FORM OF REPAYMENT AGREEMENT
Exhibit 10.1
FORM OF REPAYMENT AGREEMENT
RELOCATION REPAYMENT AGREEMENT
By accepting financial assistance from Xxxxxx Xxx to relocate my family and residence to the destination office location area, (“Relocation Benefits”), I affirm that it is my intention to remain with Xxxxxx Xxx for a reasonable period as provided below. Accordingly, I acknowledge and agree that payment of Relocation Benefits by Xxxxxx Xxx to me (or to others on my behalf) are conditioned upon my continued employment with Xxxxxx Xxx for a minimum of eighteen months (18) from my initiation date or the effective date of my transfer to destination office location whichever is later.
I understand in the event that I voluntarily terminate my employment or am involuntarily terminated for misconduct within this eighteen (18) month period, I hereby promise to reimburse Xxxxxx Xxx within 30 days after my employment terminates for the Relocation Benefits distributed to me or on my behalf according to the following schedule:
•If my employment terminates based on one of the aforementioned reasons anytime within the first twelve months from my Initiation Date or Transfer Effective Date, I promise to reimburse Xxxxxx Xxx 100% of the Relocation Benefits paid to me (or on my behalf).
•If my employment terminates based on one of the aforementioned reasons from the thirteenth month through the eighteenth month from my Initiation Date or Transfer Effective Date, I promise to repay Xxxxxx Xxx for 50% of the Relocation Benefits paid to me (or on my behalf).
a) I also authorize Xxxxxx Xxx to withhold any Relocation Benefits I am obligated to repay from my Xxxxxx Xxx outstanding compensation, including but not limited to, from any regular or final paycheck, bonus, commission, severance, or other payment owed to me, as necessary to satisfy such indebtedness.
b) I understand that any controversy, dispute, or claim arising out of or relating to this Repayment Agreement, or breach thereof, shall first be addressed through good faith negotiation. If the dispute cannot be settled through negotiation, I understand that both I and Xxxxxx Xxx must submit such controversy, dispute, or claim to arbitration under my Arbitration Agreement with Xxxxxx Xxx.
I understand and agree that all relocation benefits extended to me by Xxxxxx Xxx are gratuitous; and neither the extension of Relocation Benefits nor this agreement shall be construed to obligate Xxxxxx Xxx to retain me in its employ for any specified period of time. Xxxxxx Xxx, at any time, may terminate the employment relationship with or without cause and with or without notice.
EMPLOYEE NAME (Please Print): | |||||
SIGNATURE: | |||||
DATE OF SIGNATURE: | |||||
INITIATION or TRANSFER DATE: |