Definition of Income Tax Gross-Up Payment


Income Tax Gross-Up Payment shall mean the Income Tax Gross-Up Payment, as defined in Section 4(d) of this Agreement.
Sample 1

Examples of Income Tax Gross-Up Payment in a sentence

Also, the Income Tax Gross-Up Payment to the Executive shall reflect the Federal tax benefits attributable to the deduction of applicable state and local income taxes.
For purposes of calculating an Income Tax Gross-Up Payment to the Executive in any year, it shall be assumed that the Executive is subject to Income Taxes at the highest marginal Federal and applicable state and local income tax rates, respectively, for the year in which the Income Tax Gross-Up Payment is paid.
If at any time following a Change in Control the vesting of any restricted shares of Company stock awarded to the Executive under the LTIP subjects the Executive to any Federal, state, or local income taxes or FICA taxes (collectively, Income Taxes), then the Executive shall be entitled to an additional lump-sum cash payment from the Company (the Income Tax Gross-Up Payment), subject to mandatory withholding.
The Income Tax Gross-Up Payment shall equal the amount of Income Taxes payable only with respect to the first twelve dollars ($12.00) of compensation recognized by the Executive for each such share of stock, plus the Income Taxes attributable to such Income Tax Gross-Up Payment.
The Income Tax Gross-Up Payment shall equal the amount of Income Taxes payable only with respect to the first twelve ($12.00) dollars following a Change of Control and six ($6.00) dollars for all other vesting of compensation recognized by the Executive for each such share of stock, plus the Income Taxes attributable to such Income Tax Gross-Up Payment.