Common use of Relocation Costs Clause in Contracts

Relocation Costs. Upon commencement of the Period of Employment, the Company shall pay or reimburse the Executive for his reasonable, documented relocation expenses, including but not limited to, real estate commissions, temporary housing and travel to and from Colorado, incurred in relocating his permanent residence to the area in which the Company’s principal offices are located. To the extent that any such payment or reimbursement is taxable to the Executive, the Company shall pay the Executive a gross-up so the Executive has no after-tax costs with regard to such payment or reimbursement. In no event, however, will the Company have any such payment, reimbursement or other obligation to the Executive pursuant to this Section 4.4 (including, without limitation, as to any such gross-up payment) to the extent that such payments, reimbursements, or other obligations to the Executive pursuant to this Section 4.4 exceed One Hundred and Seventy Five Thousand Dollars ($175,000) in the aggregate taking into account all such previous payments and reimbursements.