Gross-Up Amount. The Company shall provide an additional payment to the Employee ("GROSS-UP PAYMENT") to cover all applicable excise taxes payable by the Employee upon the distribution of any Bonus Program proceeds and the value of the Employee's stock options subject to such excise taxes. The Gross-Up Payment shall be payable from the consideration allocated to the CNBP and/or the MBP. The Company and Employee hereby agree, notwithstanding the foregoing that the total amount paid to Employee under Section 5, including the Gross-Up Payment, shall not exceed six and one quarter percent (6.25%) of the Sale of Note Proceeds and Net Proceeds to Securityholders and the value of the Employee's stock options subject to excise taxes.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Airnet Communications Corp), Securities Purchase Agreement (SCP Private Equity Partners Ii Lp)
Gross-Up Amount. The Company shall provide an additional payment to the Employee ("“GROSS-UP PAYMENT"”) to cover all applicable excise taxes payable by the Employee upon the distribution of any Bonus Program proceeds and the value of the Employee's ’s stock options subject to such excise taxes. The Gross-Up Payment shall be payable from the consideration allocated to the CNBP and/or the MBP. The Company and Employee hereby agree, notwithstanding the foregoing that the total amount paid to Employee under Section 5, including the Gross-Up Payment, shall not exceed six and one quarter percent (6.25%) of the Sale of Note Proceeds and Net Proceeds to Securityholders and the value of the Employee's ’s stock options subject to excise taxes.
Appears in 1 contract