PLAN A RELOCATION REPAYMENT AGREEMENT
Exhibit 10.1
Form of Relocation Repayment Agreement
By accepting financial assistance from ▇▇▇▇▇▇ ▇▇▇ to relocate my family and residence to the destination office location area, (“Relocation Benefits”), I affirm that it is my Intention to remain with ▇▇▇▇▇▇ Mae for a reasonable period as provided below. Accordingly, I acknowledge and agree that payment of Relocation Benefits by ▇▇▇▇▇▇ ▇▇▇ to me (or to others on my behalf) are conditioned upon my continued employment with ▇▇▇▇▇▇ Mae for a minimum of eighteen months (18) from my Start Date or the effective date of my transfer to destination office location whichever is later.
I understand in the event that I voluntarily terminate my employment or am involuntarily terminated for misconduct within this eighteen (18) month period, I hereby promise to reimburse ▇▇▇▇▇▇ ▇▇▇ within 30 days after my employment terminates for the Relocation Benefits distributed to me or on my behalf according to the following schedule:
• | If my employment terminates based on one of the aforementioned reasons anytime within the first twelve months from my Start Date or Transfer Effective Date, I promise to reimburse ▇▇▇▇▇▇ Mae 100% of the Relocation Benefits paid to me (or on my behalf). |
• | If my employment terminates based on one of the aforementioned reasons from the thirteenth month through the eighteenth month from my Start Date or Transfer Effective Date, I promise to repay ▇▇▇▇▇▇ ▇▇▇ for 50% of the Relocation Benefits paid to me (or on my behalf). |
I understand and agree that all relocation benefits extended to me by ▇▇▇▇▇▇ Mae are gratuitous; and neither the extension of Relocation Benefits nor this agreement shall be construed to obligate ▇▇▇▇▇▇ ▇▇▇ to retain me in its employ for any specified period of time. ▇▇▇▇▇▇ Mae, at any time, may terminate the employment relationship with or without cause and with or without notice.
EMPLOYEE NAME (Please Print):
SIGNATURE:
DATE OF SIGNATURE:
START or TRANSFER DATE:
RELOCATION DATE: