Common use of Tax Treatment of Retention Pay and Benefits Clause in Contracts

Tax Treatment of Retention Pay and Benefits. All Payments and Gross-Up Payments payable to Executive under this Agreement are subject to applicable federal, state and local tax withholding (including, but not limited to, withholding for applicable Excise Taxes) and payroll deductions, and constitute taxable income to Executive. Other than as expressly provided in this Agreement, Executive, and not the Company, is liable for federal, state and local income taxes and any employee's share of employment taxes on the Retention Pay and Benefits.

Tax Treatment of Retention Pay and Benefits. All Payments and Gross-Up Payments payable to Executive under this Agreement are subject to applicable federal, state and local tax withholding (including, but not limited to, withholding for applicable Excise TaxesTaxes to the extent provided in Section 5) and payroll deductions, and constitute taxable income to Executive. Other than as expressly provided in this Agreement, Executive, and not the Company, is liable for federal, state and local income taxes and any employee's share of employment taxes on the Retention Pay and Benefits.