To: | Brian Bird, Chief Financial Officer |
From: | Roger Schrum, Vice President – Human Resources and Communications |
Subject: | Relocation Expenses |
Date: | April 26, 2005 |
The following items were agreed upon with Mike Hanson, President, regarding your relocation from Kenilworth, Ill., to Sioux Falls, S.D.
| 1. | Bird is eligible for relocation from Kenilworth, Ill., to Sioux Falls, S.D. |
| 2. | Bird is responsible for hiring real estate agents to sell and purchase homes in Kenilworth and Sioux Falls. |
| 3. | Bird has satisfied all temporary housing and living expenses, and no further consideration will be made. |
| 4. | Bird is responsible for independently selling his home in Kenilworth and will be reimbursed for the reasonable sale expenses as noted in the Company's relocation policy. |
| 5. | Bird will be reimbursed for normal en route expenses when moving his home. This includes cost of movers and other reasonable related expenses as noted in the Company's relocation policy. |
| 6. | Bird will be reimbursed for the actual cost of normal miscellaneous expenses up to $5,000 associated with the relocation as provided under the Company's relocation policy. |
| 7. | Bird will independently purchase his home in Sioux Falls and will be reimbursed for the reasonable purchase expenses as covered under the Company's relocation policy. |
| 8. | Bird would be eligible to receive reimbursement of any earnest money that may be forfeited in purchasing a home in Sioux Falls if his employment is terminated prior to the completed purchase of his home. |
| 9. | Bird would be eligible to receive equity protection on the sale of his home in Sioux Falls if his employment is terminated within one-year of purchase of the home or if the Company enters into a binding sales agreement within one year of the purchase of his home that subsequently leads to his termination of employment. |
| a. | Equity protection is defined as the recovery of any established equity in his newly purchased home. |
| 10. | The attached includes all other related relocation policy matters. |