RELOCATION OF EMPLOYEE. (a) The Company shall pay Employee's reasonable moving expenses incurred in connection with Employee's move from his current residence in Ridgewood, New Jersey ("Old Residence") to a new residence in either the Princeton, New Jersey or New Hope, Pennsylvania areas ("New Residence"). Employee shall obtain the Company's prior approval for any single moving expenditure in excess of $1,000. (i) Subject to the limitation in Section 4.5(b)(iv), upon the consummation of the sale of Employee's Old Residence, the Company agrees to pay Employee the amount of money equal to the difference between the purchase price that Employee paid for such residence and the sale price that Employee received in connection with the sale of such residence. (ii) Subject to the limitation in Section 4.5(b)(iv), in the event that and so long as the Employee owns both a New Residence and his Old Residence during the period commencing on the date hereof and terminating nine months thereafter ("Transition Period"), the Company shall reimburse the Employee for the greater of (i) his monthly mortgage for his New Residence and (ii) his monthly mortgage payment for his Old Residence, provided, however, that the Company shall reimburse the Employee only for one such mortgage payment each month during the Transition Period. (iii) Subject to the limitation of Section 4.5(b)(iv), to the extent that Employee has not purchased the New Residence, the Company shall provide the Employee with a two-bedroom rental residence, as the Company shall determine during the Transition Period. (iv) Notwithstanding the foregoing, the Company's aggregate liability to Employee pursuant to this Section 4.5(b) shall not exceed fifty thousand dollars ($50,000.00).
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RELOCATION OF EMPLOYEE. (a) The Subject to the terms and conditions and limitations in Section 4.7(b)(iv) the Company shall pay Employee's reasonable moving expenses incurred in connection with Employee's move from his current residence in RidgewoodAtlanta, New Jersey Georgia ("Old Residence") to a new residence in either the Princeton, New Jersey or New Hope, Pennsylvania areas greater metropolitan Washington D. C. area ("New Residence"). Employee shall obtain the Company's prior approval for any single moving expenditure in excess of $1,000.
(b) (i) Subject to the limitation limitations in Section 4.5(b)(iv4.7(b)(iv), upon the consummation of the sale of Employee's Old Residence, the Company agrees to pay Employee the amount of money equal to the difference between the purchase price that Employee paid for such residence and the sale price that Employee received in connection with the sale of such residence. If the Employees existing residence fails to sell at or above his previous sales price, the Company will pay the Employee an amount equal to the difference, but not to exceed two (2) percentage points of the existing mortgage.
(ii) Subject to the limitation limitations in Section 4.5(b)(iv4.7(b)(iv), in the event that and so long as the Employee owns both a New Residence and his Old Residence during the period commencing on the date hereof and terminating nine months thereafter ("Transition Period"), the Company shall reimburse the Employee for the greater of (i) his monthly mortgage for his New Residence and (ii) his monthly mortgage payment for his Old Residence, provided, however, that the Company shall reimburse the Employee only for one such mortgage payment each month during the Transition Period.
(iii) Subject to the limitation limitations of Section 4.5(b)(iv4.7(b)(iv), to the extent that Employee has not purchased the New Residence, the Company shall provide the Employee with a two-bedroom rental residence, as the Company shall determine during the Transition Period. The Company will also pay reasonable expenses for family travel associated with finding a new residence and relocation.
(iv) Notwithstanding the foregoing, (i) Employee shall obtain the Company's prior approval for any single moving expenditure in excess of $1,000; (ii) the Company, prior to the Company paying any amounts to Employee pursuant to this Section 4.7, has the right to review, examine and confirm Employee's bills and invoices with respect to these matters and (iii) the Company's aggregate liability to Employee pursuant to this Section 4.5(b4.7(b) shall not exceed fifty seventy-five thousand dollars ($50,000.0075,000.00).
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