Relocation Payback Agreement between Jeffrey J. Kyle and Sensus Metering Systems
This agreement is between Jeffrey J. Kyle and Sensus Metering Systems. It states that if Mr. Kyle leaves the company, either voluntarily or involuntarily, within 24 months of his transfer, he must repay all or part of the relocation expenses paid by the company. The amount to be repaid decreases over time according to a set schedule, with full repayment required in the first year and gradually reducing to zero after 24 months. Both parties have signed the agreement, and it is kept on file by the company's Human Resources department.
Exhibit 10.36
Attachment B
RELOCATION PAYBACK AGREEMENT
Effective Date of Transfer 12/8/08
I, Jeffrey J. Kyle agree to pay back relocation expenses in accordance with the following guidelines:
Termination within 24 months of accepting new assignment
If I voluntarily terminate employment or I am involuntarily terminated within the first two years after the transfer date (defined as the commencement of salary at the destination location), I will repay all relocation benefits previously paid by the Company, according to the following graduated scale.
1st - 12th Month | 100% | 17th Month | 75% | 22nd Month | 25% | |||||
13th Month | 95% | 18th Month | 65% | 23rd Month | 15% | |||||
14th Month | 90% | 19th Month | 55% | 24th Month | 5% | |||||
15th Month | 85% | 20th Month | 45% | 25th Month | 0% | |||||
16th Month | 80% | 21st Month | 35% |
/s/ Jeffrey J. Kyle | Date | 2/16/09 | ||
Employee Signature | ||||
/s/ Michael DeCocco | Date | 2/16/09 | ||
Sensus Metering Systems HR Signature |
The top portion of this form is to be completed at the time of authorization to move. A copy of the signed form should be given to the employee. The original should be retained by Sensus Metering Systems Human Resource Department.
To be filled out at the time of termination:
Date terminated Sensus Metering Systems to be paid back in full by
Reason(s)
Sensus Metering Systems Relocation Payback Agreement Rev. 08-01-08