Country Club Initiation Fee Sample Clauses

Country Club Initiation Fee. The Bank will promptly reimburse Executive for the initiation fee paid by Executive for membership in a mutually agreed upon country club in the Bank’s market area. Such reimbursement obligation shall apply only if Executive pays the initiation fee during 2011. The reimbursement shall be subject to reduction for applicable withholding taxes and shall in all events be paid not later than March 15, 2012.