Enhanced Package Plus Relocation Allowance Clause Samples

Enhanced Package Plus Relocation Allowance. In addition to the compensation set forth in paragraphs 4.1 and 4.2 of this Agreement, the Company will arrange a direct ▇▇▇▇ payment with one of its preferred vendors for the Executive’s reasonable moving and storage costs associated with the Executive’s move from Spring, Texas, to the Oklahoma City, Oklahoma, area (the “Enhanced Relocation Package”). Eligible costs include the following: packing, insuring, shipping, unpacking and up to one (1) month of storage of your household goods. Any questions the Executive may have regarding the Enhanced Relocation Package should be directed to the Human Resources Department. In addition to the Enhanced Relocation Package, the Company will provide a relocation allowance (the "Relocation Allowance") in the amount of Fifty Thousand Dollars ($50,000), payable within thirty (30) days of the date from which the Executive begins employment with the Company. Any questions the Executive may have regarding relocation should be directed to the Human Resources Department. The Enhanced Relocation Package and Relocation Allowance (collectively referred to as the "Relocation Payments") are subject to applicable deductions under the appropriate IRS guidelines and applicable state tax rules. If the Executive is terminated by the Company for Cause (as described in Section 6.1.3 of this Agreement) or resigns without Good Reason (as described in Section 6.2 of this Agreement) following the Executive's relocation and during the first twelve (12) months of employment, the Executive agrees to repay a pro-rata share of the Relocation Payments. Such repayments shall be equal to the total amount of the Relocation Payments multiplied by the months not worked during the twelve (12) month period, divided by twelve (12) months. In addition to the Relocation Payments, the Company will provide reimbursement of reasonable temporary housing rental for up to sixty (60) days in the Oklahoma City, Oklahoma, area following the effective date of this Agreement. Such reimbursement of reasonable temporary housing rental is subject to applicable taxes under the appropriate IRS guidelines and applicable state tax rules.