Common use of Tax Loan Clause in Contracts

Tax Loan. Upon the maturity of the Note, if Executive is still employed by the Company, the Company shall provide Executive with a loan (the "Tax Loan") in an amount sufficient to enable Executive to pay taxes due upon the maturity of the Note. The Tax Loan shall (i) be personal recourse, (ii) have a term of four (4) years, (iii) bear interest at the Company's revolver interest rate, and (iv) require Executive to prepay with fifty percent (50%) of the net after-tax proceeds of the sale of any shares of stock of the Company acquired through option exercises and with twenty-five percent (25%) of the net after-tax amount of any bonus payment from the Company.

Tax Loan. Upon the maturity of the Note, if Executive is still employed by the Company, the Company shall provide Executive with a loan (the "Tax Loan") in an amount sufficient to enable Executive to pay taxes due upon the maturity of the Note. The Tax Loan shall (i) be personal recourse, (ii) have a term of four (4) years, (iii) bear interest at (a) six percent (6%) per annum, compounded annually from the date of making the Tax Loan through April 18, 2002 and (b) from and after April 19, 2002, shall be at the Company's revolver interest rate, and (iv) require Executive to prepay with fifty percent (50%) of the net after-tax proceeds of the sale of any shares of stock of the Company acquired through option exercises and with twenty-five percent (25%) of the net after-tax amount of any bonus payment from the Company.