Document:

Exhibit 10.113 - Bose Offer Letter

EXHIBIT 10.113

    
November  30, 2011

Supratim Bose
11A Cooling Close
Singapore 558176

Dear Supratim,

We are pleased to offer you the position of Senior Vice President and President, Asia-Pacific with Boston Scientific (the “Company”) reporting to Hank Kucheman, Chief Executive Officer.  As part of this offer, we are very pleased to recommend that you be a member of the Boston Scientific Executive Committee. Your appointment to the Executive Committee and your appointment as an executive officer of Boston Scientific is subject to the approval of the Board of Directors, which we expect to request by December 13, 2011   

The specific terms and conditions of your offer are as follows, subject to approval by the Compensation Committee of the Board of Directors, which we expect to request by December 13, 2011:

1.    Medical Examination
This offer of employment is conditional on your passing the Company's pre-employment medical examination to be conducted by the Company's doctors. Arrangements for this will be made upon your indicating acceptance of this offer of employment. 

2.    Salary
		
	2.1
	You will receive a base salary of 50,330 SGD gross per month.

		
	2.2
	    Your salary shall be reviewed from time to time in accordance

with the Company policy.

		
	3.
	13th Month Wage Supplement

		
	3.1
	The Company pays a 13th month wage supplement at the end of the calendar year.

		
	3.2
	For any term of service of less than 12 months, the 13th month supplement shall be pro-rated. This will be calculated on the base salary which you are drawing at the time payment is made.

		
	4.
	Incentive

		
	4.1
	In addition, starting in 2012, you will be eligible for Boston Scientific Performance Incentive Plan (“PIP”) incentive earnings target of 60% of your total annual base salary including the 13th month' supplement, if performance targets are achieved.  Your actual award will be based on your individual and company performance.  Under the current incentive plan, you must be employed on the date the award is payable in order to be eligible for payment.

		
	5.
	Cash Sign-on

		
	5.1 
	Boston Scientific will provide you with a lump-sum cash sign-on bonus of SGD 262,020  (less applicable withholding taxes), which will be paid at the time of your first paycheck (the “Initial Sign-On Bonus”).  Except as otherwise set forth in this Letter, you must be employed by Boston Scientific to receive the Initial Sign-On Bonus.  If you should leave Boston Scientific voluntarily prior to the first anniversary of your start date, you will be required to pay back the Initial Sign-On Bonus within 30 days of your departure. 

		
	6.
	Long-Term Equity

		
	6.1
	New Hire Equity Grant - As part of this offer of employment, we are recommending, subject to approval by the Compensation Committee of the Board of Directors, which we will seek immediately and expect to obtain prior to your anticipated start date, an equity incentive.  The equity incentive will be in the form of 50% Non-Qualified Stock Options and 50% Deferred Stock Units (DSUs) having a total value of $800,000 (US Dollars) on the date of grant. Your award will be made pursuant to the 2011 Boston Scientific Long Term Incentive Plan. Our Long-Term Incentive Plans are designed to share the rewards of the business with individuals who most significantly contribute to the achievement of the Company's strategic and operating goals.  The date of grant will be the first trading day of the month following date of hire and approval. 

		
	a.
	 Non-Qualified Stock Options:  The option grant will provide you with the opportunity to purchase shares of Boston Scientific common stock.  The number of stock options will be calculated using a Black Scholes calculation of the value of the options on the effective date of grant.  The exercise price will be equal to the Fair Market Value (closing price) of Boston Scientific common stock on the effective date of grant.  The option grant will vest in four equal annual installments beginning on the first anniversary of the date of grant and will expire on the 10th anniversary of the grant date.  In all other respects the option grant will be subject to the provisions of the 2011 Long-Term Incentive Plan and Non-Qualified Stock Option Agreement.  In accordance with the 2011 Long-Term Incentive Plan, any unvested stock options will accelerate upon your Retirement, Disability, death or a Change in Control of Boston Scientific (as those terms are defined in the 2011 Long-Term Incentive Plan) and remain exercisable until the expiration of the stated term of the stock option.

		
	b.
	DSU Award:  An award of Deferred Stock Units reflects Boston

Scientific's commitment to grant to you a number of shares of Boston Scientific common stock (less applicable tax and other withholdings), to be issued to you in 

five equal annual increments beginning on the first anniversary of the date of the grant.  The number of DSUs to be awarded will be calculated using the Fair Market Value (closing price) of Boston Scientific common stock on the effective date of grant. This award is also subject to all provisions of the 2011 Long Term Incentive Plan and Deferred Stock Unit Agreement.  In accordance with the 2011 Long Term Incentive Plan, upon your Retirement, Disability, death or a Change in Control of Boston Scientific (as those terms are defined in the 2011 Long Term Incentive Plan), we will issue to you or your beneficiary (as the case may be), any shares of Boston Scientific stock to be awarded to you in accordance with this letter that remain subject to eligibility conditions.

		
	6.2
	2012 Annual Equity Grant - As part of this offer, during the normal annual executive review process you will be recommended to be granted an equity award having a total value of $400,000 (US Dollars) on the effective date of grant (“2012 Annual Equity Grant”). This award is inclusive of Boston Scientific annual equity to be granted to you under the 2012 Long Term Incentive Program. These awards will be made pursuant to the 2011 Boston Scientific Long Term Incentive Plan.  Our Long Term Incentive Plans are designed to share the rewards of the business with individuals who most significantly contribute to the achievement of the Company's strategic and operating goals.  The effective date of grant will be the date on which 2012 long-term incentive awards are made to senior executives of Boston Scientific generally under the 2012 Long Term Incentive Program, which under our policies is generally on the date of approval or the first open trading day following the date of approval, should the date of grant be in a closed trading window.  Thereafter, your performance and entitlement to long term incentive compensation grants will be reviewed in the normal course, on an annual basis starting with the annual review process in 2013. Although the program and individual performance varies from year to year, we generally expect this position to have a range of equity between $500,000 (US Dollars) to $1,500,000  (US Dollars). 

		
	7.
	Transport Allowance

		
	7.1
	You will be eligible for a transport allowance of 72,000 SGD per annum, or 6,000 SGD per month which covers petrol and parking.  This will be paid directly to your account.  The transportation allowance, being fixed and regular amount, is compensation income subject to withholding tax on compensation.

		
	8.   
	Other Benefits and Terms

		
	8.1
	Your leave, medical and hospitalization benefits and other terms are summarized in the Employee Handbook which will be provided to you. You are covered under the benefits program for employees designated as Managerial/Professional staff.

8.2      Your leave entitlement will start from 20 days and will be pro-rated 
accordingly in the first year.  

These benefits are granted on the understanding that these may be varied or withdrawn at the sole discretion of the Company.

9.    Termination

		
	9.1
	During your probationary service, you or the Company shall be entitled to terminate your employment at any time by one party giving to the other one (1) month's notice in writing or one (1) month's base salary in lieu of notice.

		
	9.2
	After your confirmation, your employment may be terminated at any time by either party giving to the other one (1) months' written notice, or one (1) months' base salary in lieu of notice.

		
	9.3
	Company shall be entitled to terminate your employment immediately upon written notice (but without prejudice to the rights and remedies of the Company for any breach of this Agreement and to your continuing obligations under this Agreement) in any of the following cases:

9.3.1    If you are guilty of dishonesty or serious or persistent misconduct 
or, without reasonable cause, neglect or refuse to attend to your 
duties, or fail to perform any of your obligations hereunder, or fail 
to observe the Company's rules and any other regulations of the 
Company from time to time in force.

9.3.2   If you are incapacitated by illness or otherwise unable to perform     your duties hereunder for a period totaling in aggregate six months in any period of twelve consecutive calendar months.

		
	9.3.3
	If you become bankrupt or have a receiving order made against you or make any general composition with your creditors.

		
	9.4
	Upon termination of employment for any reason, or at any other time    requested by the Company, you shall promptly return all Company property to the Company.

		
	9.5
	Per the employment rules of the Company and subject to applicable law,  you shall retire from the services of the Company upon attaining the prescribed retirement age.

10.    Notice
		
	10.1
	Any notice required to be given in connection with your contract of employment shall be given in writing.

		
	10.2
	In the case of a notice given by the Company, such notice shall be valid if it is delivered personally to you or sent by registered post to your last known place of residence.

10.3    In the case of a notice given by you, such notice shall be valid if it is hand
          delivered or sent by registered post to the Company at its registered 
          address.

11.     Pre-Conditions to Employment with the Company 

		
	11.1
	This Offer of Employment is contingent upon your present or previous employers releasing you from any advance notice of resignation as well as any restrictive and non-competition covenants which may affect or restrict the scope and obligations of your employment with the Company, as determined by the Company

		
	11.2 
	This offer is contingent on background verification and references satisfactory to Boston Scientific.

12.    Confidentiality, Non-Competition, Inventions and Work Product
12.1   You shall not during the continuance of your employment or after its termination disclose, divulge, impart or reveal to any person or company any of the trade secrets or confidential operations, processes, dealings or any information concerning the organization, business, finance, transactions or affairs of the Company of any of its related companies 
           which may come to your knowledge during your employment (“Confidential Information”) and shall not use or attempt to use any such information in any manner which may injure or cause loss either directly or indirectly to the Company or its business.  This restriction shall continue to apply after termination of your employment.

12.2    You agree that you shall not, directly or indirectly, at any time during a 
           one-year period commencing upon your termination of employment with 
           the Company for any reason, either on your own account or for any other 
           person or entity, solicit, interfere with or endeavor to entice away from the   
           Company or any of its related companies, any person who to your 
           knowledge is, or has at any time in the one-year period immediately prior
           to the termination of your employment, been a client, customer or 
           employee of, or in the habit of dealing with the Company or any of its 
           related companies.

12.3    You agree that you shall not, directly, at any time during a one-year period commencing upon your termination of employment with the Company or any reason, render or engage in Competing Service, either on your own account or for any other person or entity, in any country where you provide services on behalf of the Company during the last two (2) years of your employment with the Company or any of its affiliates.  The term “Competing Service” is defined as any involvement with the type of products, processes or services with which you, during the last two (2) years of your employment with the Company or any of its affiliates, (a) worked or (b) about which you acquired or had access to Confidential Information.

		
	12.4
	You agree to promptly disclose to Company any inventions, original works of authorship, development, concepts, improvements or trade secrets, whether or not patentable or subject to copyright or similar laws, which you make during the period of your employment with the Company and which relate to the scope of your employment.  You agree to assign all rights, title and interest in such intellectual properties to the Company, and will cooperate fully with respect to any filings or registrations the Company wishes to make to protect those properties.

13.    Obligations and Conduct of Employee
		
	13.1
	You shall devote your full working time and ability to the business of the Company and its affiliated companies in accordance with the instructions you receive from the Company and consistent with the duties and responsibilities assigned to you.

		
	13.2
	You are prohibited from concluding any contracts binding the Company, whether in your own name or on behalf of any third party, unless you first secure written approval of the Company.

		
	13.3
	You agree that you will not, during the term of this agreement, become associated directly or indirectly with any business whose activities may be competitive with those of the Company, its employees, or its affiliated companies.

		
	13.4
	Publications or speeches by you which concern the activities or interests of the Company must be cleared in advance by your supervisor unless they are for the purposes of sales promotion for the Company or are otherwise within the scope of your usual functions.

13.5     You agree to abide by all of the Company's policies and procedures, 
including the Boston Scientific Code of Business Conduct, as amended from time to time and which shall form part of this Employment Agreement, and to comply with all work rules and instructions communicated to you by the Company, as each shall be amended from time to time.

14.      Executive Retirement Plan

		
	14.1 
	As a member of the Executive Committee, you will be eligible for benefits under the Boston Scientific Executive Retirement Plan. As a member of the Executive Committee, if you “Retire” from Boston Scientific (as that term is defined in our Executive Retirement Plan), you may be eligible to receive certain benefits provided in that Plan, including a lump sum payment equal to 2.5 months of base salary times your years of service, subject to a maximum benefit of 36 months.  A copy of Boston Scientific's Executive Retirement Plan is attached for your information.

		
	15.
	BOSTON SCIENTIFIC CHANGE IN CONTROL AND INDEMNIFICATION AGREEMENTS

		
	15.1
	In general, the Change in Control agreement entitles you as a member of our Executive Committee to a lump sum payment of three times your base salary and assumed on-plan incentive bonus if either your employment is terminated (other than for cause) or if your duties are diminished following a change in control of Boston Scientific.  Indemnification by Boston Scientific is also extended to key executives for liability arising in the proper performance of one's responsibilities as an executive officer of Boston Scientific.  A form of each agreement will be provided to you.

16.          General
If any provision in this contract of employment is held invalid or unenforceable, the remainder of this contract shall nevertheless remain in full force and effect.

This Employment Agreement and the Code of Conduct, form the entire agreement between you and the Company relating to your employment with the Company, and supersedes all other oral or written understanding and agreements between you and the Company that may have existed prior to the date of this Employment Agreement.

Please confirm your acceptance of the above terms and conditions by signing this Agreement, and the Code of Business Conduct Acknowledgment form, and return these to the Company.

We look forward to your acceptance of this offer.

Yours sincerely

Hank Kucheman
Chief Executive Officer

I, Supratim Bose, have read this letter of offer and accept employment on the terms and conditions stated.

I shall be able to commence employment on December 26, 2011.

Signature: _____________________________  Date:___________________Exhibit 10.118 Domestic Relocation Policy Tier 5 Exec Homeowner

Exhibit 10.118

DOMESTIC RELOCATION POLICY
Tier 5 Executive Officer
Homeowner

EFFECTIVE JANUARY 2007

LAST UPDATED July 2012

Table of Contents

	
			
	MOBILITY PHILOSOPHY
	2
	

	PURPOSE OF THE POLICY
	2
	

	ELIGIBILITY
	2
	

	APPLICATION OF THE POLICY
	3
	

	ADMINISTRATION
	3
	

	Getting Started
	3
	

	Interpretation and Policy Changes
	3
	

	Reimbursements and Payments
	4
	

	RELOCATION PROVISIONS
	4
	

	Lump Sum Payment for Temporary Living, Home search, and Miscellaneous Expenses
	4
	

	New Home Search
	5
	

	Departure Area Home Sale Assistance
	7
	

	Duplicate Housing Costs
	9
	

	Moving Household Goods
	10
	

	Final Trip to New Area
	11
	

	Spouse/Partner Career Assistance
	12
	

	Cost of Living Allowance for High-Cost Areas
	12
	

	POLICY PROVISION SUMMARY
	13
	

	TAX SUMMARY
	14
	

	ATTACHMENT: AGREEMENT TO REIMBURSE
	15
	

MOBILITY PHILOSOPHY    

Boston Scientific Corporation, referred to as 'the Company' for the remainder of this document, believes that relocation supports the acquisition and development of employees whose superior technical skill or specialized knowledge deliberately enhance the Company's competitive advantage.

PURPOSE OF THE POLICY

This Policy provides domestic relocation related information and guidelines for Boston Scientific Corporation employees and its subsidiaries ("Boston Scientific" or the "Company"). 

It is the Company's intention to provide transferees with assistance to minimize the expense and inconvenience of moving.  This policy sets forth the relocation related expenses covered, the time requirements, and the services designed to help transferees complete their relocations as cost-effectively and as quickly as possible.  To meet these objectives, the Company will cover certain, reasonable expenses associated with your relocation.  The Company does not intend, however, to cover all the expenses that may be incurred by a transferee in the process of relocating.

ELIGIBILITY

For the relocation provisions of this policy to apply, certain criteria must be met:
		
	▪
	The commuting distance from the transferee's current residence to new place of employment must be at least 50 miles greater than the commuting distance from current residence to current place of employment.  If the commuting distance is considered normal for the area, you may not be eligible for relocation provisions, even though the added distance may meet the 50-mile requirement.  

		
	▪
	The transferee must work full time at the new location for at least thirty-nine (39) weeks within the first year after transfer for the move to meet IRS regulations.

		
	▪
	The relocation must be completed within one year of the transferee's transfer or hire date. 

		
	▪
	All financial relocation provisions provided in connection with a change of residence will apply to one household unit.  In situations where two or more transferees share the same household, they will receive relocation provisions for a single household move.

		
	▪
	Transferees will be required to sign an Agreement to Reimburse as part of their acceptance of the position requiring relocation (see Attachment).  Transferees who voluntarily terminate their employment with the Company, or are terminated for cause, will be required to pay back expenses incurred by the Company for the transferee's relocation on this schedule:  100% of all relocation provisions and attorneys' fees if the employee terminates within one year of the date on which payment of relocation provisions is first made; and 50% of relocation provisions and attorney fees if the employee terminates within two years of the date on which payment of relocation provisions is first made.   

		
	•
	You must sign the Agreement to Reimburse before any relocation payments can be made.

		
	•
	Transferees whose employment terminates due to a RIF (reduction in force), will have the agreement to reimburse waived and may either be eligible to receive some relocation payments or have some relocation provisions eliminated as outlined in the Companies “Standard Operating Procedure” for relocation payments following job elimination.

Certain provisions of this policy also apply to your spouse (or domestic partner as defined by the Company's corporate policy) as well as to your dependents, per IRS guidelines.

APPLICATION OF THE POLICY

This policy applies to full-time, exempt employees of the Company who are requested by the Company to complete permanent moves within the U.S. This policy does not apply to  employee-initiated moves or temporary assignments.   

The terms “transferee” and “employee” have the same meaning in this policy, and refer to any eligible current employee authorized for relocation under this policy.

ADMINISTRATION

The Company has retained Weichert Relocation Resources Inc. (WRRI), a leading Global Mobility Services firm headquartered in Morris Plains, New Jersey, to administer the policy on its behalf.  All instructions, reimbursements, payments and services will be delivered through WRRI.   Transferees are encouraged to address all relocation questions directly to WRRI.

Getting Started
Upon receipt of an Authorization from the Company, you will be assigned a Relocation Counselor who will contact you to begin the relocation process.  

The Relocation Counselor will be your resource for information and advice throughout the relocation.

Interpretation and Policy Changes
The Company has the sole authority to make determinations as to eligibility for relocation provisions, the amount of relocation provisions payable, the limits of “reasonable” with reference to expenses covered; and to make changes to this policy at any time.  Interpretations and changes will be communicated to transferees through WRRI.

Reimbursements and Payments
WRRI will oversee the auditing and payment of certain eligible relocation expenses and allowances, and the calculation of tax gross-ups, as applicable.  Your Relocation Counselor is available to help you at each step of the relocation process and will be your single point of contact for all issues related to relocation expenses.  No relocation expense or limit described in this document shall be viewed as an entitlement, and substitutions of one provision or reimbursement for another will not be allowed.

Lump sum payments will be disbursed as soon as possible after the effective date of your new position.

Transferees must submit expenses or requests for payments to WRRI on the Relocation Expense Report provided, and substantiate them with original receipts for all expenses over $25.00.  Relocation Expense Reports should be submitted as expenses are incurred.   All relocation expenses must be accounted for within one year of effective date of hire/transfer.   Any portion of the relocation provision not used within the one-year period will be relinquished. 

Reimbursement or payment checks will be mailed by WRRI approximately ten days from receipt of completed Relocation Expense Report, provided expenses are within policy and properly documented.  If expenses must be adjusted or disallowed during the audit, the payment process may be delayed, but any such adjustment or disallowance will be explained to the transferee in writing.  

Any questions regarding the approval or denial of reimbursements should be directed to your Relocation Counselor.

RELOCATION PROVISIONS

Lump Sum Payment for Temporary Living, Home search, and Miscellaneous Expenses
To assist with certain major relocation expenses that are not directly reimbursed under policy, the Company will pay a lump sum amount.  This amount may be used at the transferee's discretion, and is intended to offset expenses incurred in temporary living and in a variety of other relocation-related activities.

This lump sum payment has three parts: (1) Temporary Living (2) Homesearch and (3) Miscellaneous Expenses:
 (1) Temporary Living payment (a computed amount) for up to 60 days:
		
	▪
	A lump sum to offset living expenses for up to 60 days. 

Transferees should make every effort to plan their moves so that they can go directly from the old residence to the new residence with a minimum of temporary living.  If it is necessary to live in temporary accommodations in the new area until the new residence is available, the Relocation Counselor will assist in identifying reasonable accommodations within commuting distance of the office.

Extension of Temporary Living - Homeowner:
The temporary living period should be as short as possible.   When there is a delay due to non-availability of housing or a delay in shipment of goods, temporary living costs may be extended with management approval in 30 day increments up to a maximum of 120 days.

(2) Home Search Trip:
		
	▪
	An allotment which considers daily expenses specific to your plans, covering meals, lodging, rental car and child/elder care

		
	•
	You and your spouse may take one or two trips, based on need. The lump sum will be based on a maximum of ten days to look for housing in the destination area.  You will receive:

		
	▪
	Reimbursement for air fare (coach class, 14-day advance booking including Saturday-night stay, when possible); or 

		
	▪
	Reimbursement for mileage based on the current corporate mileage rate if you choose to drive your personal car.

New Home Search 
Your Relocation Counselor will coordinate your home finding trip and arrange for reimbursement, direct billing or advancement of closing costs, as needed.

Home Search Services:  Your Relocation Counselor will discuss your housing and community needs with you and will then set up a house hunting itinerary according to your schedule, and with your needs in mind.  Work closely with your Relocation Counselor to make your home search trip a successful one.  

Transferees are advised not to contact a real estate broker in the new area on their own, but to work with their Relocation Counselors in the search for new community and home.  Your Relocation Counselor will provide real estate contacts, mortgage assistance through Company-preferred national lenders, and advance information on the new area -- as well as assistance in coordinating an effective house hunting itinerary.

Your Relocation Counselor will also be available to you during your home search trip to ensure that you are seeing the communities and homes you anticipated, and that your needs are being met by the selected real estate broker.

(3) Miscellaneous Expense payment of $7,500 to cover expenses such as these, among others:
		
	▪
	Transportation, boarding of pets;

		
	▪
	Utility deposits;

		
	▪
	Driver's license fees;

		
	▪
	Car registration fees;

		
	▪
	Telephone/cable connection charges.

The allotment you receive will represent a calculated amount based on cost-of-living data for the temporary living portion, plus $7,500 for your miscellaneous expenses.  This amount will be reported as taxable income to you and will be grossed up.

You are encouraged to plan your relocation wisely, keep records of expenses, and use the Relocation Counselor's services wherever possible.

Return Trips Home During Temporary Living
You may be reimbursed for bi-weekly round trips home (maximum of four) while you are in temporary living and separated from your family.  If you prefer, a family member may visit you instead.  Any trip must be first approved by your Relocation Counselor and then booked by you through the Corporate Travel Department.

Home Purchase Expenses:  If you are a homeowner in your current location and you purchase a home in the new location within one year of your effective date of hire/transfer, you may be eligible for reimbursement of certain expenses associated with the purchase of the home.
Expenses covered are reasonable and customary expenses required of a buyer, such as these:
		
	▪
	State and local transfer taxes

		
	▪
	Attorney's fee for closing

		
	▪
	Tax stamps

		
	▪
	Title policy fee (lender and buyers) or legal fee for title insurance

		
	▪
	Appraisal fee required by lending institution

		
	▪
	Escrow agent's fee

		
	▪
	Credit report  

		
	▪
	Loan application fee

		
	▪
	Survey, if required by lender

		
	▪
	Lender-required inspections

		
	▪
	Loan origination fees according to the schedule listed below.  (Loan origination fees are a mortgage expense.  They may include discount points, commitment fees, maximum loan charges, premium loan charges and other charges paid to a lender for the use of money.)

Reimbursement of discount points will occur on a sliding scale:
Rate    Points Reimbursed
8% or lower    1% origination fee/0% discount points
8.01% to 10%    1% origination fee/1% discount point
10.01% or higher    1% origination fee/2% discount points

Be sure to consult your Relocation Counselor before agreeing to closing costs which may not be reimbursable.

Closing costs that are reimbursed will be included in your gross income, and will be grossed up for tax purposes; any loan origination fee/discount points covered will not receive a tax gross-up, but may be deductible from your income.  Consult your Tax Advisor.

Departure Area Home Sale Assistance
WRRI will provide home disposition assistance through the program outlined below: 

Eligibility: The program applies to the transferee's principal residence only.  Mobile homes, cooperative apartments, second homes, investment properties, homes atypical, homes with excess acreage; homes with hazardous or toxic materials that cannot be mitigated (asbestos, urea formaldehyde, toxic mold, radon gas, etc.); homes built with synthetic stucco, composition hardboard siding or masonite super board; are not covered.  You must own at least a 50% interest in your property and it must be your primary residence.  Your property must be in a residential zoned area.  It must be marketable, insurable at standard rates for normal hazards of fire and extended coverage, and must qualify for financing.  It must not be partially constructed in whole or in part, and must not require extensive repairs.  You must be able to provide clear title.

The Company may, at its discretion, determine through professional consultation that a property is excluded from the program. Excluded properties may be eligible for reimbursement of reasonable and customary selling costs, and these costs will be grossed up for tax purposes.

The homeowner must follow carefully the instructions given by the Relocation Counselor.  Failure to follow instructions can have significant tax implications to the Company.  The Relocation Counselor will provide detailed instructions on the listing process.

Transferees are free to list with a broker of their own choosing provided the broker is approved by WRRI.

Your Responsibilities as Homeowner:  Please note that in the selling of real estate you will be required to represent the condition of your property, particularly with regard to any defects, through disclosure statements and other documents.

Failure to represent your property honestly may constitute fraud.  If the information you provide is less than complete and accurate, you will be held responsible for all expenses including legal fees involved in correcting the defect.

Marketing Assistance: Your Relocation Counselor will arrange for two real estate brokers to conduct market analyses of your home.  The market analyses will be shared with you and will provide information on the salability of the property in the context of local market conditions.  Transferees are encouraged to use this information to become familiar with the market, to set a realistic asking price, and to market aggressively.

On completion of the Market Analyses and discussion with the Relocation Counselor, the transferee will list the property with a WRRI-approved broker and include in the listing agreement the following exclusion clause:

“It is understood and agreed that regardless of whether or not an offer is presented by a ready, willing and able buyer:

(1) no commission or compensation shall be earned by, or be due and payable to, broker until the sale of the property has been consummated between seller and buyer, the deed delivered to the buyer and the purchase price delivered to the seller; and

(2) the sellers reserve the right to sell the property to Weichert Relocation Resources Inc. at any time.  Upon the execution by a named Prospective Purchaser and me (us) of an Agreement of Sale with respect to the property, this Listing Agreement shall immediately terminate without obligation on my (our) part or on the part of any named Prospective Purchaser to either pay a commission or to continue this listing.”

If You Receive an Offer...  Your Relocation Counselor will guide you in reviewing and approving offers from the market place.  When you succeed in finding a prospective buyer, do not sign anything!  Call your Relocation Counselor at once; your Relocation Counselor will qualify the buyer's offer for the program.  If the offer qualifies, WRRI will provide you with a contract to purchase your property for the same amount as the prospective purchaser's offer.  On your acceptance, WRRI will complete the purchase and pay you the amount of the purchaser's offer.  WRRI will then assume responsibility for the property's ultimate closing with the buyer.

Guaranteed Sale/Amended Sale Program:  If you are unsuccessful in attracting a buyer in the market place, you may wish to enter the Guaranteed Sale/Amended Sale option:  Your Relocation Counselor will order two market value appraisals, to be conducted by independent fee appraisers, selected by you from an approved list.  If the two values are within a 5% variance, they will be averaged to determine the Guaranteed Sale offer amount.  (If the amount exceeds $1,000,000, an offer will not be made without the Company's senior management approval.)  Your Relocation Counselor will present the offer to you, and it will remain valid for sixty (60) days, during which time you must continue to market your home and try to generate a higher offer.

If you receive an attractive offer from the market place, the Relocation Counselor must first qualify the offer for the Amended Sale program; WRRI will then “amend” its Guaranteed Sale offer to the outside offer amount.  Upon your acceptance, WRRI will purchase the home from you at the “amended sale” amount.  WRRI will conduct the property's ultimate closing with the buyer.

Certain property inspections may be required, depending on your home, area, and real estate practices; they will be explained and ordered by your Relocation Counselor.

If you are not successful in finding a buyer in the market place at the end of your 60-day offer period, you may accept the Guaranteed Sale option.  WRRI will pay you the averaged appraisal amount and assume responsibility for the property.

You will have 60 days from the date of execution of your Contract of Sale with WRRI to vacate your home.  You will be responsible for all maintenance, repairs, utilities, insurance, mortgage interest, loan payments, property taxes and all other encumbrances up to and including your vacate date or Contract-of-Sale date, whichever is later.  When you vacate, you must leave your home in broom-clean condition.

Equity Loans:  We do not offer loans to our Executive Officers.

Closing Costs:  Under the WRRI Homesale Assistance Program, the Company will cover reasonable and customary seller's closing costs.  These expenses typically include:

		
	▪
	Reasonable attorney or closing representative's fee

		
	▪
	Normal and customary broker's commission, not to exceed 7% 

		
	▪
	Title search fees

		
	▪
	Deed Transfer Tax/documentary stamps

		
	▪
	Title policy insurance fee

		
	▪
	Courier fees

Do not agree to pay any concessions to the buyer such as, but not limited to, financing costs, repairs or improvements; these will not be covered.

If the transferring homeowner follows the proper protocol for the program, the expenses covered by the Company will not be treated as taxable income to the employee and therefore will not require gross-up protection.

Homeowners closing outside of the program for any reason may be reimbursed for reasonable closing costs; consult your Relocation Counselor.

Home Sale Bonus:  If you succeed in negotiating the sale of your home such that you have a signed purchase agreement within sixty (60) days of your list date, you will earn an incentive payment equal to two percent (2%) of the sale price of your home.  Your Relocation Counselor will arrange for you to receive payment on sale closing.

The Home Sale Bonus amount will be taxable income to you and taxes will be withheld from the payment.  This amount will not be grossed up.

Duplicate Housing Costs
If you have closed on the sale of your new home but are still responsible for payments on your former home, you may be eligible for reimbursement of the following items for up to two months:
		
	▪
	Mortgage interest

		
	▪
	Real estate taxes

		
	▪
	Utilities

		
	▪
	Homeowner's insurance

		
	▪
	Homeowner Association dues

The amount reimbursed shall be based upon the lesser of the two housing payments for up to 60 day. Items not paid on a monthly basis (e.g., real estate taxes) will be prorated accordingly.

You will be required to complete a Relocation Expense Report with appropriate documentation of the expenses.  No taxes are withheld at time of payment.  An adjustment will be made at year end to include gross-up on the components that are not deductible, which are utilities, homeowner's insurance, and homeowner association dues.  

Moving Household Goods
WRRI will arrange and pay for the cost of moving transferees' household goods and personal effects; your Relocation Counselor will review with you the Company's policy in detail.  An outline of the policy follows:

Shipment:  Included in the service are packing, transportation, unpacking and full replacement value insurance.  Unpacking means the opening of boxes by the mover, not the placement of items in the home.

Certain items will not be covered, for example: 
		
	▪
	Campers, motor homes, large recreational items

		
	▪
	Boats or trailers that exceed 14 feet in length

		
	▪
	Building supplies, workshops, firewood

		
	▪
	Pets

		
	▪
	Perishable items such as plants, alcohol, food

		
	▪
	Jewelry, valuables or collectibles of high value 

		
	▪
	Items which cannot be transported due to carrier regulations (e.g., ammunition, explosives, aerosol containers)

		
	▪
	Disassembly/assembly of permanent fixtures (light fixtures, carpeting, draperies, television hookups, pool tables, etc.); however, these items will be shipped if removed by the homeowner

		
	▪
	Exclusive use of vehicles, expedited service, guaranteed space arrangements, extra pickups and deliveries; weekend or holiday pick-ups or deliveries

		
	▪
	Maid service, child care, house cleaning; tips

Automobiles:  You may ship up to two cars, as long as the distance to your new residence is over 250 miles. A rental car will be provided while your cars are in transit.
If you drive your car(s) you will be reimbursed at the prevailing corporate mileage rate for each of up to two cars you drive, provided you take the most direct route.

The expenses incurred to ship household goods are excludable from your gross income and therefore not subject to gross-up.

Storage:  If storage is required, you will be covered for the following:
		
	▪
	The cost of storing household goods and personal effects for up to thirty (30) days; 

		
	▪
	Delivery out of storage (one time).

		
	▪
	A partial shipment may be authorized to temporary accommodations; however, ultimate shipment of these goods to your permanent residence will be at your expense.

Costs covered for the first thirty days of storage are excludable from income and therefore not subject to tax gross-up.

Storage of goods may be extended, due to non-availability of housing or a delay in shipment of goods, with funding manager approval in 30 day increments up to a maximum of 120 days.

Final Trip to New Area
The cost of making the final trip from the old location to the new will be covered by the Company.

Transportation:  Mileage (IRS guidelines) and tolls incurred in moving transferee and other household members to the new area will be reimbursed.  If necessary, the Company will pay the actual air or train transportation coach class fare rather than automobile travel.

Lodging and Living Expenses:  If you drive, reasonable lodging and meal expenses will be reimbursed for every day that you drive at least 350 miles by the most direct route.  Receipts for travel, meals, lodging, telephone, etc., for expenses incurred by transferee and household members will be required.  A maximum of five days' expenses will be reimbursed.

Final trip transportation costs except for meals and IRS-allowed mileage are excludable from income, non-taxable, and therefore not subject to gross-up.  Reimbursed meal expenses, and mileage over the IRS limit will be treated as taxable and will be grossed up.  

Spouse/Partner Career Assistance  
If your spouse/domestic partner is currently working full-time, he or she may be eligible for career assistance through a national career assistance agency.  Your Relocation Counselor will arrange for your spouse or partner to receive consulting and advisory services up to a maximum of $1,500 in fees.  WRRI will arrange to pay the agency directly.

This provision is designed to help spouses with successful career/job transitions in a new community.  Following a personal needs assessment telephone call, a customized program is designed and delivered which may include:
		
	▪
	Assessment and profiling

		
	▪
	Resume development

		
	▪
	Targeting of potential job sources, employers, recruiters and/or networking contacts

		
	▪
	Job search communications guidance and training

		
	▪
	Assistance in interviewing and follow-up

		
	▪
	Salary Negotiation

Program components may also include assistance for those considering career changes, help for the spouse pursuing an executive career track or entrepreneurial ventures, and specific program tracks for teachers, health care professionals, administrative personnel and other professions.
The spouse employment consulting services provided through this provision do not guarantee employment.  However, services provided do help spouses seek employment and enable them to understand the responsibilities and actions needed to obtain re-employment in a new location.
The spouse is eligible to utilize and complete this service within one full year from the transfer date.  While fees are paid by the Company, the cost may be considered income.  Therefore, the Company will gross up to cover any additional taxes related to this provision.

Cost of Living Allowance for High-Cost Areas
Homeowners whose cost of living increase at least 8% will be eligible to receive a cost of living allowance for up to four years.  The amount of the cost of living allowance is determined by an external consulting firm.

The cost of living allowance will be granted over four years (48 months at two times the relevant index) as taxable income to the Employee with applicable taxes withheld.  Below is one example of the payout.  The actual payout will be determined by the lender, based on mortgage eligibility.

		
	•
	Year 1 - paid out at 100% of the increase

		
	•
	Year 2 - paid out at 50% of the increase

		
	•
	Year 3 - paid out at 30% of the increase

		
	•
	Year 4 - paid out at 20% of the increase

Cost of Living Allowance payments are subject to payback per terms of the Relocation Agreement if the employee terminates employment.  Upon any termination, all Cost of Living allowance payments terminate.

POLICY PROVISION SUMMARY

	
							
	Provision
	 
	Coverage
	 
	Amount
	 
	How to Obtain

	 
	 
	 
	 
	 
	 
	 

	
							
	Home Search Trip
	 
	Travel for up to 2 trips; lump sum for 5 (maximum 10) days for expenses
	 
	Actual, 
Documented travel; calculated lump sum for expenses
	 
	Submit documented Expense Report for airfare; request lump sum from Relocation Counselor

	 
	 
	 
	 
	 
	 
	 

	Lump Sum Payment
	 
	Lump sum for up to 60(days temp living + miscellaneous allowance of $7,500
	 
	Lump sum
	 
	Documentation of expenses not necessary; request payment from Relocation Counselor.

	 
	 
	 
	 
	 
	 
	 

	Return Trips
	 
	Reasonable cost for bi-weekly trips up to maximum of 4
	 
	Actual, documented expenses
	 
	Submit documented Expense Report

	 
	 
	 
	 
	 
	 
	 

	Home Sale Assistance:
Guaranteed/ 
Amended Sale Program
	 
	Reasonable closing expenses covered, IF instructions are followed. 
	 
	Actual, documented expenses covered thru the WRRI program
	 
	Follow Relocation Counselor's instructions carefully;
Work with WRRI-approved broker; 
Provide requested documentation and signed Contract of Sale.   

	 
	 
	 
	 
	 
	 
	 

	Duplicate Housing
	 
	Up to maximum of 60 days
	 
	Actual, documented expenses
	 
	Submit documented Expense Report

	 
	 
	 
	 
	 
	 
	 

	New Home Purchase Costs
	 
	Required buyer's closing costs (per policy) + origination up to 1% of loan. Discount points based on sliding scale.
	 
	Actual, documented closing costs per policy.  No documentation needed with direct billing thru preferred lender
	 
	Follow Relocation Counselor's instructions carefully;
Work with WRRI-approved broker;
Submit HUD closing statement to WRRI with Relocation Expense Report; or
Borrow thru preferred lender for direct billing

	 
	 
	 
	 
	 
	 
	 

	Household Goods and Storage
	 
	Normal expenses for packing, shipment, insurance per policy; WRRI will book and manage shipment
	 
	Actual expenses covered thru WRRI program
	 
	WRRI will pay the mover and bill the Company directly for approved costs.

	 
	 
	 
	 
	 
	 
	 

	Final Trip
	 
	Transportation, lodging and meal expenses, per policy
	 
	Actual, documented expenses
	 
	Submit documentation of expenses to WRRI with Relocation Expense Report.

	 
	 
	 
	 
	 
	 
	 

	Spouse/ Domestic Partner Career Counseling
	 
	Anticipated costs to $1,500 maximum
	 
	Actual expenses to max paid by WRRI
	 
	Documentation of expenses not necessary with approval of services.

	
							
	 
	 
	 
	 
	 
	 
	 

	Living Cost Adjustment
	 
	If 8% higher based on Company-approved analysis;
2 x index, up to 4 yrs.
	 
	Determined by analysis, Paid through payroll.
	 
	WRRI will determine via third party provider

	 
	 
	 
	 
	 
	 
	 

	Tax Gross-up
	 
	Anticipated tax implications for certain reimbursables and payments
	 
	Paid by Company for transferee
	 
	Follow program and Relocation Counselor's instructions carefully; provide documentation requested.

TAX SUMMARY

Payments and reimbursements made to, or on behalf of, transferees through the Domestic Relocation Policy are subject to income tax regulations.  The following chart identifies the tax status and gross-up treatment of provisions provided by this program:

	
			
	Relocation Provision
	Tax Status
	Gross-Up Treatment

	 
	 
	 

	Home Search Lump Sum
Home Search Travel
Lump Sum Payment
Return Trip(s)
Purchase Closing Costs (excluding any Origination Fee)
Final Trip Meals, Mileage >IRS Limitation
Spouse/Partner Career Assistance
	Subject to Gross-up
(Taxable)
	Grossed-up

	 
	 
	 

	Home Marketing Assistance
Homesale Assistance Program 
	Business Expense
(Non-Taxable)
	Not Applicable

	 
	 
	 

	Household Goods Shipment
Up to 2 Cars Shipment
Up to 30 Days Storage 
Final Trip Travel, Lodging, Mileage <IRS Limitation
	Excludable
(Non-Taxable)
	Not Applicable

	 
	 
	 

	Origination Fee/Discount Points
	Not subject to Gross-up
	Not Grossed-up

	 
	 
	 

	Cost of Living Allowance
	Not subject to Gross-up
(Taxable)
	 

	 
	 
	 

	Duplicate Housing Costs

Home Sale Bonus
	No taxes withheld at time of payment
(Taxable)

Not subject to gross-up 
(Taxable; taxes withheld)
	Adjustment at year end to include gross-up on components that are not deductible.

Not Grossed-up

	 
	 
	 

	YOUR RESPONSIBILITY:
To substantiate the various moving expense deductions that you will have to itemize on your tax return, it is important that you retain all supporting documents and receipts.  You should consult with your own tax advisor on all tax matters.

		
	I.
	ATTACHMENT: AGREEMENT TO REIMBURSE

    

AGREEMENT TO REIMBURSE
[This is not a contract for employment]

I hereby acknowledge receipt of the Company's Relocation Policy and that I have read the policy and understand what is reimbursable thereunder.   

In consideration of the agreement by the Company to provide certain relocation Provisions on behalf of myself and/or my family (including but not limited to all amounts paid directly to me, reimbursed to me, or that are intended to cover any additional tax liability I might incur as a result of receiving such Provisions, collectively the “Relocation Provisions”), I agree to repay to the Company an amount equal to the Relocation Provisions (and all attorney's fees incurred by the Company in order to enforce its rights under this Agreement, if applicable) in the event that I voluntarily resign or am discharged for a serious violation of company policy (hereinafter referred to as my “discharge”) within two years following the date on which payment of Relocation Provisions is first made as follows:

		
	•
	100% of all Relocation Provisions (and 100% attorney's fees, if applicable) will be repaid if my resignation or discharge occurs within 365 calendar days following the date on which payment of Relocation Provisions is first made.

		
	•
	50% of all Relocation Provisions (and 100% of attorney's fees, if applicable) will be repaid if my resignation or discharge occurs within 366 to 730 calendar days from the date on which payment of Relocation Provisions is first made.

I agree to pay the Company any remaining amount of Relocation Provisions that is owed within 30 calendar days of the date of my resignation or discharge.  I also understand that nothing in the Company's Relocation Policy or this Agreement to Reimburse is intended to create or actually does create an express or implied contract.

Employee's Name:                          
(Please print)

Date:                                  

Employee's Signature:                          

Employee ID  (New Hires: if you do not have your BSC ID, please use the last 4 digits of your SSN):         

Revised: July 2012

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}]]