Common use of Tax Loan Clause in Contracts

Tax Loan. Not less than 10 days prior to the due date of the Executive's federal income tax payment for every taxable year of the Executive in which his income tax liability is increased by or as a result of the grant of restricted shares of Common Stock pursuant to Section 7(a) hereof, the Employer shall lend to the Executive an amount equal to such increased tax liability. The Employer and the Executive shall enter into an appropriate agreement providing for the repayment by the Executive of such loan, which agreement shall provide that (i) if the principal amount of such loan (together with the aggregate outstanding amount of other loans between the Employer and the Executive) exceeds the de minimis amount set forth in Section 7872(c)(3) of the Code (or any successor provision thereof), then such loan shall bear interest at a rate not less than the applicable Federal rate determined in accordance with Section 7872(f)(2) of the Code (or any successor provision thereof) and (ii) if the Executive disposes of any of the shares of restricted Common Stock prior to the third anniversary of the date any loan is advanced to the Executive pursuant to this Section 7(b), the principal balance of the loan shall become immediately due and payable in cash or shares of Common Stock owned by the Executive for a period of at least six months or such other period necessary to avoid a charge, for accounting purposes, against the Employer's earnings as reported in the Employer's financial statements. The Parent's Stock Option Committee of the Board has approved the delivery of previously owned shares of Common Stock held for at least six months by the Executive to satisfy his obligation to repay the loan advanced to the Executive pursuant to this Section 7(b).

Tax Loan. Not less than 10 days prior to the due date of the Executive's federal income tax payment return for every taxable year of the Executive in which his income tax liability is increased by or as a result of the grant of restricted shares of Common Stock pursuant to Section 7(a) hereof, the Employer shall lend to the Executive an amount equal to such increased tax liability. The Employer and the Executive shall enter into an appropriate agreement providing for the repayment by the Executive of such loan, which agreement shall provide that (i) if the principal amount of such loan (together with the aggregate outstanding amount of other loans between the Employer and the Executive) exceeds the de minimis amount set forth in Section 7872(c)(3) of the Code (or any successor provision thereof), then such loan shall bear interest at a rate not less than the applicable Federal rate determined in accordance with Section 7872(f)(2) of the Code (or any successor provision thereof) and (ii) if the Executive disposes of any of the shares of restricted Common Stock prior to the third anniversary of the date any loan is advanced to the Executive pursuant to this Section 7(b), the principal balance of the loan shall become immediately due and payable in cash or shares of Common Stock owned by the Executive for a period of at least six months or such other period necessary to avoid a charge, for accounting purposes, against the Employer's earnings as reported in the Employer's financial statements. The Parent's Stock Option Committee of the Board has approved the delivery of previously owned shares of Common Stock held for at least six months by the Executive to satisfy his obligation to repay the loan advanced to the Executive pursuant to this Section 7(b).

Tax Loan. Not less than 10 days prior to the due date of the Executive's federal income tax payment return for every taxable year of the Executive in which his income tax liability is increased by or as a result of the grant of restricted shares of Common Stock pursuant to Section 7(a) hereof, the Employer shall lend to the Executive an amount equal to such increased tax liability. The Employer and the Executive shall enter into an appropriate agreement providing for the repayment by the Executive of such loan, which agreement shall provide that (i) if the principal amount of such loan (together with the aggregate outstanding amount of other loans between the Employer and the Executive) exceeds the de minimis amount set forth in Section 7872(c)(3) of the Code (or any successor provision thereof), then such loan shall bear interest at a rate not less than the applicable Federal rate determined in accordance with Section 7872(f)(2) of the Code (or any successor provision thereof) and (ii) if the Executive disposes of any of the shares of restricted Common Stock prior to the third anniversary of the date any loan is advanced to the Executive pursuant to this Section 7(b), the principal balance of the loan shall become immediately due and payable in cash or shares of Common Stock owned by the Executive for a period of at least six months or such other period necessary to avoid a charge, for accounting purposes, against the Employer's earnings as reported in the Employer's financial statements. The Parent's Stock Option Compensation Committee of the Board has approved will approve the delivery of previously owned shares of Common Stock held for at least six months by the Executive to satisfy his obligation to repay the loan advanced to the Executive pursuant to this Section 7(b).