Common use of Grantee’s Agreement Clause in Contracts

Grantee’s Agreement. Grantee expressly and specifically agrees that: (a) With respect to the calendar year in which such phantom performance shares are vested Grantee shall include in his gross income for federal income tax purposes the fair market value of the phantom performance shares. (b) The grant of the phantom performance shares is special incentive compensation which will not be taken into account as “wages” or salary” in determining the amount of payment or benefit to Grantee under any pension, thrift, stock, or deferred compensation plan of the Company. (c) In behalf of Grantee’s beneficiary, such grant shall not affect the amount of any life insurance coverage available to such beneficiary under any life insurance plan covering employees of the Company or any subsidiary. (d) The Company may withhold any federal, state, or local tax liability owed as a result of the performance shares vesting.

Grantee’s Agreement. Grantee expressly and ad specifically agrees that: (a) With respect to the calendar year in which such phantom performance shares are vested Grantee shall include in his gross income for federal income tax purposes the fair market value of the phantom performance shares. (b) The grant of the phantom performance shares is special incentive compensation which will not be taken into account as “wages” or “salary” in determining the amount of payment or benefit to Grantee under any pension, thrift, stock, or deferred compensation plan of the Company. (c) In behalf of Grantee’s beneficiary, such grant shall not affect the amount of any life insurance coverage available to such beneficiary under any life insurance plan covering employees of the Company or any subsidiary. (d) The Company may withhold any federal, federal state, or local tax liability owed as a result of the performance shares vesting.

Grantee’s Agreement. Grantee expressly and specifically agrees that: (a) With respect to the calendar year in which such phantom performance shares are vested vested, Grantee shall include in his gross income for federal income tax purposes the fair market value of the phantom performance shares. (b) The grant of the phantom performance shares is special incentive compensation which will not be taken into account as “wages” or “salary” in determining the amount of payment or benefit to Grantee under any pension, thrift, stock, or deferred compensation plan of the Company. (c) In behalf of Grantee’s beneficiary, such grant shall not affect the amount of any life insurance coverage available to such beneficiary under any life insurance plan covering employees of the Company or any subsidiary. (d) The Company may withhold any federal, state, or local tax liability owed as a result of the performance shares vesting.