Tax Rates and Assumptions. For purposes of determining the amount of the Gross-Up Payment, Executive shall be deemed to pay Federal income taxes at the highest marginal rate of Federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s residence on the date of termination, net of the maximum reduction in Federal income taxes which could be obtained from deduction of such state and local taxes.
Appears in 4 contracts
Samples: Employment Agreement (Aphton Corp), Employment Agreement (Aphton Corp), Employment Agreement (Aphton Corp)
