Employee Relocation Assistance Lump Sum Repayment Agreement between Seagate US LLC and Jim Murphy (August 2017)
This agreement is between Seagate US LLC and employee Jim Murphy. Seagate is providing Jim Murphy with a $200,000 lump sum cash benefit, minus taxes, to help cover relocation costs. Jim Murphy agrees to remain employed with Seagate for at least 12 consecutive months after receiving the payment. If he leaves the company for any reason other than being terminated without cause within that period, he must repay the full relocation amount. The agreement does not guarantee continued employment.
Exhibit 10.1
Employee Relocation Assistance
Lump Sum Repayment Agreement
Jim Murphy, August 2017
I understand that a lump sum cash relocation benefit in the amount of $200,000, less applicable taxes (the Relocation Amount), is being provided to assist me in offsetting the costs of my work-related relocation. I acknowledge and agree that the payment of the Relocation Amount by Seagate US LLC (Seagate) is being made based upon the current expectation that I will remain an employee of Seagate for a period of twelve (12) consecutive months after the date of payment of the Relocation Amount. I further acknowledge and agree that if I receive the Relocation Amount and subsequently leave the employment of Seagate for any reason other than a termination without Cause (as defined in the Seagate Technology Executive Severance and Change in Control (CIC) Plan) within this twelve (12) month period, then I will repay Seagate the full Relocation Amount, which will be considered due and payable as of the date of my leaving employment with Seagate.
I have read, understand, and accept the terms of this agreement regarding my cash relocation benefit. I understand that nothing in this agreement should be regarded as a guarantee of continued employment for any period.
Dated: | 8-22-17 |
Employee name (please print): | Jim Murphy |
Employee signature: |
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Contact Phone Number: | 408 - 658 XXXX |
PLEASE EMAIL A SIGNED COPY OF THIS AGREEMENT TO ***@*** TO INITIATE
YOUR RELOCATION PAYMENT.
August 2017