Common use of Tax equalisation Clause in Contracts

Tax equalisation. 21.1 During the course of the Employment, the Executive will be liable for UK income tax and employee’s National Health Insurance contributions (“UK Tax”). In addition, the Executive may be liable to pay US federal and state income taxes in respect of earnings from work carried out in the US. The Company intends to minimize the effect of the different rate of US and UK tax rates and leave the Executive in a net after-tax position substantially equivalent to what the Executive would experience if Executive were subject only to UK Tax during this period. The Company shall tax equalise the Executive so that the income and employment tax burden to the Executive on his remuneration and other amounts payable pursuant to this Agreement (including any remuneration with respect to the Share Schemes and including the tax equalisation payments made pursuant to this Clause 21.1), exclusive of any taxes under Section 409A, Section 457A or Section 4999 of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any other provisions of the Code relating to excise taxes, penalties or interest, is neither substantially greater nor less than the UK Tax that the Executive would have paid had Executive performed all of Executive’s duties to the Company in the UK, subject to the terms of any tax equalisation policy adopted by the Company, as it may be amended by the Company from time to time in the Company’s sole discretion (“Tax Equalisation”). Such payments, if any are payable pursuant to this Clause 21.1, shall be made within 60 days after the actual US tax amounts due are paid by the Executive for any applicable tax periods. To the extent that payments pursuant to this Clause 21.1 exceed the amount that was required to achieve Tax Equalisation, the Executive will repay to the Company an amount equal to the overpayment on demand by the Company and agrees that the Company may deduct amounts equal to any overpayment from the Executive’s salary or other payments due from the Company to the Executive. The Executive shall cooperate with the Company in determining any Tax Equalisation and in seeking any tax refunds owed on taxes paid by the Company pursuant to this Clause 21.1 in accordance with applicable tax rules and regulations. This Clause 21.1 shall continue to apply after the termination of the Executive’s employment with the Company without limit in point of time.

Tax equalisation. 21.1 27.1 During the course of the Employment, the Executive will be liable for UK income tax and employee’s National Health Insurance contributions (“UK Tax”). In addition, the Executive may be liable to pay US federal and state income taxes in respect of earnings from work carried out in the US. The Company intends to minimize the effect of the different rate of US and UK tax rates and leave the Executive in a net after-tax position substantially equivalent to what the Executive would experience if Executive were subject only to UK Tax during this period. The Company shall tax equalise the Executive so that the income and employment tax burden to the Executive on his remuneration and other amounts payable pursuant to this Agreement (including any remuneration with respect to the Share Schemes and including the tax equalisation payments made pursuant to this Clause 21.127), exclusive of any taxes under Section 409A, Section 457A or Section 4999 of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any other provisions of the Code relating to excise taxes, penalties or interest, is neither substantially greater nor less than the UK Tax that the Executive would have paid had Executive performed all of Executive’s duties to the Company in the UK, subject to the terms of any tax equalisation policy adopted by the Company, as it may be amended by the Company from time to time in the Company’s sole discretion (“Tax Equalisation”). Such payments, if any are payable pursuant to this Clause 21.127, shall be made within 60 days after the actual US tax amounts due are paid by the Executive for any applicable tax periods. To the extent that payments pursuant to this Clause 21.1 27 exceed the amount that was required to achieve Tax Equalisation, the Executive will repay to the Company an amount equal to the overpayment on demand by the Company and agrees that the Company may deduct amounts equal to any overpayment from the Executive’s salary or other payments due from the Company to the Executive. The Executive shall cooperate with the Company in determining any Tax Equalisation and in seeking any tax refunds owed on taxes paid by the Company pursuant to this Clause 21.1 27 in accordance with applicable tax rules and regulations. This Clause 21.1 27 shall continue to apply after the termination of the Executive’s employment with the Company without limit in point of time.

Tax equalisation. 21.1 26.1 During the course of the Employment, the Executive will be liable for UK income tax and employee’s National Health Insurance contributions (“UK Tax”). In addition, the Executive may be liable to pay US federal and state income taxes in respect of earnings from work carried out in the US. The Company intends to minimize the effect of the different rate of US and UK tax rates and leave the Executive in a net after-tax position substantially equivalent to what the Executive would experience if Executive were subject only to UK Tax during this period. The Company shall tax equalise the Executive so that the income and employment tax burden to the Executive on his remuneration and other amounts payable pursuant to this Agreement (including any remuneration with respect to the Share Schemes and including the tax equalisation payments made pursuant to this Clause 21.126), exclusive of any taxes under Section 409A, Section 457A or Section 4999 of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any other provisions of the Code relating to excise taxes, penalties or interest, is neither substantially greater nor less than the UK Tax that the Executive would have paid had Executive performed all of Executive’s duties to the Company in the UK, subject to the terms of any tax equalisation policy adopted by the Company, as it may be amended by the Company from time to time in the Company’s sole discretion (“Tax Equalisation”). Such payments, if any are payable pursuant to this Clause 21.126, shall be made within 60 days after the actual US tax amounts due are paid by the Executive for any applicable tax periods. To the extent that payments pursuant to this Clause 21.1 26 exceed the amount that was required to achieve Tax Equalisation, the Executive will repay to the Company an amount equal to the overpayment on demand by the Company and agrees that the Company may deduct amounts equal to any overpayment from the Executive’s salary or other payments due from the Company to the Executive. The Executive shall cooperate with the Company in determining any Tax Equalisation and in seeking any tax refunds owed on taxes paid by the Company pursuant to this Clause 21.1 26 in accordance with applicable tax rules and regulations. This Clause 21.1 26 shall continue to apply after the termination of the Executive’s employment with the Company without limit in point of time.