Common use of Temporary Residence Clause in Contracts

Temporary Residence. The Company will reimburse the Executive for reasonable expenses incurred by him with respect to the rental of a furnished two bedroom apartment located in a Denver area of the Executive's choice with full services for a period of one year following the Effective Time (the "Temporary Residence Reimbursement"). In addition, the Company shall pay to the Executive an additional amount (the "Temporary Residence Tax Payment") such that the net amount of the Temporary Residence Tax Payment retained by the Executive after the payment of any federal, state and local income and employment taxes (calculated assuming that the Executive is subject to tax at the highest applicable marginal rate) on the Temporary Residence Tax Payment shall be equal to the amount of federal, state and local income and employment taxes due with respect to the Temporary Residence Reimbursement.