Guaranteed Payment. The Company shall pay the Executive a guaranteed payment at the rate of $200,000.00 per annum for the period beginning on the Effective Date through December 31, 2011 (the “Guaranteed Payment”), payable in equal monthly installments. For each year thereafter, the Executive’s Guaranteed Payment shall equal the sum of: (a) $200,000 and (b) the amount of the Initial Annual Allocation (as herein determined), if any, for the immediately preceding calendar year. (Any such amount shall constitute the “Guaranteed Payment” as of the time of the calculation.) For United States federal, state and local tax purposes, each Guaranteed Payment shall be treated and reported by the Company and the Partners as a “guaranteed payment” within the meaning of Section 707(c) of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations promulgated thereunder.
Appears in 3 contracts
Sources: Executive Agreement, Executive Agreement (Institutional Financial Markets, Inc.), Executive Agreement (Institutional Financial Markets, Inc.)