Common use of Relocation and Moving Expenses Clause in Contracts

Relocation and Moving Expenses. During the eighteen month period following the Company’s initial Public Offering and for so long as Executive continues in the employment of the Company, at his election to relocate to Orange County, California, the Company will pay for (i) up to 2 round-trip airfares for Executive’s immediate family to come to Orange County to participate in identifying a home in Orange County (the “New Home”) and (ii) the consequential costs of selling Executive’s home in Massachusetts (the “Current Home”) including brokers’ fees, closing costs, title insurance, and other incidental customary closing costs (the “Relocation Expenses”). In addition, upon such election to relocate the Company shall pay for Executive’s reasonable moving expenses in connection with Executive’s relocation from Executive’s Current Home to Executive’s New Home, specifically the cost of movers for Executive’s personal property including up to two automobiles (the “Moving Expenses”). To the extent that such Relocation Expenses hereunder are subject to income taxes payable by Executive, the Company shall pay Executive an amount to reimburse Executive for such income taxes due on a gross-up basis. The Company shall promptly reimburse Executive for Moving and Relocation Expenses upon Executive’s submission of documentation (including receipts and invoices) supporting the expenses for which Executive claims reimbursement. Executive agrees to cooperate with the Company so as to obtain favorable rates for the costs and services for which the Company shall reimburse Executive. The Company agrees that it will act reasonably in approving and reimbursing Executive for the Relocation and Moving Expenses.