RELOCATION; TEMPORARY HOUSING. The Executive shall be reimbursed (upon presentation of appropriate documentation) for reasonable commuting, moving and other cost-of-relocation expenses incurred by the Executive in relocating to Executive’s principal employment location. The Executive will be reimbursed for reasonable costs incurred in traveling between his principal employment location and other employment locations in accordance with the Company’s existing reimbursement policies (including amounts expended for meals and lodging at other employment locations). It is understood that on or before September 30, 2007 (the “Relocation Date”), the Executive’s principal employment location shall be ▇▇▇▇▇▇▇▇, Oregon. After the Relocation Date, the Executive’s principal employment location shall be that Company office as to which agreement is reached by the Company and the Executive by September 30, 2007 (the “Post-September 30, 2007 Principal Employment Location”) and, as soon as is reasonably practicable after the Relocation Date or such other date, not later than the first anniversary of the Executive’s commencement of employment with the Company, as may be agreed upon by the Board, the Executive shall change his principal place of residence to the metropolitan area encompassing the Post-September 30, 2007 Principal Employment Location. The above-described reimbursement shall also include any incremental tax liability incurred by the Executive with respect to the reimbursements for relocation costs and traveling costs, so that the Executive is in the same tax position he would have been in if such reimbursement were not subject to income tax, provided, however, that, after the Relocation Date, the Executive shall not be reimbursed for incremental tax liability attributable to reimbursement for amounts expended for meals and lodging. Upon termination other than a Termination for Cause or by the Executive without Good Reason , the Executive will be reimbursed for the reasonable cost-of-relocation expenses by the Executive in relocating back to ▇▇▇▇▇▇▇▇, Oregon.
Appears in 1 contract
Sources: Employment Agreement (Vertis Inc)
RELOCATION; TEMPORARY HOUSING. The Executive shall be reimbursed (upon presentation of appropriate documentation) for reasonable commuting, moving and other cost-of-relocation expenses incurred by the Executive in relocating to Executive’s principal employment location. The Executive will be reimbursed for reasonable costs incurred in traveling between his principal employment location and other employment locations in accordance with the Company’s existing reimbursement policies (including amounts expended for meals and lodging at other employment locations). It is understood that on or before September 30May 21, 2007 2008 (the “Relocation Date”), the Executive’s principal employment location shall be ▇▇▇▇▇▇▇▇Columbus, OregonOhio. After the Relocation Date, the Executive’s principal employment location shall be that Company office as to which agreement is reached by the Company and the Executive by September 30May 21, 2007 2008 (the “Post-September 30May 21, 2007 2008 Principal Employment Location”) and, as soon as is reasonably practicable after the Relocation Date or such other date, not later than the first anniversary of the Executive’s commencement of employment with the Company, as may be agreed upon by the BoardCompany, the Executive shall change his principal place of residence to the metropolitan area encompassing the Post-September 30May 21, 2007 2008 Principal Employment Location. The above-described reimbursement shall also include any incremental tax liability incurred by the Executive with respect to the reimbursements for relocation costs and traveling costs, so that the Executive is in the same tax position he would have been in if such reimbursement were not subject to income tax, provided, however, that, after the Relocation Date, the Executive shall not be reimbursed for incremental tax liability attributable to reimbursement for amounts expended for meals and lodging. Upon termination other than a Termination for Cause or by the Executive without Good Reason Reason, the Executive will be reimbursed for the reasonable cost-of-relocation expenses by the Executive in relocating back to ▇▇▇▇▇▇▇▇Columbus, OregonOhio.
Appears in 1 contract
Sources: Employment Agreement (Vertis Inc)