Relocation Package and Repayment Agreement Sample Clauses
A Relocation Package and Repayment Agreement clause outlines the terms under which an employer provides financial assistance to an employee for moving expenses related to a job transfer or new position. Typically, this clause details what costs are covered—such as moving services, travel, and temporary housing—and sets conditions for repayment if the employee leaves the company within a specified period after relocation. Its core function is to support employee mobility while protecting the employer’s investment by ensuring reimbursement if the employment relationship ends prematurely.
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Relocation Package and Repayment Agreement. In connection with Employee’s relocation to Austin, Texas, Parsley has (x) paid Employee a one-time lump-sum relocation stipend equal to [_________] after taxes and (y) reimbursed and/or advanced certain moving and relocation expenses consistent with Parsley’s relocation policies ((x) and (y) together, the “Relocation Payments”). Employee acknowledges and agrees that the Relocation Payments are conditioned upon and subject to Employee’s remaining employed by Parsley or another member of the Parsley Group through each date of payment of the Relocation Payments. Further, in the event Employee’s employment is terminated by Parsley for Cause or by Employee without Good Reason (i) within the first twelve (12) months following the date Employee first reported to Parsley’s Austin, Texas office (the “Relocation Date”) then Employee must repay 100% of the Relocation Payments and (ii) within the thirteen (13) to twenty-four (24) months following Employee’s Relocation Date then Employee must repay 50% of the Relocation Payments. In each case, the repayment must occur within sixty (60) days following Employee’s date of termination. Finally, Employee executed an Employee Relocation Expense Repayment Agreement on [_________] (the “Repayment Agreement”). The Repayment Agreement is hereby canceled and superseded in all respects by this Agreement.]
Relocation Package and Repayment Agreement. In connection with Employee’s relocation to Austin, Texas, Parsley has (x) paid Employee a one-time lump sum relocation stipend equal to $50,000 after taxes and (y) reimbursed and/or advanced certain moving and relocation expenses consistent with Parsley’s relocation policies ((x) and (y) together, the “Relocation Payments”). In the event Employee’s employment is terminated by Parsley for Cause or by Employee without Good Reason (i) within the first 12 months following Employee’s relocation to Austin then Employee must repay 100% of the Relocation Payments and (ii) within the 13 to 24 months following Employee’s relocation to Austin then Employee must repay 50% of the Relocation Payments. In each case, the repayment must occur within sixty (60) days following Employee’s date of termination. Finally, Employee executed an Employee Relocation Expense Repayment Agreement on February 11, 2014 (the “Repayment Agreement”). The Repayment Agreement is hereby canceled and superseded in all respects by this Agreement.
Relocation Package and Repayment Agreement. In connection with Employee’s relocation to Austin, Texas, Parsley paid Employee (x) a one-time, after-tax lump sum relocation stipend equal to $50,000 and (y) the reimbursement and/or advancement of certain moving and relocation expenses consistent with Parsley’s relocation policies ((x) and (y) together, the “Relocation Payments”). Employee hereby agrees and acknowledges that if Employee’s employment is terminated by Parsley for Cause (as defined below) or by Employee without Good Reason (i) within the first 12 months following Employee’s relocation to Austin then Employee must repay 100% of the Relocation Payments and (ii) within the 13 to 24 months following Employee’s relocation to Austin then Employee must repay 50% of the Relocation Payments.