Increased Relocation Allowance Agreement between Company and Michael Towe (March 12, 2007)
This letter agreement between the company and Michael Towe, Chief Financial Officer, increases the company's commitment to reimburse Mr. Towe for reasonable relocation expenses related to his move from Florida to Georgia. Covered expenses include moving costs, temporary living expenses, brokerage and closing costs, carrying costs for his former residence, and any loss on the sale of that residence. The total reimbursement is capped at $200,000, with $22,303 already paid and $177,697 remaining available.
March 12, 2007
Mr. Michael Towe
Chief Financial Officer
101 World Drive
Peachtree City, Georgia 30269
Re: Increased Relocation Allowance
Dear Mike:
In light of the unanticipated financial burden your former residence, 6732 The Masters Avenue, Bradenton, FL 34202 (“the Premises”) has caused you and your family, I am pleased to inform you that the company hereby agrees to enhance our original commitment to reimburse you for your reasonable relocation expenses, as provided in your offer letter dated April 5, 2006, as follows:
for the movement of household goods and other related costs incurred in your move from Florida to the Peachtree City, Georgia area; for temporary living expenses related to your move to Georgia; for brokerage fees and miscellaneous closing costs incurred upon the sale of the Premises; for carrying costs incurred on the Premises following your move to Georgia (to include, by way of example, insurance, taxes, utilities, costs for general maintenance services such as lawn and pool); and for any loss you incur on the sale of the Premises (i.e., any difference between your selling price and your purchase price of the Premises).
This total obligation, as stated above, is limited to a maximum relocation allowance of $200,000 of which the company has already reimbursed you $22,303, leaving a balance of $177,697 in remaining allowable relocation expenses.
Yours sincerely,
/s/ Randy J. Martinez
Chief Executive Officer
