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RELOCATION POLICY

Employee Benefits Plan Agreement

RELOCATION POLICY | Document Parties: CARBO CERAMICS INC You are currently viewing:
This Employee Benefits Plan Agreement involves

CARBO CERAMICS INC

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Title: RELOCATION POLICY
Date: 8/5/2009
Industry: Oil and Gas Operations     Sector: Energy

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Exhibit 10.2

RELOCATION POLICY

Effective April 6, 2009

1


 

CARBO
RELOCATION POLICY SUMMARY

 

 

 

MISCELLANEOUS RELOCATION
ALLOWANCE
(taxable and not grossed up)

 

One month’s salary ($10,000 maximum)

 

 

 

HOME SALE OF PRIMARY RESIDENCE
(if sold through ARSI, non-taxable)

 

The Home Sale Program is a Guaranteed Buyout though CARBO’s Relocation Service Partner, All Relocation Services (ARSI). The Realtor sales commission (not to exceed customary rate) and all normal seller’s closing costs, not to include recurring costs are paid by CARBO.

If home is appraised at a value below the employee’s original purchase price, the difference will be taxable to the employee.

 

 

 

HOME SELLING INCENTIVE
(taxable, not grossed up)

 

If employee sells the home within 90 days, a 2% incentive will be paid

 

 

 

LEASE CANCELLATION
(taxable and grossed up)

 

Lease breakage of up to 2 months for unavoidable lease cancellation penalties.

 

 

 

HOME FINDING TRIP
EMPLOYEE AND SPOUSE
(taxable and grossed up)

 

One trip, not to exceed 3 days. Travel, car rental, lodging, and meal expenses will be covered.

 

 

 

TEMPORARY LIVING
(taxable and grossed up)

 

Up to 90 days. Reimbursement for reasonable meals for the employee and family. Lodging $3,000 maximum per month for employee and family. Up to 30 days rental car reimbursement.

 

 

 

RETURN TRIP
(taxable and grossed up)

 

In the event the employee relocates before member(s) of his/her household, transportation for return trips home will be allowed every 15 days while in temporary living. Not to exceed 6 trips.

 

 

 

HOME PURCHASE
(taxable and grossed up, except
origination fee and discount point)

 

For employees who are homeowners at the time the relocation is initiated, reimbursement of loan origination fee (1 pt.), and all normal and customary buyer closing costs, not to include recurring costs. General home inspection, not to exceed $500.

 

 

 

RENTAL ASSISTANCE
(taxable and grossed up)

 

One rental tour, which includes visiting rental sites, community highlights, schools, and providing community/civic information.

 

 

 

SHIPMENT OF HOUSEHOLD GOODS
(non-taxable)

 

Full packing, full unpacking, and transporting of furniture and personal property. If move is more than 500 miles, up to 2 vehicles may be shipped. Reasonable and customary crating. Third Party Services for appliance disconnect and hook-up. Shipment of household goods to be insured by Third Party Insurance.

 

 

 

STORAGE OF HOUSEHOLD GOODS
(1
ST 30 days are non-taxable; 31 st day-60 th day
taxable and grossed-up)

 

Storage of household goods for 60 days.

 

 

 

FINAL MOVE
(1
st $.24/mile, tolls, parking, last night of lodging
at old location while goods in transit, and
lodging while in transit are non-taxable and not grossed up)

 

Reasonable expenses for meals incurred by employee and family while en route to new location. The most direct route must be taken. Mileage will be reimbursed at the IRS rate, currently $.55/mile.

2


 

IMPORTANT NOTICE

CARBO has contracted with a professional relocation service company, All Relocation Services (ARSI), to administer its relocation policy. Once you are authorized to receive relocation benefits, CARBO will initiate your relocation through ARSI. ___ with ARSI will be your primary contact throughout your relocation, and will contact you to review your relocation benefits as outlined in the CARBO policy.

Do not make any relocation-related commitments (including any real estate commitments for your home sale or home purchase) before speaking with your ARSI Relocation Consultant .

Failure to comply with the relocation program outlined in this policy may result in reduced benefits and possible exclusion from the program.

The contact information for your relocation consultant is:

3


 

INTRODUCTION AND PURPOSE

Congratulations on your new assignment! CARBO wants to assist you in making a smooth transition to your new location by providing professional assistance with your move. Benefits of the program are based on eligibility and may include:

 

 

 

 

 

 

 

EXPENSE ADMINISTRATION

 

 

 

 

 

 

 

 

 

            Expense Administration

 

Page 7

 

 

 

 

 

 

 

            Miscellaneous Relocation Expense Allowance

 

Page 7

 

 

 

 

 

 

 

ORIGIN SERVICES

 

 

 

 

 

 

 

 

 

            Marketing Assistance Program

 

Page 8

 

 

 

 

 

 

 

            Independent Sale

 

Page 10

 

 

 

 

 

 

 

            Home Sale Incentive

 

Page 10

 

 

 

 

 

 

 

            Lease Cancellation

 

Page 10

 

 

 

 

 

 

 

DESTINATION SERVICES

 

 

 

 

 

 

 

 

 

            House Finding Trip

 

Page 10

 

 

 

 

 

 

 

            Temporary Living

 

Page 11

 

 

 

 

 

 

 

            Return Trips

 

Page 11

 

 

 

 

 

 

 

            Home Purchase

 

Page 11

 

 

 

 

 

 

 

            Rental Assistance

 

Page 12

 

 

 

 

 

 

 

FINAL MOVE BENEFITS

 

 

 

 

 

 

 

 

 

            Transportation of Household Goods

 

Page 12

 

 

 

 

 

 

 

            Storage

 

Page 13

 

 

 

 

 

 

 

            Final Move Expenses

 

Page 13

 

 

 

 

 

 

 

TAX GROSS-UP

 

Page 13

 

 

 

 

 

 

 

AGREEMENT FOR REPAYMENT OF RELOCATION EXPENSES

 

Page 15

4


 

ELIGIBILITY

Benefits provided under this policy are for all employees transferring as a result of the headquarter move to Houston. In general, the provisions of the relocation program apply to full-time current employees who, at the request of management, are relocated domestically. Full-time, experienced new hires will be handled on a case-by-case basis. Employee requested relocations are not eligible for this program.

IRS regulations require you to work (or expect you to work) in the new location for at least 39 weeks to be eligible to deduct qualified relocation expenses. Exception: if CARBO moves you again or you are laid off, you still qualify for the deduction. In addition, the IRS requires the distance from your old home to your new work place must be a minimum of 50 miles further than the distance from your old home to your old work place.

PAYBACK OF RELOCATION EXPENSES

If an employee leaves the employ of CARBO by voluntary resignation, except for medical reasons, or is terminated for gross misconduct, within one year of relocating, he/she will be required to repay the relocation costs incurred by the company pro rata to the proportion of the one-year period remaining at the time of leaving. See Repayment Agreement.

PROGRAM ADMINISTRATION

The policy for relocation and moving expense reimbursement will be determined and administered by the Human Resources Department. The Company’s decisions regarding the application and interpretation of the relocation policy are final. The Human Resources Department will notify ARSI of all authorized relocations. The “Request for Relocation” form must be signed and approved by the Vice President of Human Resources before a written or verbal offer is made to an employee. Once the offer has been made to the employee, the hiring manager is responsible for notifying Human Resources of his/her acceptance. The notification will begin the relocation process.

IT IS THE HIRING MANAGER’S RESPONSIBILITY TO INFORM THE EMPLOYEE NOT TO LIST THEIR HOME FOR SALE PRIOR TO NOTIFICATION OF HUMAN RESOURCES AND THEIR APPROVAL.

All relocation expenses incurred by the employee must be submitted on a relocation expense reimbursement form provided by All Relocation Service Services.

CARBO has partnered with All Relocation Services (ARSI) as its Relocation Service Partner to administer and implement all parts of its relocation program from initiation to completion. Once ARSI receives proper, written authorization from Human Resources,

5


 

ARSI will begin the initiation process for your relocation. A Relocation Consultant will then contact you within one (1) business day to review the approved benefits of your policy. The Relocation Consultant will be your advocate, manage the relocation from start to finish, and monitor the process to ensure consistent and professional service delivery.

LENDER INFORMATION

The Relocation Consultant will send a relocation package with guidelines and basic information about the relocation process. A list of contact names and numbers, including the names and phone numbers for approved national lenders will be included.

The package will also contain information to help you with your move such as tips for selling a home, tips for buying a home or tips for renting a home.

EXPENSE ADMINISTRATION

Under existing Federal and State Income Tax Regulations, certain relocation expense reimbursements are designated as taxable income. All relocation expenses should be submitted to the Relocation Consultant before being approved by the employee’s manager. ARSI will audit all expenditures to ensure compliance with approved policy and inclusion of proper original receipts . ARSI will process expense reimbursements within three (3) business days of receipt.

MISCELLANEOUS RELOCATION EXPENSE ALLOWANCE

A relocation allowance equal to one month’s salary ($10,000 maximum) will be provided to help with expenses not otherwise reimbursable under the policy. For example:

 

 

Storage over 60 days

 

 

 

Carpet installation or cleaning

 

 

 

Cleaning residence

 

 

 

New window coverings

 

 

 

Drapery alterations or cleaning

 

 

 

Chimney cleaning

 

 

 

Burglar alarms

 

 

 

Lawn care

 

 

 

TV antenna installation

 

 

 

TV adjusting

 

 

 

Tuition fees lost

 

 

 

Appliance installation

 

 

 

Membership dues lost

 

 

 

Advance entertainment purchase

 

 

 

Income tax preparation assistance

 

 

 

Movement of unauthorized vehicles

 

 

 

Perishable food or firewood left behind

 

 

 

Movement of domestic pets and farm type animals

 

 

 

Unusual hobbies

 

 

 

Snow removal

 

 

 

Piano tuning

6


 

The miscellaneous relocation allowance may be requested once your relocation has been authorized. It applies to both homeowners and renters. Only one allowance per household will be issued.

The miscellaneous allowance is considered a supplemental payment and is subject to tax withholding. The allowance is not qualified for the “tax gross up” calculation.

HOME SALE

Marketing Assistance Program

In order to expedite the transfer, maximize relocation benefits, and reduce overall costs to the employee and CARBO, ARSI’s home sale assistance program should be utilized. The employee should not list his/her home for sale until he/she has spoken to his/her Relocation Consultant about Realtor options. Approved Realtors will be required to work with ARSI and agree to an exclusion clause which will be explained by the Relocation Consultant.

Through an in-depth interview process, the Relocation Consultant will assist in the selection of two qualified, experienced real estate professionals, who will be asked to complete a thorough Broker Market Analysis (BMA) of the employee’s home. If the employee has a real estate agent that he/she would like to utilize, who is experienced, knowledgeable of the local market, and familiar with relocation procedures; he/she may be included in the BMA selection process with the approval of your ARSI relocation consultant.

The two selected agents will meet with the employee to inspect his/her home, talk with him/her about their qualifications and what they would do to market the home effectively. They will then prepare a Broker Marketing Analysis (BMA) report reflecting their opinions of a suggested list price and the probable sale price of the employee’s property within a 90 day marketing period. The agent will then send a copy of the price analysis to the Relocation Consultant for review.

The Relocation Consultant will review the BMA reports and discuss them with the employee, including suggested list prices. The employee will then select one of the agents to list his/her home and ARSI will send the listing agent instructions, with the required “Exclusion Clause” to the selected Realtor. The Relocation Consultant will monitor the performance of the agent throughout the marketing period, keep the employee advised of changes in the market, and help the employee assess his/her options if a change in strategy seems indicated.

Some properties are ineligible for CARBO’s relocation program including those with structural defects of the roof, or foundation; well, or septic systems that fail certification; zoning or easement disputes; building code violations, toxic or hazardous materials or substances (e.g., radon, asbestos, lead paint, composite board siding or UFFI); synthetic stucco siding (EIFS) or co-op apartments.

7


 

All offers received on the home during the


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