Offer Letter, Letter of Transfer and Relocation Payback Agreement by and between Cisco Systems, Inc. and Maria Martinez

05-Apr-2018

Maria Martinez

Dear Maria:

I have the pleasure of confirming the terms and conditions for your transfer from San Jose, California to San Jose, California that will begin on or around April 16, 2018.

Cisco will assist you by providing the following:

 

 

Please note: Unless specifically stated above, relocation benefits/services are grossed up at the supplemental tax rate only. The amount of the benefit(s) will be added to the employee’s year-end tax document as income.

Maria Martinez, I believe this fully outlines your relocation benefits and services to San Jose, California. Please signify your acceptance of this transfer by signing below and returning this letter to [ ] at [ ]@cisco.com.

Sincerely,

#ManagerSig1#

I AGREE TO THE TERMS AND CONDITIONS COVERING MY RELOCATION TO CISCO SYSTEMS, INC., NEW LOCATION AS SET FORTH IN THIS LETTER.

#EmployeeSig1#

ENCL:

I understand and agree that Cisco Systems, Inc. (“Cisco”) may, in its sole discretion, require that I provide acceptable documentation of some or all of my relocation expenses before reimbursing me for those expenses.

I further understand and agree that Cisco's obligation to make any relocation payment(s) is contingent upon my continued employment with the Company. If I voluntarily terminate my employment within the first 24 months of my relocation, I agree to pay back a prorated portion of all the relocation payments advanced to me or paid on my behalf by Cisco.

In the event that Cisco involuntarily terminates my employment without cause or as result of a restructuring, no reimbursement is required.  However, in the event that my employment is involuntarily terminated during the 24 months of employment in the new Payroll location for Cause as defined below, I agree to repay Cisco for the relocation costs Cisco advanced to me or paid on my behalf by Cisco in a prorated amount.  A termination for “Cause” will mean a termination for any of the following reasons:  (i) your continued material failure to perform your duties to Cisco (other than due to your death or disability after there has been delivered to you a written demand for performance which describes the specific material deficiencies in your performance and the specific manner in which your performance must be improved, all in accordance with the Cisco performance management plan, and which provides thirty (30) business days from the date of notice, or the amount of time specified in any applicable Cisco performance management plan, whichever is greater, to remedy such performance deficiencies; (ii) your engaging in an act of willful misconduct that has had or will have a material adverse effect on Cisco's reputation or business; (iii) your being convicted of, or a plea of no contest to, a felony; (iv) your committing an act of fraud against, or willful misappropriation of property belonging to, Cisco; or (v) your material breach of the Cisco Code of Business Conduct, Conflict of Interest Agreement or Proprietary Information and Inventions Agreement.

I agree to pay the balance in full to Cisco within thirty (30) days of my termination date.

 

In the event that the move is cancelled voluntarily by me prior to the completion of the transfer, I agree to repay Cisco for any funds advanced or benefits paid on my behalf. 

In cases where the move is cancelled by Cisco prior to the completion of the transfer, Cisco agrees to reimburse me for relocation costs incurred in preparation for the move. I agree in this scenario, to provide receipts as proof of the relocation costs incurred.

ig1#

You are encouraged to seek tax advice from your personal tax advisor at your own expense to determine the impact of any relocation payments upon your individual tax liability. You are also encouraged to save all of your relocation expense receipts for tax purposes. The IRS provides tax information, forms and publications at no charge to the public at http://www.irs.gov.