Shareholder Expense Sample Clauses

Shareholder Expense. The term "Shareholder Expense" shall be limited to the following expenses, as such expenses are more specifically described in Exhibit 1.18: (a) Shareholders' salaries, benefits, payroll taxes, and other direct costs (including professional dues, subscriptions, continuing education expenses, severance payments, entertainment, and travel costs for continuing education or other business travel but excluding business travel requested by Business Manager, which shall be an Office Expense, and excluding any other expense of a Shareholder approved as an Office Expense in advance by the Parties); (b) those portions of leasehold obligations of the Business Manager which are deemed in excess of fair market value as set forth in Exhibit 1.31; (c) to the extent not covered by insurance and subject to the advance provisions contained herein, the defense costs of any litigation brought against the Practice or the Professionals by any third party and any liability judgment assessed against the Practice or the Professionals; (d) certain equipment expenses described in Section 3.2(d); (e) interest on any funds advanced to the Practice by Business Manager to the extent that Business Manager is a net lender in accordance with the terms of this Agreement; (f) "tail" coverage malpractice insurance expenses for the Shareholders and any malpractice insurance expenses of any Professional which are in excess of those which are customary and reasonable; (g) any income taxes or franchise tax of the Practice; and (h) consulting, accounting, or legal fees which relate solely to the Shareholders. The Practice shall reimburse the Business Manager for any Shareholder Expense incurred by the Business Manager.Unless an expense is expressly designated as a Business Expense, an Office Expense or a Practice Expense in this Business Management Agreement or in any exhibit hereto, all expenses incurred by the Practice shall be considered a Shareholder Expense. Notwithstanding the above, the Practice may require certain Professionals to pay certain expenses incurred for them specifically.