Tax Bonus definition

Tax Bonus means a payment in cash in the year in which an amount is included in the gross income of a Participant in respect of an Award of an amount equal to the federal, foreign, if any, and applicable state and local income and employment tax liabilities payable by the Participant as a result of (i) the amount included in gross income in respect of the Award and (ii) the payment of the amount in clause (i) and the amount in this clause (ii). For purposes of determining the amount to be paid to the Participant pursuant to the preceding sentence, the Participant shall be deemed to pay federal, foreign, if any, and state and local income taxes at the highest marginal rate of tax imposed upon ordinary income for the year in which an amount in respect of the Award is included in gross income, after giving effect to any deductions therefrom or credits available with respect to the payment of any such taxes.

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Tax Bonus means a bonus as may be included as part of an Award pursuant to Section 7 and the terms of an Award Agreement.

Examples of Tax Bonus in a sentence

Notwithstanding the preceding, the terms of this agreement are separate from and do not supercede the terms of the Tax Bonus Agreement or the Salary Continuation Agreement.
Employee will be granted stock purchase rights under the Cynosure Stock Compensation Plan in accordance with the draft Stock Compensation Plan, Stock Purchase Rights Agreement, and Tax Bonus attached hereto, as soon as possible after approval by the Company's shareholders and directors.
By way of example, if the Company reports $300 as income to the Executive under this Section 3(c), then the Tax Bonus Amount with respect to such Income Amount shall equal $200 gross, subject to withholding as set forth in Section 20 hereof.
No Tax Bonus shall be paid, and the Participant shall forfeit any right to any Tax Bonus, with respect to any Unvested Phantom Unit or Vested Phantom Unit that is forfeited by the Participant.
If any tax liability results in this Company benefit, the Company will supply a special Tax Bonus to help relieve the tax burden.
The Participant’s Employer shall withhold from the Participant’s compensation all required federal, state and local income, employment and other taxes, in connection with the Company’s payment of the Bonus and the Tax Bonus, in amounts and in a manner to be determined in the sole discretion of the Employer.
The Company shall pay the Executive a one-time bonus in the amount of $125,000 no later than April 10, 1996 (the "Tax Bonus") as full payment by the Company in respect of income taxes payable by the Executive with respect to the Signing Bonus payment provided for in Section 3b hereof.
If any tax liability results from this additional Company paid benefit, the Company will supply a special Tax Bonus to relieve the tax burden.
If the Participant designates any person (other than the Participant) or any entity as owner of the Policy, (i) the Bonus payments, if any, made under this Agreement shall be made on behalf of the Participant in accordance with Section 3.1, (ii) any Tax Bonus payments shall be made directly to the Participant in accordance with Section 3.2, and (iii) no Employer shall owe any obligation to such person or entity.
The Tax Bonus shall be paid to the Participant in cash, Incentive Units or a combination thereof, in the Administrator’s sole discretion, not later than the latest date on which the Incentive Units to which the Tax Bonus relates may be delivered pursuant to Section 7.

More Definitions of Tax Bonus

Tax Bonus means a bonus that may be paid pursuant to Section 8 and the terms of the Plan.

Tax Bonus means all of the payments made by the Participant’s Employer to the Participant in any one Plan Year in accordance with Section 3.2.