Common use of Disallowances Clause in Contracts

Disallowances. Any payments made to Executive such as interest or entertainment expenses incurred by Executive, which shall be disallowed in whole or in part as a deductible expense by the Internal Revenue Service, shall be reimbursed by Executive to the Company to the full extent of such disallowance. In lieu of payment by Executive, subject to the determination of the Board, proportionate amounts may be withheld from Executive's future compensation payments until the amount owed to the Company has been recovered.

Disallowances. Any payments made to Executive such as interest or entertainment expenses incurred by Executive, which shall be disallowed in whole or in part as a deductible expense by the Internal Revenue Service, shall be reimbursed by Executive to the Company to the full extent of such disallowance. In lieu of payment by Executive, subject to the determination of the Board, proportionate amounts 4 may be withheld from Executive's future compensation payments until the amount owed to the Company has been recovered.