Income Tax Gross-Up Payment definition

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 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.

Related to Income Tax Gross-Up Payment

  • Gross-Up Payment shall have the meaning set forth in Section 6.2 hereof.

  • Non-Income Tax Return means any Tax Return relating to any Tax other than an Income Tax.

  • Income Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Income Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • After Tax Amount means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

  • Total After-Tax Payments means the total of all “parachute payments” (as that term is defined in Section 280G(b)(2) of the Code) made to or for the benefit of the Executive (whether made hereunder or otherwise), after reduction for all applicable federal taxes (including, without limitation, the tax described in Section 4999 of the Code).

  • Gross-Up Amount has the meaning set forth in definition of “Make Whole Amount.”

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • Income Tax Expense means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal income taxes (including without limitation Texas franchise taxes) paid or due to be paid during such period.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Income Tax Returns means all Tax Returns relating to Income Taxes.

  • Net After Tax Amount means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101 (b) and 4999 and any State or local income taxes applicable to the Executive on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment.

  • Income Tax Act means the Income Tax Act, 1962 (Act No. 58 of 1962);

  • Excise Tax Act means the Excise Tax Act (Canada);

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Effective tax rate means the rate that will produce last year’s total tax levy (adjusted) from this year’s total taxable values (adjusted). “Adjusted” means lost values are not included in the calculation of last year’s taxes and new values are not included in this year’s taxable values.

  • Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity).

  • Non-Income Tax means any Tax other than an Income Tax.

  • Net After-Tax Benefit means the Present Value of a Payment net of all federal state and local income, employment and excise taxes imposed on Executive with respect thereto, determined by applying the highest marginal rate(s) applicable to an individual for Executive’s taxable year in which the Change in Control occurs.

  • Income Tax means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not.

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Sales Tax Revenues means taxes collected under the Virginia Retail Sales and Use Tax Act

  • Excise Tax means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

  • Tax Payments has the meaning set forth in the definition of Permitted Payments to Parent.