Common use of Income Tax Payment Clause in Contracts

Income Tax Payment. Subject to Section 9(b), if the Executive has received or will receive any non-cash compensation or recognize any non-cash income in connection with or as a result of the amendment of the Original Agreement to accelerate the vesting of, and remove the net exercise price requirements applicable to, the Restricted Shares, then Mississippi shall pay the Executive in cash an amount (the "Income Tax Payment") equal to all federal, state and local income taxes payable by the Executive with respect to such non-cash compensation or income and with respect to such Income Tax Payment. The Income Tax Payment shall be paid by Mississippi to the Executive within 30 days of the written request therefor made by the Executive.