Relocation Expense Agreement between GT Advanced Technologies Inc. and Tom Gutierrez (December 31, 2012)
GT Advanced Technologies Inc. agrees to pay Tom Gutierrez a lump sum of $300,000 to cover costs related to establishing a secondary residence in Raleigh, North Carolina, while he maintains his primary residence in New Hampshire. The payment covers real estate fees, moving costs, temporary living expenses, and a partial tax gross-up. If Gutierrez voluntarily leaves the company before December 31, 2015, he must repay a prorated portion of the payment based on the time remaining until that date.
Exhibit 10.2
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| Worldwide Headquarters |
| 20 Trafalgar Square | |
| Nashua, NH 03063 | |
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| Phone: +1 ###-###-#### | |
| Fax: +1 ###-###-#### | |
| www.gtat.com |
December 31, 2012
Tom Gutierrez
43 Powers Road
Hollis, NH 03049
Dear Tom:
The Compensation Committee of the Board of Directors has approved a payment of your costs of establishing a secondary residence in Raleigh, North Carolina, subject to the terms set forth below. It is understood that you will maintain your primary residence in New Hampshire.
1. The Company will pay the following amounts:
| (a) Real Estate Fees |
| $ | 140,000 |
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| (b) Moving Costs |
| $ | 40,000 |
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| (c) Temporary Living, Travel and Miscellaneous |
| $ | 50,000 |
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| (d) Partial Gross-up of Non-deductible portion |
| $ | 70,000 |
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| Total |
| $ | 300,000 |
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2. The total amount set forth in section 1 above shall be paid in one lump sum on the date of this letter, less any applicable withholding taxes.
3. You will repay to the Company a portion of the amount paid to you pursuant to this letter in the event that you voluntarily terminate your employment with the Company on or before December 31, 2015, such amount to be calculated by multiplying the number of days from the date of such termination until December 31, 2015 by $274.
Kindly indicate your agreement with the terms of this letter by signing in the space provided below.
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| Very truly yours, | |
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| GT ADVANCED TECHNOLOGIES INC. | |
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| BY: | /s/ Hoil Kim |
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| Hoil Kim, |
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| Chief Administrative Officer and |
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| General Counsel |
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| ACKNOWLEDGED AND AGREED: |
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| /s/ Tom Gutierrez |
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| Tom Gutierrez |
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| GT Advanced Technologies 20 Trafalgar Square Nashua, NH 03063 |
| Phone: ###-###-#### Fax: ###-###-#### |
| www.gtat.com |
