3. Period of Time for Reimbursement Obligations
Employee will be obligated to reimburse COMPANY for any and all Relocation Expenses if
he or she Terminates Employment within 24 months from [relocation date or
employment start date, as applicable] (the “Relocation Date”).
5. Amount of Relocation Expenses for which Employee Must Reimburse COMPANY
If Employee Terminates Employment during the 24-month period after the Relocation
Date, Employee must reimburse COMPANY for any and all Relocation Expenses incurred
or reimbursed by COMPANY in connection with the relocation in accordance with the
repayment schedule in the chart below.
Repayment Schedule
Months of Employment Expenses to be Repaid
Months 1 – 12 100%
Months 13 – 16 75%
Months 17 – 20 50%
Months 21 – 24 25%
6. Employee Consents to Salary Reduction
If Employee Terminates Employment and has an obligation to reimburse COMPANY under
this Agreement, to the extent allowed by applicable law, Employee authorizes COMPANY
to deduct the amounts owed for Relocation Expenses from Employee’s outstanding
salary, vacation payments, bonuses, or any other payments to be made by COMPANY to
Employee. If amounts owing pursuant to this Agreement remain unpaid after
Employee’s last paycheck from COMPANY, Employee agrees to pay COMPANY such
amounts upon employment termination or, at COMPANY’s discretion, execute a
promissory note, in a form and substance satisfactory to COMPANY, for the amounts that
remain unpaid by Employee.