Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company. (b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year). (c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation. (d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence. (e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's family, in the case of the Executive's death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof. (f) In addition to the Company's payment of amounts pursuant to Sections 8(d) and 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's taxable income. The dollar limitations set forth in Sections 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f). In addition to
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,00075,000) incurred by her him in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's ’s family, in the case of the Executive's ’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof. The Company will pay or reimburse the Executive for such ordinary and necessary moving expenses no later than the end of the second year following the Executive’s termination of employment.
(f) In addition to the Company's ’s payment of amounts pursuant to Sections 8(d) and 8(e)), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's ’s taxable income. The dollar limitations limitation set forth in Sections 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f). In addition toto the Company’s payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(f).
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's family, in the case of the Executive's death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., such expenses to include house search, travel, lodging and similar or related expenses and, expenses for the loss of non-refundable club dues or similar items incurred by the Executive in relocating himself, his wife, dependent children and household effects, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence, provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a10(a), 9(b10(b) or 9(d10(d) hereof.
(fe) In addition to the Company's payment of amounts pursuant to Sections 8(d) and 8(eSection 9(d), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's taxable income. The dollar limitations limitation set forth in Sections 8(dSection 9(d) shall not apply to gross up payments made pursuant to this Section 9(e). In addition to the Company's payment of amounts pursuant to Section 8(e), to the extent that such payments are used by the Executive for housing expenses ("Housing Expenses") which are deductible or otherwise excludible from the Executive's taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive's taxable income. The dollar limitation set forth in Section 8(e) shall not apply to gross up payments made pursuant to this Section 8(f9(e). In addition to.
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's ’s family, in the case of the Executive's ’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof. The Company will pay or reimburse the Executive for such ordinary and necessary moving expenses no later than the end of the second year following the Executive’s termination of employment.
(f) In addition to the Company's ’s payment of amounts pursuant to Sections 8(d) and 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's ’s taxable income. The dollar limitations set forth in Sections 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f). In addition toto the Company’s payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(f).
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's ’s family, in the case of the Executive's ’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof. The Company will pay or reimburse the Executive for such ordinary and necessary moving expenses no later than the end of the second year following the Executive’s termination of employment.
(fe) In addition to the Company's ’s payment of amounts pursuant to Sections Section 8(d) and 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's ’s taxable income. The dollar limitations limitation set forth in Sections Section 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f8(e). In addition toto the Company’s payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(e).
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's ’s family, in the case of the Executive's ’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., such expenses to include house search, travel, lodging and similar or related expenses and, expenses for the loss of non-refundable club dues or similar items incurred by the Executive in relocating himself, his wife, dependent children and household effects, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence, provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a10(a), 9(bSection 10(b) or 9(dSection 10(d) hereof. The Company will pay or reimburse the Executive for such ordinary and necessary moving expenses no later than the end of the second year following the Executive’s termination of employment.
(fe) In addition to the Company's ’s payment of amounts pursuant to Sections 8(d) and 8(eSection 9(d), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's ’s taxable income. The dollar limitations limitation set forth in Sections 8(dSection 9(d) shall not apply to gross up payments made pursuant to this Section 9(e). In addition to the Company’s payment of amounts pursuant to Section 8(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 8(e) shall not apply to gross up payments made pursuant to this Section 8(f9(e). In addition to.
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her outhis duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,00075,000) incurred by her him in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's ’s family, in the case of the Executive's ’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof.
(f) In addition to the Company's ’s payment of amounts pursuant to Sections 8(d) and 8(e)), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's ’s taxable income. The dollar limitations limitation set forth in Sections 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f). In addition toto the Company’s payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(f).
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's family, in the case of the Executive's death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof.
(fe) In addition to the Company's payment of amounts pursuant to Sections Section 8(d) and 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's taxable income. The dollar limitations limitation set forth in Sections Section 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f8(e). In addition toto the Company's payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses ("Housing Expenses") which are deductible or otherwise excludible from the Executive's taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive's taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(e).
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's family, in the case of the Executive's death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof.
(fe) In addition to the Company's payment of amounts pursuant to Sections 8(d) and 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's taxable income. The dollar limitations limitation set forth in Sections Section 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f8(e). In addition toto the Company's payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses ("Housing Expenses") which are deductible or otherwise excludible from the Executive's taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive's taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(e).
Appears in 1 contract
Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her him in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's family, in the case of the Executive's death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), 9(b) or 9(d) hereof.
(f) In addition to the Company's payment of amounts pursuant to Sections 8(d) and 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's taxable income. The dollar limitations limitation set forth in Sections 8(d) and 8(e) shall not apply to gross up payments made pursuant to this Section 8(f). In addition to
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Reimbursement of Business and Other Expenses. (a) The Executive is authorized to incur reasonable expenses in carrying out her his duties and responsibilities under this Agreement and the Company shall promptly reimburse the Executive for all such expenses, subject to documentation in accordance with reasonable policies of Holding and the Company.
(b) Upon presentation of appropriate vouchers or other expense statements, during the Term of Employment, the Company shall pay for personal tax advice and/or tax return preparation for the Executive (up to a maximum of $7,500 per year).
(c) The Company shall be responsible for 100% of any Bermuda payroll taxes applicable to the compensation payable by the Company to the Executive. The Company shall be entitled to make deductions from any payments provided for herein in respect of other amounts that may be required to be withheld from time to time under any applicable income or employment tax laws or similar statutes or other provisions of law then in effect, and, with respect to any non-cash compensation or benefits with respect to which a tax withholding obligation will arise, may require as a condition to receipt of such compensation or benefit that the Executive make arrangements with the Company for the satisfaction of such tax withholding obligation.
(d) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive for the ordinary and necessary moving expenses (up to a maximum of $70,000) incurred by her him in moving to Bermuda, including the cost of temporary housing reasonably necessary to permit the Executive to obtain a suitable permanent residence.
(e) Upon presentation of appropriate vouchers or other expense statements, the Company shall directly pay or reimburse the Executive (or the Executive's ’s family, in the case of the Executive's ’s death) for the ordinary and necessary moving expenses (up to a maximum of $50,000) incurred in relocating to the U.S., provided such relocation occurs within six (6) months following a termination of employment due to the expiration of the Term of Employment or a termination of employment with Holding and the Company in accordance with the provisions of Section 9(a), Section 9(b) or 9(d) hereof. The Company will pay or reimburse the Executive for such ordinary and necessary moving expenses no later than the end of the second year following the Executive’s termination of employment.
(f) In addition to the Company's ’s payment of amounts pursuant to Sections Section 8(d) and Section 8(e), the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive after payment of U.S. Federal, state and local income and employment taxes and Bermuda payroll taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be reimbursed; provided, however, that a gross up payment shall not be made with respect to any reimbursement to the extent the related expense is deductible or is otherwise excludible from the Executive's ’s taxable income. The dollar limitations limitation set forth in Sections Section 8(d) and Section 8(e) shall not apply to gross up payments made pursuant to this Section 8(f). In addition toto the Company’s payment of amounts pursuant to Section 7(e), to the extent that such payments are used by the Executive for housing expenses (“Housing Expenses”) which are deductible or otherwise excludible from the Executive’s taxable income under U.S. tax law as in effect on the Effective Date, and such law changes subsequent to the Effective Date, the Company shall pay to the Executive tax gross up payments so that the net amount retained or benefit received by the Executive for Housing Expenses after payment of U.S. Federal, state and local income and employment taxes (assuming for purposes of calculating such taxes that the Executive is in the respective highest tax brackets) is equal to the agreed amount to be paid; provided, however, that a gross up payment shall not be made with respect to any payment to the extent the Housing Expenses are deductible or are otherwise excludible from the Executive’s taxable income. The dollar limitation set forth in Section 7(e) shall not apply to gross up payments made pursuant to this Section 8(f).
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