ASSISTANCE assistance not exceeding the provisions note

 

                                  EXHIBIT 10-B
 
            AMSOUTH TRANSFER/EMPLOYEE RELOCATION POLICY PROPOSAL
                                FEBRUARY 1994
 
POLICY:       It is the policy of AmSouth to assist newly hired and current
              employees who are asked by management to relocate themselves and
              their families in order to assume new positions. The relocation
              assistance outlined in the procedures which follow attempt to
              take into consideration the level of responsibility which an
              individual is asked to assume as well as the personal
              inconvenience and expense which the employee might incur. It is
              the further intent of this policy to minimize personal expense
              while recognizing that each relocating employee must assume
              minimal personal responsibilities in order to benefit from the
              career enhancements offered by a job promotion.
 
              The following assistance levels may be provided in part or in
              whole to transferred or newly hired employees with the approval
              of the Human Resources Director or his designee.
 
LEVEL OF      Management Trainees and Other Non-Exempt Employees Relocation
ASSISTANCE    assistance not exceeding the provisions noted below may be
PROVIDED:     provided:
              . Move household furnishings plus a moving bonus of up
                to one (1) month's salary
              . Reimbursement of lease cancellation expense, not to exceed two
                (2) months' rent
              . Cash payment of up to two (2) months' salary in lieu of any
                other assistance
 
              Management and Professional Positions Below Senior Vice
               President
 
              Relocation assistance not exceeding the provisions noted below
               may be provided:
 
              . Reimbursement for movement of household furnishings. Non-
                household items and personal recreational items such as
                workshops, boats, trailers, etc. are the responsibility of the
                employee. AmSouth reserves the right to select the moving
                company. Upon selection, the Human Resources Department will
                authorize billing direct to AmSouth. Any additional costs for
                storage of household furnishings must be pre-approved by the
                Corporate Employment Manager.
 
              . Provision of a home mortgage product from either AmSouth
                Mortgage Company or AmSouth Bank at the current market rate for
                that product, waiving up to one percent (1%) origination fee
                and two (2) discount points. (Some mortgage products do not
                contain a provision for points.) For each loan, all normal
                credit qualifications must be met. The mortgage will include a
                non-transferability clause and will specify no prepayment
                penalty. All loans to Executive Officers must meet Regulation O
                and FIRA standards.
 
              . Reimbursement of normal closing costs on the purchase of a new
                home, except prorated insurance and taxes.
 
              . Normal Realtor fees incurred in the sale of existing home, not
                to exceed the standard fees within the community where the sale
                occurs. If the employee sells the home without using a Realtor,
                AmSouth will increase their relocation bonus by one half of the
                amount of the standard real estate commission that would have
                been charged to close on the purchase. Relocating employees are
                not encouraged to spend an extraordinary amount of time in
                attempting to sell their home themselves, which could result in
                unnecessary distractions and the house selling less quickly.

LEVELS OF     . Reimbursement of closing costs in the sale of the existing
ASSISTANCE      home excluding points. This would include legal fees, title
PROVIDED        insurance policy, survey, and termite bond, if not paid by
(cont'd...):    purchaser.
 
              . Reimbursement of temporary living expense up to $2,000 maximum
                allowance. Only those expenses which an employee would not
                incur under normal living conditions should be charged to the
                Bank. Under certain circumstances, and in some more expensive
                markets, the Bank will consider increasing this allowance. This
                must be approved by the hiring manager and the Corporate
                Employment Manager.
 
              . Reimbursement of two (2) house hunting trips with spouse,
                limited to a total of five (5) days.
 
              . A bridge loan at the Company's prime lending rate. Such loans
                cannot exceed the assumed equity in the existing residence and
                must be repaid within thirty (30) days of the sale of the
                property.
 
              . A moving bonus of up to ten percent (10%) of new annual
                salary, not to exceed $7,000 may be provided to offset unusual
                expenses, such as interest on bridge loan, cost of new drapes,
                income tax on other reimbursements, etc. Exceptions to this
                maximum must be approved by the Director of Corporate Human
                Resources.
 
              . Reimbursement of duplicate house payments for up to twelve
                (12) months including interest, taxes, insurance, and necessary
                maintenance and utility expense.
 
              . Mileage expense for driving one (1) vehicle to the city of new
                residence. Additional expenses of $100 per day will be allowed
                while the family is in transit to the new residence.
 
              . Reimbursement for one (1) return trip to prior location (often
                to close on the sale of their home).
 
              . Reimbursement to renters for lease cancellation expenses
                limited to two (2) months' rent.
 
              . A cash payment of up to two (2) months' salary may be paid in
                lieu of all other assistance.
 
              Senior Vice President or Executive Officer Positions
 
              All assistance provided other Officers will be available.
              Additionally, the Officer's current primary residence may be
              purchased by the Company. In such cases, the following
              procedures will be followed:
 
              . Two (2) MAI appraisals will be secured using forms and
                instructions provided by the Corporate Properties Department.
                The purchase price will be one hundred percent (100%) of the
                average of these appraisals. If these appraisals are not within
                ten percent (10%) of each other, a third MAI appraisal will be
                secured and an average will be determined from the two (2) most
                similar. (Use of appraisers not holding the MAI designation
                must be approved by the Corporate Properties Department Head.)
 
              . The sale of the property to AmSouth Bancorporation and
                subsequent re-sale will be coordinated by the Corporate
                Properties Department.
 
              . All expenses relating to the sale of the residence to a third
                party will be paid by the Company.

PROCEDURE:    All relocation offers and commitments must be reviewed by the
              Corporate Human Resources Director or his designee prior to
              discussion with the transferring employee.
 
              Each request for reimbursement must be documented on the
              Company's expense reimbursement form and supported by
              appropriate receipts. Each must be approved by the appropriate
              member of Executive Management and a copy sent to the Corporate
              Employment Manager.
 
              All relocation expenses will be charged to the expense center
              into which the employee will be assigned.
 
              Payment of moving bonus will be made through the payroll system
              with appropriate taxes withheld. The transferring employee may
              request payment of the moving bonus at any time following
              assignment to the new position.
 
              All relocation expenses must be incurred within one (1) year of
              the start date in the new position.
           
TAXATION OF   All reimbursements of moving expenses become taxable income to
REIMBURSE-    the relocating employee. However, there are certain offsetting
MENTS:        deductions allowed under IRS regulations. The Corporate Human
              Resources Department will provide each transferring employee a
              statement at year end of all reimbursements and will include
              total payments within the annual statement of earnings (W-2).
 
              Payment of resulting tax liabilities are the responsibility of
              the transferring employee.
           
OUTSIDE       Refer to Section 100-5, and 100-15, when persons are recruited
RECRUITMENT   outside of AmSouth, the expense to the Company incurred by their
RELOCATION    relocation is negotiated as a part of the offer of employment.
EXPENSES:     All such offers must be approved in advance by a senior officer
              of the Corporate Human Resources Department. The provisions of
              this policy may provide guidance for such offers but are not
              necessarily followed in recruiting persons from outside the
              Company. 

Basic Info X:

Name: ASSISTANCE assistance not exceeding the provisions note
Type: Note
Date: March 22, 1994
Company: AMSOUTH BANCORPORATION
State: Delaware

Other info:

Date:

  • FEBRUARY 1994

Organization:

  • the Human Resources Department
  • AmSouth Mortgage Company
  • the Director of Corporate Human Resources
  • Corporate Properties Department Head
  • Corporate Employment Manager
  • Corporate Human Resources Department

Money:

  • $ 2,000
  • $ 7,000
  • $ 100

Percent:

  • one percent
  • 1 %
  • one hundred percent 100 %
  • ten percent
  • 10 %