Common use of Relocation Conditions Clause in Contracts

Relocation Conditions. The Company acknowledges and agrees that Executive’s relocation from Executive’s prior residence in Wausau, Wisconsin (the “Prior Residence”) to a primary residence within 50 miles of Ripon, Wisconsin has been completed notwithstanding that the Prior Residence has not yet been sold. With respect to the Prior Residence: a. In the event the gross sale proceeds (as set forth in the contract of sale) to Executive from the sale of the Prior Residence are less than Executive’s cost basis in the Prior Residence (which cost basis has been previously agreed between the parties), the Company shall reimburse Executive for an amount (the “Loss Payment”) equal to the difference between (x) such gross sale proceeds and (y) such cost basis. Such payment will be paid within ten (10) days following the date of sale. b. From the date of this Agreement through the date of sale of the Prior Residence, the Company shall reimburse Executive an amount equal to the interest on either (x) the mortgage on the Prior Residence or (y) the indebtedness on Executive’s current residence, whichever is less. c. In order to facilitate the sale of the Prior Residence and to maintain the property so as to minimize the amount of the Loss Payment, the Company shall bear (or, if paid by Executive, reimburse) the cost of (x) customary and ordinary course landscaping of the Prior Residence, (y) utilities (gas, electric, water and heat) of the Prior Residence and (z) all other reasonable incidental expenses related to the upkeep and sale of the Prior Residence, in each case from the date of this Agreement through the date of sale of the Prior Residence. d. At the same time that the Loss Payment is paid, the Company shall provide Executive with an additional gross-up payment (an “Additional Payment”) such that, after payment of Federal, state and local taxes on such additional payment, Executive retains an amount of cash equal to the Loss Payment. An Additional Payment shall also be paid with respect to the amounts specified in paragraphs (b) and (c), to be paid at the same time that the amounts in such paragraphs are paid. e. The Company and Executive will cooperate with each other with respect to the sale of the Prior Residence. Without limiting the generality of the immediately preceding sentence, Executive will consult with the Company as to any offer of purchase for the Prior Residence that he receives prior to determining whether to accept or reject such offer or to make a counteroffer thereto.