Current Year. Except when otherwise indicated, current school year shall mean the school year (s) as per dates given on page one of the current negotiated agreement.
Current Year. As Compensation for the current Taxable Year in which the payroll period commenced.
Current Year. Paragraph 2.E of the Agreement is deleted in its entirety and replaced with the following:
Current Year. Section 10.9(h)........................................56
Current Year. The portion of the LTM Group Separate Tax Liability ------------ for the Current Year not previously accrued prior to the Closing Date shall be estimated by SCA and LTM and the amount of such estimate shall be accrued as a liability of LTM, provided that the LTM Group Separate Tax Liability shall be computed without taking into account the triggering as a result of the transactions contemplated by the Master Agreement of any excess loss account within the meaning of Treasury Regulation Section 1.1502-19 or deferred gain or loss arising out of any intercompany transaction within the meaning of Treasury Regulation Section 1.1502-13 (or arising out of any deferred intercompany transaction within the meaning of Treasury Regulation Section 1.1502-13 as in effect with respect to transactions occurring in years beginning before July 12, 1995) between a member of the SCA Separate Group and a member of the LTM Group or between members of the LTM Group, and provided further, that any other taxes imposed as a result of the transactions contemplated by the Master Agreement shall be borne by the parties on whom imposed by law, except to the extent expressly provided in this Agreement or in Section 9.3 of the Master Agreement. If as the result of an audit by a taxing authority or as a result of a court proceeding, the SCA Group Tax Liability (or any component thereof or of the SCA Group's taxable income or loss) for the Current Year is adjusted, then notwithstanding paragraph 3 hereof (i) if there are adjustments which increase the LTM Group Separate Tax Liability for the Current Year, the amount of any such increase shall be paid by LTM to SCA and (ii) if there are adjustments which decrease the LTM Group Separate Tax Liability for the Current Year, the amount of any such decrease shall be paid to LTM by SCA to the extent such amounts have previously been paid by LTM to SCA. SCA and LTM shall cooperate in determining the amounts which have previously been paid by LTM to SCA. Payments by or to LTM required as the result of adjustments shall be made promptly after the Final Determination of such adjustments.
Current Year. During the current school year, absences other than those described above will not be allowed with pay, with the exception of disability leave due to childbearing or employee illness if sick leave benefits are exhausted. In the event of leave without pay, a full deduction will be made for time not worked. Application in writing and the immediate supervisor's advance approval will be required.
Current Year. As Compensation for the current Taxable Year.
Current Year. For tax year 2007, the parties shall le separate federal and state tax returns. For income tax purposes, the termination of the marital community was effective January 1, 2007, and no theory of community pro-ration shall be applied to the parties’ respective incomes, withholdings, estimated tax payments, deductions and expenses (except as specically set forth herein) for tax year 2007. All withholding or estimated taxes paid in year tax 2007 shall be the sole and separate property of the party who paid it. Each party shall be solely liable for his/her respective tax liabilities, including principal, interest and penalties arising in connection with their own returns and each shall receive as their sole and separate property all refunds received thereon. Xxxxxx shall claim 2/3 of the mortgage interest deduction associated with Marital Residence and 1/2of property tax deduction associated with Marital Residence for tax year 2007. Xxx shall claim 1/3 of the mortgage interest deduction associated with Marital Residence and ‘/2 of property tax deduction associated with Marital Residence for tax year 2007. Xxx and Xxxxxx shall each be responsible for any tax liabilities (and assume any tax basis and holding period) arising out of property distributed to him or her pursuant to the terms of this
Current Year. General Fund Unappropriated Balances
Current Year. The Board has approved a grant to the Executive of one million shares of restricted stock for services rendered from the date hereof until June 30, 2003. For the purposes of determining the Executive's compensation with respect to such grant, the grant shall be priced at the closing trade price on the day of Board approval, which was September 27, 2002. 800,000 of the shares will time vest quarterly in equal parts with twenty-five percent vesting at the execution of this Agreement and 25% vesting on each of December 30, 3003, March 31, 2003 and June 30, 2003 so long as the Executive remains employed by the Company. The remaining 200,000 shares will vest quarterly subject to Board approval. The Board shall determine whether or not any of the shares vest based on the same quarterly criteria as the current year bonus as stated above in Section 4(b)(i). If the Company should terminate the Executive's employment with cause (as defined in Section 10), or if the Executive should terminate his employment for any reason, prior to June 30, 2003, then all shares remaining unvested at the time of such termination would be cancelled immediately, except as otherwise provided for in Section 10 below.
