AeroVironment, Inc. Relocation Reimbursement Agreement with Wahid (February 21, 2013)
AeroVironment, Inc. agrees to reimburse Wahid for relocation expenses up to $300,000, covering house hunting, moving, home sale and purchase, and temporary rental costs related to moving from Virginia to Southern California. Any unused portion of the allowance may be paid as a taxable bonus. If Wahid resigns before his second anniversary with the company, he must repay all relocation funds received. Applicable taxes apply to reimbursements and bonuses.
Exhibit 10.28
February 21, 2013
Dear Wahid:
The purpose of this letter is to update the relocation agreement that was provided to you upon your hire with AeroVironment.
AeroVironment, Inc. will reimburse you for relocation expense to a maximum of $300,000.00. This relocation money is to be used for house hunting expenses for you and your family, expenses related to moving your household goods from Virginia to Monrovia, expenses related to selling your home in Virginia and purchasing a home in Southern California, and temporary rental expenses for a residence in Southern California. Relocation reimbursement expenses will be subject to any applicable taxes. You will have the option to have any money not expensed toward your $300,000.00 budget paid to you as a taxable bonus.
Should you voluntarily resign your position with the company before your 2nd anniversary date, you will be required to repay AeroVironment, Inc. all relocation money that has been paid to you and paid by the company for your relocation
Sincerely,
Cathleen S. Cline
Sr. Vice President of Administration
