Examples of Income Tax Gross-Up Payment in a sentence
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.
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.
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.
Any Income Tax Gross-Up Payment or Excise Tax Gross-Up Payment, as determined pursuant to Section 1.2(e) or 1.2(f), shall be paid by UPC to Officer within five days of the receipt of the Accounting Firm's determination.
Any Income Tax Gross-Up Payment or Excise Tax Gross-Up Payment, as determined pursuant to Section 1.2(e) or 1.2(f), shall be paid by PFC to Officer within five days after the receipt by PFC of the Accounting Firm's determination.
If at any time 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, in an amount equal to the Income Taxes and the Income Taxes attributable to the Income Tax Gross-Up Payment.
For purposes of determining the amount of the Income Tax Gross-Up Payment, Executive shall be deemed to pay federal, state and local income tax at the [highest marginal] [second highest marginal] rates of income taxation for the calendar year in which the Income Tax Gross-Up Payment is to be made.
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.
The Income Tax Gross-Up Payment shall not include the amount of federal, state or local tax owed by Officer upon the exercise of any PFC stock option, stock appreciation right, or other award under PFC's stock-based incentive plans to the extent such benefit would have been available, based on the Officer's service at the date of termination, without regard to the happening of a Change in Control.
The Income Tax Gross-Up Payment shall equal the amount of Income Taxes payable only with respect to the (x) first twelve dollars ($12.00) following a Change of Control and (y) six dollars ($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.