DISALLOWED COMPENSATION. If any amount paid by Company for expenses incurred by Executive is finally determined by Company not to be allowable as a federal or state income tax deduction to Company, the part disallowed shall be repaid to Company by Executive within thirty (30) days of notice of such by Company to Executive.
DISALLOWED COMPENSATION. Any payments made to an officer or ------------------------ employee of the corporation such as a salary, commission, bonus, interest, rent, travel or entertainment expense incurred by him, which shall be disallowed in whole or in part as a deductible expense by the Internal Revenue Service, shall be reimbursed by such officer or employee to the corporation to the full extent of such disallowance. It shall be the duty of the directors, as a Board, to enforce payment of each amount disallowed In lieu of payment by the officer or employee, subject to the determination of the directors, proportionate amounts may be withheld from his future compensation payments until the amount owed to the corporation has been recovered.
DISALLOWED COMPENSATION. If the Internal Revenue Service shall find that XXXXXXX'x salary constitutes unreasonable or excessive compensation, XXXXXXX agrees to repay to GKIS any amount disallowed to it as deductions that results in an increase in its tax liability for such year.
DISALLOWED COMPENSATION. If the Internal Revenue Service shall find that Heinsohn's salary constitutes unreasonable or excessive compensation, Xxxxxxxx agrees to repay to the Corporation any amount disallowed to the Corporation as deductions that results in an increase in its tax liability for any tax year.
DISALLOWED COMPENSATION. In the event that all or any portion of the compensation provided for in this Agreement or any expense reimbursed pursuant to the terms of this Agreement is disallowed by the Internal Revenue Service as a deductible expense of Corporation on the grounds that it does not constitute a "reasonable allowance" within the meaning of the Internal Revenue Code, Executive agrees to reimburse Corporation to the extent of the disallowed amount within thirty (30) days after Corporation has notified Executive of the disallowed amount. If Corporation is not fully reimbursed during said 30-day period, it shall have the right to withhold up to 50% of any future compensation payments due to Executive until the amount owed it has been paid in full. It is expressly understood by the parties to this Agreement that the decision to appeal any unfavorable decision on the issue of "reasonable allowance" by the Internal Revenue Service to the Tax Court or the District Court shall be in the sole discretion of Corporation.
DISALLOWED COMPENSATION. If the Internal Revenue Service shall find that Alexander's salary constitutes unreasonable or excessive compensation, Alexander agrees to repay to GKIS any amount disallowed to it as deductions that results in an increase in its tax liability for such year.
DISALLOWED COMPENSATION. If the Internal Revenue Service shall find that XXXXX'x salary constitutes unreasonable or excessive compensation, XXXXX agrees to repay to the Corporation any amount disallowed to the Corporation as deductions that results in an increase in its tax liability for any tax year.
DISALLOWED COMPENSATION. Any payments made to an officer or employee of the Corporation such as salary, commission, bonus, interest, rent, travel or entertainment expense incurred by him which shall be disallowed as a deductible expense for tax purposes shall be reimbursed by such officer or employee to the Corporation to the full extent of the disallowance, provided, however, that partial disallowances through no fault of the employee, such as those provided by Section 274 of the Internal Revenue Code, at the discretion of the Chief Executive Officer need not be reimbursed. In lieu of payment by the officer or employee and subject to the determination of the Directors, proportionate amounts may be withheld from his or her future compensation payments until the amount owed to the Corporation has been fully recovered.
