Tech Data 2014 Annual Report Download - page 169
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of any uncollected Tax-
Related Items shall constitute a loan owed by the Participant to the Employer, effective on the
Due Date. The Participant agrees that the loan will bear interest at the then-
current HM Revenue and Customs Official
Rate, it will be immediately due and repayable, and the Company or the Employer may recover it at any time thereafter
by any of the means referred to in Section 6 of the Agreement. Notwithstanding the foregoing, if the Participant is an
“Officer” (as defined in Rule 16a-
1(f) of the Securities Exchange Act of 1934), the terms of this Section 6A shall not
apply to the Participant. In the event that Tax-
Related Items are not collected from or paid by an Officer Participant by
the Due Date, the amount of any uncollected Tax-
Related Items may constitute a benefit to the Participant on which
additional income tax and National Insurance Contributions may be payable. The Participant agrees that the Company
may collect any income tax and National Insurance Contributions due on this additional benefit from the Participant by
any of the means set forth in Section 6 of the Agreement.
3. Exclusion of Claim .
The Participant acknowledges and agrees that the Participant will have no entitlement
to compensation or damages insofar as such entitlement arises or may arise from the Participant’
s ceasing to have rights
under or to be entitled to vest in the Participant’
s HREs as a result of such termination (whether the termination is in
breach of contract or otherwise), or from the loss or diminution in value of the Participant’
s HREs. Upon the grant of the
HREs, the Participant shall be deemed to have irrevocably waived any such entitlement.
* * * * *
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