Housing Expense Reimbursement Agreement - Rock of Ages Corp. and Rudolph R. Wrabel
[ROCK OF AGES LETTERHEAD]
May 3, 2004
Rudolph R. Wrabel
11635 Versailles Lakes Lane
Houston, Texas 77082
RE: Housing Expense Reimbursement
The purpose of this letter is to set forth our general understanding with respect to reimbursement for certain housing expenses while you are maintaining your current home in Houston, Texas. We will provide you with whatever assistance we can to help you find a community in Vermont that is acceptable to you and your family, and a school that will satisfy your son's desire for a curriculum that is strong in fine arts. We understand that this and the sale of the Houston house will take time. However, since one of the job requirements for the Chief Operating Officer of the Memorials Division is to be based at the Company's offices in Graniteville, Vermont, we encourage you to begin the process of finding a suitable community and school in Vermont as soon as possible.
The moving expenses and reimbursements are covered in the Employment Agreement between you and the Company dated as of May 17, 2004. We also agree to reimburse you for your housing expenses in Vermont incurred while you are maintaining your current residence in Houston. Such expenses shall include rental and utility expense for an apartment in Vermont while you are searching for a permanent home, or interest expenses, property taxes, and utilities should you purchase a home in Vermont before the sale of your Houston home. We will not reimburse expenditures for land and buildings, personal property such as furniture or other items constituting your property since the intent is to reimburse only your carrying costs. We will also reimburse coach class air travel expenses between Burlington, Vermont and Houston, Texas for bringing your family to Vermont to assist in the process of searching for a community and school, and expenses incidental thereto. We will reimburse you for such expenses monthly, upon submission of an expense report and receipts in a mutually agreed form.
Reimbursement for such expenses will commence as of the date that you start your employment with Rock of Ages, and will continue until the earlier of the date that you close on the sale of your house in Houston, or June 30, 2007. We will need to approve in advance any housing plans in Vermont that will result in housing expenses in excess of $2,000 per month.
If the foregoing is acceptable, kindly sign this letter below in the space indicated.
|Very truly yours,|
|ROCK OF AGES CORPORATION|
|By: /s/Kurt M. Swenson|
Kurt M. Swenson, Chairman and
Chief Executive Officer
/s/ Rudolph R. Wrabel
Rudolph R. Wrabel