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Exhibit 10.5
Officer
Relocation Policy
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Purpose
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To establish a
policy for the reimbursement of eligible expenses incurred when an
Officer is permanently transferred from one location to another at
the Company's request.
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Objective
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To provide
financial relocation assistance to an Officer in order to maximize
the Officer’s performance and minimize inconvenience during
the relocation.
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Scope of
Policy
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This policy
applies to an Officer who is required to relocate because he/she is
being permanently transferred (for no less than 12 months) at the
Company's written request to an assigned work location within the
Company that is at least sixty (60) miles from the Officer’s
current assigned work location. No reimbursement will be
allowed unless the Officer’s new residence is at least forty
(40) miles closer to the Officer’s new assigned work location
than the Officer’s prior residence is to the new assigned
work location.
Expenses
eligible for reimbursement are limited to those expenses set forth
in the “Covered Expenses” portion of this policy
incurred by an Officer, spouse or registered domestic partner of
the Officer, or the Officer’s children who currently reside
with the Officer.
Nothing in this
policy should be construed as a contract for employment for any
period of time or as altering the at-will nature of the employment
relationship. The Company has the right to terminate Officers for
any or no reason at all, at any time.
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Officer
Relocation Policy ,
continued
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Reimbursement
to the
Company
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Benefits under
this policy will cease if an Officer resigns his/her employment or
is terminated for misconduct and/or poor performance. In
addition, if an Officer resigns from his/her employment, or is
terminated for misconduct and/or poor performance within
twenty-four (24) months of having commenced work at the new
assigned work location or other agreed upon time in writing, the
Officer will be required to reimburse the Company for any
reimbursements associated with the most recent move paid for by the
Company under this policy.
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Policy
Administration
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This policy is
administered by the Human Capital Management Department. The
Company will not be responsible for any action taken which is
beyond the scope of this policy.
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Compensation
Committee
Discretion
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The Compensation
Committee of the Company can authorize reimbursement of a higher
level of expenses than this policy allows, at its
discretion.
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General
Policy
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An Officer is
eligible to have his/her relocation expenses reimbursed after
relocating to a new assigned job location that is at least sixty
(60) miles from the Officer’s current assigned work
location. No reimbursement will be allowed unless the
Officer’s new residence is at least forty (40) miles closer
to the new assigned work location than the Officer’s prior
residence is to the new assigned work location.
· Relocated Officers shall submit, in sufficient
detail, documentation for all expenses incurred to the Human
Capital Management Department for approval and
reimbursement.
· All relocation-related expenses are required to
be submitted separately from other types of reimbursable business
expenses and are to be clearly marked "Relocation
Expenses."
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Officer
Relocation Policy, continued
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General
Policy
(continued)
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· Officers to be relocated should be made fully
aware of the contents of this policy. Because the determination of
whether an expense is covered by this policy is at the discretion
of the Company, a relocating officer is encouraged to obtain
clarification from the Administration Manager for Human Capital
Management of any expense for which the nature as a covered expense
may be questionable or is unusual in nature prior to incurring such
expense. Any questionable expenses should be resolved
with the Administration Manager for Human Capital Management before
the expense is incurred.
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Approvals
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All requests for
Officer relocation must be approved in writing by the direct
supervisor of the relocating Officer and the President and CEO
prior to actual relocation or commitment to the
Officer. An Officer Relocation Approval Form (see form
at the end of this policy statement) is required to be completed
and approved. In addition, any exceptions to this policy require
the prior written approval of the President and CEO.
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Overview
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In order to
alleviate the financial burden an Officer may incur in relocating
at the Company’s direction, the Company will cover
the following reasonable costs subject to other limitations set
forth herein:
· Realtor Fees, Closing Costs, and Lease
Termination Fees;
· Temporary Living Expenses; and
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Realtor
Fees,
Closing
Costs,
and
Lease
Termination
Fees
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An Officer will
be reimbursed for reasonable realtor fees and reasonable closing
costs incurred by the Officer on the sale of his/her residence or
lease termination fees for Officers currently leasing a residence,
associated with a relocation required by the
Company. The reimbursement will be limited to the
lowe
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