Employee Relocation Guide Campus

Introduction

Congratulations on your upcoming relocation with Citadel!. Citadel has established a relocation policy to provide for the financial and service needs of its transferring employees. The policy is designed to address most events in a typical relocation and is intended to ease the transition to the new location for you and your eligible dependents. The relocation program and associated benefits are not intended to replace nor supplement any other element of your compensation.

In order to be eligible for relocation benefits, the circumstances of your relocation must meet certain requirements and you must follow company procedures.
You are eligible for benefits under this policy if:

You have been asked to relocate as a result of a company-initiated transfer and your transfer has been approved prior to any action under this policy.
All relocation benefits are incurred within twelve (12) months from your hire date or transfer date.
You have signed and returned a relocation repayment agreement to your Citadel Human Resources department.

Eligible Dependents

Includes, where applicable, the employee’s spouse/ partner and unmarried children under age 21 who normally reside on a full-time basis with the employee and rely on the employee for most of their financial assistance. Please consult Citadel’s Domestic Partner Policy for information around eligibility of domestic partners.

For international, cross-border moves, destination country immigration, tax, and other statutory requirements may limit the ability to classify an individual as a dependent (i.e., visa restrictions, travel restrictions, etc.).

If you and your spouse/partner are both employed by Citadel at the time of your transfer and your spouse/ partner is able to secure employment with Citadel in the destination location, only one set of benefits will be provided.

If your spouse/partner is unable to locate employment with Citadel in the destination location, he/she will be eligible for the spousal assistance benefits outlined in this policy. However, should your spouse seek employment in a destination location that is outside of your country of origin, the Company will not provide assistance in obtaining work permits or employment authorization for the destination location.

One of the very first steps of the relocation process is the immigration process, where you do not already have the right to work and live in the destination country. Citadel’s immigration partner will assist you with obtaining work permits, visas, residency permits and any other required documentation necessary for entry to the destination country. Assistance will not be provided if you are a permanent residence or citizen of your destination country, or if you have the right to work/ reside in that country, e.g., EU nationals.

Working With Citadel Immigration Counsel

While you will have assistance with the process from Citadel’s immigration partner, it is your responsibility to obtain passports, including for spouse and dependents, prior to the visa application. Proper work authorization must be obtained before our relocation vendor finalizes your relocation, or your final move travel is booked. You and any family members accompanying you must have proper documentation in order to transfer to the destination country.

The Company will assist eligible spouse/partners and/or accompanying dependents in obtaining entry documents for relocation. If for any reason work permits or visas are refused, the terms and conditions of your relocation will be withdrawn, and your relocation will not be able to proceed. Should this be the case then your HR contact will discuss next steps with you. Please note that some countries will limit/ prohibit the ability to acquire residency visas for anyone other than a legally recognized spouse or dependent; these cases will be reviewed on a case-by-case basis with the Company.

It is crucial that all required documentation be provided for the work permit and/or visa as soon as possible, as the immigration process in some countries can take several months. It is your responsibility to ensure that all travel documents and paperwork for you and your family (such as passports) remain valid while living overseas. Additionally, it is important that any current “right to work” or equivalent notices are up to date in your current, valid passport. The Company recommends that you monitor the documents’ expiration dates and begin renewal procedures well in advance.

Expense Reimbursement Process for Consular Costs

The Company will provide reimbursement for any out-of-pocket expenses incurred in obtaining the visa, work and residence permits, for you and any accompanying family members. Should you be required to incur any such expenses, please discuss this with Citadel’s immigration partner so they can obtain approval from Citadel and, once approved, arrange reimbursement. If you and/or your family members must travel to fulfill any immigration-related requirements, reasonable travel and lodging, please discuss this with your Consultant so they can obtain approval from Citadel and, once approved, arrange reimbursement. Expenses relating to travel and lodging should be submitted to the relocation vendor along with proper supporting documentation.

Important Reminders

Failure to obtain necessary documentation prior to departure can jeopardize your entry into the destination country and may jeopardize the Company’s immigration program. Notify your HR BP, the Citadel Global Mobility Team or your Consultant if there is a need to travel to a foreign location prior to receiving the work permit. Your target move date will remain tentative until after you have successfully obtained work authorization in the destination country, if applicable. You should not make any arrangements (including booking travel), give notice to your landlord, etc. until you have secured the necessary work authorization.

Citadel will help any accompanying family members obtain entry documents for the international relocation. It is important to note:

Citadel cannot guarantee entry for accompanying family members into the destination country.
Some countries do not recognize same sex couples, common law marriage, or couples who are not legally married. Therefore, s/he may not be issued resident documents, (as they will not be recognized as a legal dependent) and may enter only on a temporary (tourist) visa. In such cases, you will be responsible for ensuring that your spouse/partner and accompanying dependents obey all immigration laws.
Verification of custody of children may be required

Relocation Allowance

You will receive a relocation allowance of US $10,000 (net), or local currency equivalent, which is intended to cover all expenses associated with your move. The payment will be made by the vendor via EFT (Electronic Funds Transfer) once your relocation has been authorized by Citadel.

Some of these expenses may include the following:

Temporary Living: Should it be necessary for you to live at your new location prior to establishing a permanent residence and/or you are unable to move into your residence at the time of arrival at the new location. Your Consultant can assist you in obtaining suitable temporary living facilities.
Lease Cancellation
House Hunting: Help is available to assist you in renting a home or an apartment in your new location. Your Consultant can refer you to a rental agent. Rental finding fees or broker’s commissions for securing a new lease are your responsibility.
Moving Your Household Goods and Temporary Storage Costs
Insuring your Household Goods While in Transit
Final Move Trip to your New Location (airfare or driving costs)

You may retain any portion of these funds not spent. Any shortfall of funds is to be covered by you at your expense. It is not necessary to submit reports for individual expenses; however, you are encouraged to retain receipts for your personal records.

Your Consultant will process your Relocation Allowance upon receipt of your relocation authorization from Citadel.

Tax Assistance

In some locations, your Relocation Allowance may be considered as taxable compensation to you. Citadel is required to add this taxable compensation to your wage reporting (US Form W-2 or non-US equivalent). The vendor works with the Citadel tax provider to ensure this taxable compensation is added to the employer payroll reporting Citadel is required to operate. Citadel will cover the taxes on any of these taxable relocation benefits. The tax withholding paid on your behalf is then also considered taxable compensation, creating a ‘tax on tax’ effect. This calculation is referred to as a withholding tax gross up.

If your new location does not have a payroll withholding tax requirement, then you will receive a payment either via your paycheck or directly from the Company to give you the funds to settle any taxes that will be due with your tax return.

Please take note of these important factors pertaining to your gross-up benefits:

The amount of tax gross-up paid to you will be considered as Citadel’s final tax payment to you for the tax on your relocation. Please note that your actual tax liability may differ from the amount of tax gross-up paid by Citadel and you may therefore owe more or less taxes on your final tax return filings. Citadel will not pay any additional taxes for you due on your tax return nor seek to recover any overpayment of gross-up from you if too much tax was paid in on your behalf.
Gross-up is provided as a financial benefit but is not intended to compensate you completely for all tax liabilities. Your Miscellaneous Expense Allowance will help to pay any additional taxes resulting from your relocation that are not covered by the gross-up payments.
You are responsible for calculating, reporting, and paying all personal federal, state, local, provincial, and cantonal income taxes for which you are liable.
For moves within the U.S., the vendor will send you an informational package that itemizes all relocation expenses for the tax year. The package is provided for your information and for use by your personal tax professional if you use such services.
For cross-border moves and moves outside of the U.S., Citadel’s designated tax services provider will send you a summary tax package. You will be required to provide the tax firm with all the information required in a timely manner, and you will be expected to file the proper departure and destination country tax returns (with direction from the Company’s tax firm). Failure to provide information when requested by the Company or the Company’s tax firm may result in tax penalties, which will be your responsibility.

The services of competent tax and legal professionals are recommended.

Important Notices

Although this policy contains information regarding Citadel’s current relocation benefits for which you may be eligible, it is not intended to provide and explain every detail related to your relocation or to create or imply any contractual rights or claims on the part of anyone. Citadel reserves the authority to interpret, at its sole discretion, the provisions of this program and the right to amend, limit or change any of its provisions with or without prior notice.
The intent of the relocation program is to provide reasonable and consistent financial assistance and quality services. The program does not offer or imply that all relocation costs will be fully compensated.
Relocation benefits—like all forms of employee compensation—are considered confidential.
Two (2) paid days off from work will be provided for your move, in addition to your regular time off benefits.

You may request that these moving days be added to your Workday absence tracker by contacting your Human Resources (HR) relocation contact. Requests for additional time off to handle relocation-related issues should be arranged with HR and approved by your manager.

Repayment Agreement

I acknowledge and agree to the terms under Citadel’s Relocation Policy.

Should I voluntarily submit my notice of employment with the Company (or the appropriate subsidiary or affiliate) for any reason whatsoever or be terminated for cause within twelve (12) months of my start date/effective transfer date, I hereby agree to repay to the Company all relocation related allowances and fees, paid directly to me or paid on my behalf to third-party vendors, within sixty (60) days after the effective date of my separation from employment.

I understand that the relocation benefits offered to me constitute all the benefits for which I am eligible to receive. Changes to my relocation benefits must be made in writing and are subject to all necessary approvals for such changes.

In the event that I am paid or advanced funds or reimbursed for benefits in excess of the amounts for which I am eligible, I agree to refund such excess payments to the Company within 60 days after I have been notified. If I have not reimbursed the Company for such excess payments within 60 days, I authorize the Company to collect the overpayment from future reimbursable expenses submitted for payment, where the law allows.

I further understand and agree that nothing in this Relocation Agreement is intended to create a contract or guarantee of employment by the Company for any period of time.

_______________________________________________________	_______________________________________ Date
_______________________________________________________ Received by Human Resources, Signature	_______________________________________ Date

Relocation benefits will not be processed without a signed Employee Relocation Agreement

Table of Contents

Introduction

Relocation Allowance

Tax Assistance

Important Notices

Repayment Agreement