Common use of Retransfer Clause in Contracts

Retransfer. In the event that within 12 months prior to the date of the Triggering Event the Executive was transferred by the Corporation or the Subsidiary to his then place of residence and if the Executive has been resident in such location for less than 24 months at the time that he becomes entitled to a payment pursuant to Section 2 or 4, if the Executive exercises his rights under this Section 14 at the time of the giving of notice by the Executive pursuant to Section 3, or upon giving notice to the Corporation within 30 days of dismissal from the Executive's employment as referred to in Section 4, as the case may be, the Corporation shall pay the direct moving expenses of moving the Executive and his immediate family and their household effects to his immediately preceding place of residence offset by any such costs paid by any new employer.