Common use of Tax Preparation and Insurance Clause in Contracts

Tax Preparation and Insurance. During the Employment Period, the Company shall reimburse the Executive for the reasonable costs (not to exceed $10,000 per year, pro rated for partial years and evidenced by actual invoices presented to the Company) of (i) a tax consultant to assist the Executive or his estate in the preparation of tax returns and tax planning and for other estate planning related costs incurred and (ii) premiums on life insurance policies obtained by the Executive. Executive must submit appropriate documentation for each year’s reimbursements in sufficient time so that the Company may reimburse Executive for a year’s expenses under this Section 3.4 on or before March 15 of the year following the year for which the expense is allowable. Any amounts so reimbursed shall not be refundable to the Company once paid in the event that the Executive’s employment is subsequently terminated for any reason.

Tax Preparation and Insurance. During the Employment PeriodTerm, the Company shall reimburse the Executive for the reasonable costs (not to exceed $10,000 per year, pro rated prorated for partial years and evidenced by actual invoices presented to the Company) of (i) a tax consultant to assist the Executive or his estate in the preparation of tax returns and tax planning and for other estate planning related costs incurred and (ii) premiums on life insurance policies obtained by the Executive. Executive must submit appropriate documentation for each year’s reimbursements in sufficient time so that the Company may reimburse Executive for a year’s expenses under this Section 3.4 on or before March 15 of the year following the year for which the expense is allowable. Any amounts so reimbursed shall not be refundable to the Company once paid in the event that the Executive’s employment is subsequently terminated for any reason.