Common use of Taxable Reimbursements Clause in Contracts

Taxable Reimbursements. (i) Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier of the date on which they would be paid under the Company’s normal policies and the last day of the taxable year of the Executive following the year in which the expense was incurred. (ii) The amount of any Taxable Reimbursements to be provided to the Executive during any taxable year of the Executive shall not affect the expenses eligible for reimbursement to be provided in any other taxable year of the Executive. (iii) The right to Taxable Reimbursements shall not be subject to liquidation or exchange for another benefit.

Taxable Reimbursements. (i) Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier of the date on which they would be paid under the Company’s normal policies and the last day of the taxable year of the Executive following the year in which the expense was incurred. (ii) The amount of any Taxable Reimbursements Reimbursements, and the value of any in-kind benefits to be provided to the Executive Executive, during any taxable year of the Executive shall not affect the expenses eligible for reimbursement reimbursement, or in-kind benefits to be provided provided, in any other taxable year of the Executive. (iii) The right to Taxable Reimbursements Reimbursement shall not be subject to liquidation or exchange for another benefit.