24-month look-back period for establishing the stock price. Plan effective dates are December 1st and June 1st of each year.
Health Care coverage is available on the first of the month following commencement of employment for employees who are scheduled to work 30 or more hours per week. Employees may also cover their eligible dependents.
Medical:
OmniVision provides its California employees with a choice of 3 different medical benefits: Blue Cross HMO Blue Cross PPO, and Kaiser HMO. Employees in other U.S. locations are eligible for Blue Cross PPO.
Dental:
Blue Cross Dental plan is available for all eligible employees and their families. The maximum coverage is $2,000 per person each year. Orthodontia benefits are also available.
Vision Insurance:
Vision Service Plan is available for all eligible employees and their families. Our plan provides eye exams and lenses every 12 months, frames every 24 months.
Prescription Drug Program:
Prescription Drug benefits are automatically provided to employees and eligible dependents enrolled in an OmniVision Medical Plan.
Health Care FSA:
Employees may use this account to be reimbursed for eligible out-of-pocket health expenses not covered by their health care plan. Employees may allocate up to $2,000 each year to this account.
Dependent Care FSA:
Employees may use this account to be reimbursed for eligible out-of-pocket expenses associated with caring for dependents while the employee or the employee's spouse work, including child care, elder care, care of an adult dependent who is incapable of self-care. Employees may allocate up to $5,000 each year to this account.
The benefits below provide income protection for employees scheduled to work more than 30 hours per week:
Basic Life Insurance:
This plan pays your beneficiary two times your annual base salary in the event of our death while you are employed at OmniVision.
Accidental Death and Dismemberment Insurance (AD&D):
This plan offers you additional protection in addition to the Basic Life Insurance Coverage at no cost to you.
Supplemental Life Insurance:
You and/or your spouse may select any $10,000 increment from $10,000 to $300,000 (but in no case more than 5 times annual salary) through AIG. You may also select $5,000 for your child/children. If selected, this benefit is paid by the employee.
Long Term Disability Insurance:
This plan pays 60% of your salary up to a maximum of $12,000/month, for as long as you are disabled, up to age 70. Short-term disability benefits, for California residents, may be available through State Disability Insurance.
Worker's Compensation Insurance:
You are automatically covered for injuries or illnesses that are work-related. The plan provides medical and hospital care and pays a portion of your earnings while you are disabled.
Vacation Time Off:
Regular, full-time employees accrue at a rate of 10 days per year up to five years of service and at a rate of 15 days after five years.
Sick Time Off:
You are granted 10 days of paid sick leave each year.
Holidays:
OmniVision provides 12 paid holidays per year.
Employee Assistance Program
You are eligible for a confidential counseling service for yourself and family members covering family conflict, depression, stress, legal problems, financial problems, child care placement, subject to maximum number of visits per year.
Pre-Paid Legal Services
This plan, paid entirely by you if selected, covers you for wills and other similar documents, motor vehicle, trial defense and IRS audit legal services at a discounted rate.
Identity Theft Protection
This plan, paid by you if selected, covers you and your spouse, monitors your credit continuously and alerts you to suspicious or fraudulent activity.
Travel Assistance
This plan, paid by OmniVision, provides medical, legal, financial and other travel assistance when you or a family member travel over 100 miles from home on a business trip for OmniVision.
Profit Sharing/Bonus
Employees are eligible to receive a profit sharing/bonus award on a quarterly basis, subject to company profitability and individual performance.
Important Note:
This is only a brief summary of the benefit plans of the company. It is intended to be an overview only. If there is any ambiguity or conflict between this summary and the details contained in the legal plan documents, the plan documents are always the final authority. We reserve the right to change benefits and plans without prior notice.
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