SIT Rate definition
SIT Rate means the highest individual state income tax rate in the Executive's state of residence on the date of payment of the Executive's deferred vested benefit. Set forth on Appendix B, which is attached hereto and made a part hereof, is an example illustrating the calculation of the SERP Gross-Up Payment. The determination of the amount of the SERP Gross-Up Payment shall be made by the Company's independent auditors (the "Accounting Firm") which shall provide detailed supporting calculations both to the Company and the Executive. The determination made by the Accounting Firm shall be subject to review by the Executive's tax advisor, and, if the Executive's tax advisor does not agree with the determination reached by the Accounting Firm, then the Accounting Firm and the Executive's tax advisor shall jointly designate a nationally recognized public accounting firm which shall make the determination. All fees and expenses of the accountants and tax advisors retained by both the Executive and the Company shall be borne solely by the Company. Any determination by such jointly designated public accounting firm shall be binding upon the Company and the Executive. The Company shall also pay the Executive interest on his SERP Gross-Up Payment calculated from the Date of Termination until the SERP Gross-Up Payment is paid to the Executive at a rate equal to the prime rate as published in The Wall Street Journal on the Date of Termination plus three percentage points, compounded annually.
Examples of SIT Rate in a sentence
Seller shall perform and Buyer shall receive the service in accordance with the provisions of the effective SIT Rate Schedule and applicable General Terms and Conditions of Seller's FERC Gas Tariff, Second Revised Volume No. I (Tariff), on file with the Federal Energy Regulatory Commission (Commission), as the same may be amended or superseded in accordance with the rules and regulations of the Commission.