Common use of Relocation Benefit Clause in Contracts

Relocation Benefit. The Company shall reimburse the ------------------ reasonable expenses of the Executive and his family in relocating to the Chicago metropolitan area from Montreal, Canada, in accordance with the Company's existing relocation policy, including, without limitation: (i) moving expenses, (ii) temporary living arrangements, (iii) "home visit" expenses, (iv) real estate commissions and closing costs on the sale of the Executive's current residence, and (v) real estate commissions and closing costs on the purchase of a residence in the Chicago metropolitan area. The Employee agrees to furnish the Company with substantiation for the moving expenses he incurs, in accordance with Company policy. The portion of the moving expenses attributable to the Executive's "qualified moving expenses" (as such term is defined in Code Section 132) is eligible for exclusion from the Executive's gross income, and the reimbursement of such expenses shall not be reported by the Company as taxable income of the Executive. The reimbursement of any expenses that do not qualify as "qualified moving expenses" shall be reported as taxable compensation on the Executive's IRS Form W-2 for the calendar year in which such payment was made and shall be "grossed-up" for tax purposes pursuant to Company policy.

Relocation Benefit. The Company shall reimburse the reasonable ------------------ reasonable expenses of the Executive and his family in relocating to the Chicago metropolitan area from Montreal, Canada, in accordance with the Company's existing relocation policy, including, without limitation: (i) moving expenses, (ii) temporary living arrangements, (iii) "home visit" expenses, (iv) real estate commissions and closing costs on the sale of the Executive's current residence, and (v) real estate commissions and closing costs on the purchase of a residence in the Chicago metropolitan area. The Employee agrees to furnish the Company with substantiation for the moving expenses he incurs, in accordance with Company policy. The portion of the moving expenses attributable to the Executive's "qualified moving expenses" (as such term is defined in Code Section 132) is eligible for exclusion from the Executive's gross income, and the reimbursement of such expenses shall not be reported by the Company as taxable income of the Executive. The reimbursement of any expenses that do not qualify as "qualified moving expenses" shall be reported as taxable compensation on the Executive's IRS Form W-2 for the calendar year in which such payment was made and shall be "grossed-up" for tax purposes pursuant to Company policy.