Relocation and Transition Expenses Clause Samples

Relocation and Transition Expenses. Promptly upon presentation of appropriate substantiation, the Company shall pay, or reimburse Executive for, the following relocation expenses: (i) reasonable packing, moving, storage and travel expenses associated with moving Executive, Executive’s immediate family, and their possessions from Virginia to the St. Louis area; (ii) reasonable home sale and purchase closing costs, including loan origination fees, brokers’ fees and commissions, home appraisal and inspection fees, title costs, attorney and escrow office fees, recording fees, and state and local recording, transfer and real property gains taxes, etc., associated with Executive and his family moving from their residence in Virginia to the St. Louis area; and (iii) until the earlier of the first anniversary of the Effective Date and the date on which Executive and his immediate family have fully relocated to the St. Louis area: (A) temporary housing costs and living expenses reasonably incurred by Executive and his immediate family in the St. Louis area; (B) expenses reasonably incurred by Executive in commuting not more than once a week between Virginia and the St. Louis area; (C) reasonable costs of a suitable rental automobile, including maintenance, fuel and insurance costs, unless a suitable automobile is provided by the Company; and (D) reasonable commercial air fare, hotel and travel related expenses for up to four (4) round-trips for Executive, his spouse and their children between Virginia and the St. Louis area to search for a new home, etc. In the event that any federal, state, local or other tax is due from Executive in connection with any benefit provided to him under this Section 2.6(b) (including tax reimbursement payments pursuant to this sentence), the Company shall pay to Executive, prior to the time such tax is due through withholding or otherwise, an additional amount equal to the amount of such tax.