Student Stipend Repayment Agreement 

Payment. Banfield is offering you a one-time payment in the amount of $25,000 (the “Stipend”) with the expectation that you will work for Banfield as a veterinarian for at least eighteen (18) consecutive months after you obtain your veterinary degree. Banfield will send the Stipend to you as a lump sum payment via mail within 30 days after all of the following have occurred:  

1. You accept an offer of employment with Banfield;  

1. You provide Banfield with a signed copy of this Agreement; and  

1. You provide Banfield with either a completed IRS Form W-9 (available here: https://www.irs.gov/pub/irs-pdf/fw9.pdf) or, if you do not have a social security number and are exempt from U.S. taxes under a tax treaty with your country of citizenship, a completed IRS Form W-8BEN (available here: https://www.irs.gov/pub/irs-pdf/fw8ben.pdf).   

Nontransferable.  The Stipend is nontransferable and cannot be traded for other benefits. 

Repayment.  The Stipend is initially unvested and does not fully vest until you complete eighteen (18) consecutive months of employment with Banfield in a full-time or part-time status.  If you change to locum status or your employment terminates for any reason prior to completing eighteen consecutive months of employment with Banfield, you will repay the Stipend to Banfield in a pro-rated amount based on time remaining in the eighteen-month period.  If repayment is due, Banfield will notify you of the repayment amount after the triggering event.  You hereby agree to repay such amount to Banfield within thirty (30) days after receipt of Banfield's notice. 

Taxes.  The Stipend is not considered wages, so please be aware that Banfield will not withhold taxes from the stipend on your behalf.  If you have questions about the tax consequences of receiving this Stipend or the repayment obligations under this Agreement, you should speak with a financial advisor.