Common use of Entitlement to Tax Gross-Up Payments Clause in Contracts

Entitlement to Tax Gross-Up Payments. The Recipient shall be entitled to receive a tax gross-up payment (the "Tax Gross-Up Payment") from the Company with respect to each tax year Restricted Shares covered by this Agreement are distributed to him. Each Tax Gross-Up Payment shall be a dollar amount equal to forty (40%) percent of the Fair Market Value of the Restricted Shares at time of distribution, exclusive of dividends.

Entitlement to Tax Gross-Up Payments. The Recipient shall be entitled to receive a tax gross-up payment (the "Tax Gross-Up Payment") from the Company with respect to each tax year Restricted Shares covered by this Agreement are distributed to him. Each Tax Gross-Up Payment shall be a dollar amount equal to forty (40%) percent of the Fair Market Value fair market value (as determined for tax purposes) of the Restricted Shares at time of distribution, exclusive of dividends.