Common use of Timing of Reimbursements and In-kind Benefits Clause in Contracts

Timing of Reimbursements and In-kind Benefits. During the Employment Period, if Executive is entitled to be paid or reimbursed for any taxable expenses under this Agreement, including but not limited to Sections 4(b)(v) and 13(c), and such payments or reimbursements are includible in Executive’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. No right of Executive to reimbursement of expenses under shall be subject to liquidation or exchange for another benefit.