Common use of Business Expenses and Reimbursements Clause in Contracts

Business Expenses and Reimbursements. During the Employment Period, the Bank shall pay, or promptly reimburse Executive for, all business travel and other out-of-pocket expenses (including, without limitation, mileage reimbursement at rates specified from time to time in or pursuant to the Code) reasonably incurred by Executive in the performance of Executive’s duties pursuant to this Agreement that are in compliance with the Bank’s policies with respect thereto upon submission by Executive of an expense report with appropriate vouchers to the Bank (collectively, “Business Expenses”). With respect to any amount of expenses eligible for reimbursement that is required to be included in Executive’s gross income for federal income tax purposes, such expenses shall be reimbursed to Executive no later than December 31 of the year following the year in which Executive incurs the related expenses. In no event shall the amount of expenses (or in-kind benefits) eligible for reimbursement in one taxable year affect the amount of expenses (or in-kind benefits) eligible for reimbursement in any other taxable year (except for those medical reimbursements referred to in Section 105(b) of the Code), nor shall Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.

Business Expenses and Reimbursements. During the Employment Period, the Bank Company shall pay, or promptly reimburse Executive for, all business travel and other out-of-pocket expenses (including, without limitation, mileage reimbursement at rates specified from time to time in or pursuant to the Code) reasonably incurred by Executive in the performance of Executive’s duties pursuant to this Agreement that are in compliance with the BankCompany’s policies with respect thereto upon submission by Executive of an expense report with appropriate vouchers to the Bank Company (collectively, “Business Expenses”). With respect to any amount of expenses eligible for reimbursement that is required to be included in Executive’s gross income for federal income tax purposes, such expenses shall be reimbursed to Executive no later than December 31 of the year following the year in which Executive incurs the related expenses. In no event shall the amount of expenses (or in-kind benefits) eligible for reimbursement in one taxable year affect the amount of expenses (or in-kind benefits) eligible for reimbursement in any other taxable year (except for those medical reimbursements referred to in Section 105(b) of the Code), nor shall Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.