Relocation Package. In connection with the performance of your services as contemplated in this Agreement, you agree that your office shall be located at the Company’s principal offices which will be relocated to ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇; the purpose of such relocation being to place the Company’s headquarters in greater proximity to the Company’s vineyards. In connection therewith, you intend to relocate and purchase a new principal residence near such offices and in connection with your relocation, the Company shall provide you the following (the “Relocation Package”): (a) the compensation and benefits described in that certain document attached hereto as Exhibit “B” (the “Relocation Package”); (b) a “Settling-In Allowance,” in the sum of (i) Thirty Thousand Dollars ($30,000)(the “Affected Payment”) payable in a lump sum to you upon your physically relocating your principal place of residence to Monterey County, CA or a neighboring county (the “Relocation”), plus (ii) the “Additional Payments” which shall be equal to the sum of any federal, state and local income taxes and penalties and interest thereon attributable to both the Affected Payment and the Additional Payments. You shall receive the Additional Payments concurrently with Affected Payments. (c) The Company agrees to make available to you an interest free relocation bridge loan (the “Loan”), secured by a Second Deed of Trust on your current principal residence which shall be funded prior to the closing of your purchase of your new residence, in the principal amount of Two Hundred Thousand Dollars ($200,000). The Loan shall mature and be payable upon the first to occur of either: (i) the sale of your current residence or (ii) one (1) year from the date of funding.
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Relocation Package. In connection with the performance of your services as contemplated in this Agreement, you agree that your office shall be located at the Company’s principal offices which will be relocated to ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇; the purpose of such relocation being to place the Company’s headquarters in greater proximity to the Company’s vineyards. In connection therewith, you intend to relocate and purchase a new principal residence near such offices and in connection with your relocation, the Company shall provide you the following (the “Relocation Package”):
(a) the compensation and benefits described in that certain document attached hereto as Exhibit “B” (the “Relocation Package”);
(b) a “Settling-–In Allowance,” in the sum of (i) Thirty Thousand Dollars ($30,000)(the “Affected Payment”) payable in a lump sum to you upon your physically .physically relocating your principal place of residence to Monterey County, CA or a neighboring county (the “Relocation”), plus (ii) the “Additional Payments” which shall be equal to the sum of any federal, state and local income taxes and penalties and interest thereon attributable to both the Affected Payment and the Additional Payments. You shall receive the Additional Payments concurrently with Affected Payments.
(c) The So long as you continue to be employed by the Company for a period of one (1) year from the date of your Relocation, the Company agrees to ▇▇. ▇▇▇▇▇▇▇ ▇. Thomsen March 22, 2001 make available to you an interest free a relocation bridge loan (the “Loan”), secured by a Second Deed of Trust on your current new principal residence which shall be funded prior to in conjunction with the closing of your purchase of your new such residence, in the principal amount of Two up to One Hundred Thousand Dollars ($200,000100,000), simple interest payable annually at the rate of 5.3% (the “Annual Interest Payment”) throughout the Term of the Loan. Except as set forth below, the Loan shall mature in five (5) years from the date of funding, subject to a balloon payment of the remaining principal at the end of the Term of the Loan–, provided, however, that to the extent you receive from the Company any compensatory bonus above and beyond your Base Salary during any calendar year, you agree to contribute no less than twenty–five percent (25%) of such bonus, after deducting such year’s Annual Interest Payment, to reducing the principal of the Loan. The maturity date of the Loan shall be accelerated in the event (i) you resign from the Company or are terminated with Cause, in which case the Loan shall mature and all accrued and unpaid interest and the outstanding principal balance shall be payable upon due ninety (90) days from your termination of employment with the first to occur of either: (i) the sale of your current residence Company, or (ii) if your employment with the Company ends for any other reason, including but not limited to termination without Cause, all accrued and unpaid interest and the outstanding principal balance shall be due one (1) year from your termination of employment with the date of fundingCompany.
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