for reimbursement of moving-related expenses, and (iii) up to $3,500 per month for reimbursement of payments on the mortgage for your current home in Denmark until the earlier of the closing of the sale of such home or ten (10) months after your start date (collectively, the Relocation Bonus). By signing this offer of employment, you acknowledge and agree that, in the event that you voluntarily resign from the Company or if your employment is involuntarily terminated for just cause (as determined by the Company), you will repay the Company said Relocation Bonus as follows:
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If the termination occurs within 365 days or less following your start date, you will repay 100% of the Relocation Bonus,
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If the termination occurs within 365 and 730 days following your start date, you will repay 50% of the Relocation Bonus.
You will be responsible for any taxes due on the Relocation Bonus.
During your employment with the Company, you will be eligible to participate in the Companys employee benefit plans including, but not limited to, Life, Disability, Medical, Dental and Vision Insurance, 401(k), Section 125 Flexible Spending Accounts in accordance with their terms. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.
As a full-time employee, you will be eligible for paid-time-off benefits (PTO), for such things as sick leave, vacation time or time for personal needs, in accordance with our policies for similarly situated employees. Under our PTO policy, employees can accrue up to 22 days of PTO per year, subject to a maximum accrual cap of 33 days (264 hours). For example, if your annual accrual is 22 days (176 hours), you may accrue up to 33 days (264 hours) of PTO. Once you earn the maximum accrual, you will not earn additional PTO until you take PTO and reduce your accrual below the maximum.
You will be eligible to receive stock options or other equity compensation as determined from time to time by the Compensation Committee of the Board of Directors.
In the event your employment with us is terminated for any reason other than death or Disability (as defined in the relevant equity award documentation), you will have three months following the termination of employment to exercise the vested portion of any option grant. In the event your employment with us is terminated due to your death or Disability, the vested portion of any option grant may be exercised within the one-year period following the termination of your employment. In no event may any option grant be exercised after the expiration of its ten-year term.
You should be aware that your employment with the Company is for no specified period and constitutes at will employment. As a result, you are free to terminate your employment at any time, for any reason or for no reason. Similarly, the