Common use of Relocation Policy Clause in Contracts

Relocation Policy. Executive shall be entitled to receive the benefits and/or reimbursements for relocation costs related to Executive’s relocation to the Allegan, Michigan area, in each case, payable pursuant to the Company’s relocation policy. In addition, in the event that Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, in each case within two years after the Effective Date, the Company shall reimburse Executive for any loss on the sale of his residence in the Allegan, Michigan area in an amount equal to the excess (if any) of Executive’s purchase price for such residence over the greater of (i) the Appraised Value (as defined below), and (ii) the actual sale price of Executive’s residence, provided that (x) the sale of such residence occurs within 18 months after the termination of employment (the “Resale Protection Period”), unless such Resale Protection Period is extended by mutual agreement of the parties to this Agreement, and (y) such actual sale price is not less than the average value of the residence, as determined within 30 days before the sale by two independent appraisers mutually appointed by Executive and the Company (such average value, the “Appraised Value”).