Exhibit 10.3
RELOCATION AGREEMENT
Xxxxxx Technologies' goal is to provide the financial assistance necessary to
make it possible for employees to relocate. This information summarizes the
assistance available to you. It is the Company's intention to cover reasonable
expenses so that relocation will not become a barrier to a professional
opportunity. The following benefits are provided to assist you in relocating
your family from Boca Raton to Tampa:
1. Movement & packing/unpacking of your household goods which includes the
transportation of personal automobiles (2 maximum) should you decide not to
drive to your new location.
Excluded from these benefits are jewelry, currency, important papers, furs,
firearms and valuable collections (stamps, coins, etc.). Such items should
NOT be transported by the moving company and will not be covered under this
agreement. In addition, Xxxxxx will NOT pay for insurance, storage, packing
or shipment of airplanes, boats, plants, construction and other
raw/unfinished materials, heavy machinery or any other special handling
item unless express written approval is obtained first. Such approval must
be attached as an addendum to this agreement at the time of its execution.
2. The Company will reimburse all normal and reasonable closing costs
associated with the sale of your current home up to a maximum amount equal
to 7.5% of the original purchase price.
3. The Company will reimburse all reasonable and customary closing costs
associated with purchasing your new home in Tampa. The maximum
reimbursement is equal to 4% of the purchase price of your new home.
4. You will be reimbursed for reasonable expenses incurred for transporting
your family to your new home. These include en-route expenses such as
travel, meals and lodging.
5. If you incur duplicate housing expenses, you will be reimbursed for
mortgage interest, real estate taxes and insurance expenses for the lower
cost residence for 90 days. In addition, should you move prior to selling
your current home, the Company will reimburse you for reasonable recurring
utility and maintenance fees necessary for maintaining the house in
presentable condition. Examples of maintenance fees are lawn care and pool
maintenance.
6. Loss Protection Assistance - Should you incur a shortfall below the
original purchase price of your home, the Company will reimburse the
difference between the final sales price of your current home and the
original contract purchase price up to a maximum of 10% of the original
contract purchase price. In order to qualify for this benefit, you must
demonstrate an aggressive approach to selling your home within the first 90
days and any recommend an alternate approach to marketing and/or pricing
the home. Should you reject the Company's recommended plan of action, you
will be subject to the loss of this benefit in its entirety.
7. Bridge Loan - Should you need to close on your new home prior to selling
your existing home, Xxxxxx will reimburse you for expenses associated with
the financing of a bridge loan for the down payment towards your new home.
8. Some of the reimbursements and allowances in this agreement are tax
deductible. Certain expenses, however, will be regarded as taxable income
to you. To help offset this extra tax
expense, certain payments regarded as taxable income for which you are not
permitted to take a corresponding deduction on your personal tax return
will be "grossed up". This allowance will be based on your Xxxxxx Salary
and paid for each year in which you have an extra tax liability related to
the assistance you receive.
9. The Company will provide you a moving an relocation allowance in the amount
of one (1) weeks salary to compensate for a variety of expenses (i.e.
security deposits, registration fees, window treatments, utility
disconnection/hookup fees, etc.) associated with the relocation that are
not individually reimbursed.
If you relocate and subsequently resign within one (1) year prior to receiving
all of your benefits, all remaining benefits according to this policy will
cease. In addition, if you resign within one (1) year of the effective date of
this agreement, you will remit to Xxxxxx Technologies all prior reimbursements
associated with this relocation agreement in accordance with the terms and
conditions specified by the Company.
This relocation benefit is not an employment contract and does not infer
continued employment. The relocation process and applications for reimbursement
must be completed within one (1) year from the effective date of your transfer.
I accept the relocation benefits, terms and conditions as detailed above:
/s/ Xxxxx X. Xxxxx July 11, 2001
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Xxxxx X. Xxxxx Date
Approved:
/s/ Xxxxxxx Xxxxx, VP of Human Resources July 11, 2001
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Authorized Company Representative Date
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