The Hartford 2008 Annual Report Download - page 620

(B) Additional Tax Reimbursement Payment. In the event that the Excise Tax is later determined by the
Accountants or pursuant to any proceeding or negotiations with the Internal Revenue Service to exceed the
amount taken into account hereunder at the time the Tax Reimbursement Payment is made (including, but not
limited to, by reason of any payment the existence or amount of which cannot be determined at the time of
the Tax Reimbursement Payment), the Company shall make an additional Tax Reimbursement Payment in
respect of such excess (plus any interest or penalty payable with respect to such excess) at the time that the
amount of such excess is finally determined.
(v) Timing for Tax Reimbursement Payment. The Tax Reimbursement Payment (or portion thereof) provided
for in this Section 6 shall be paid to Executive not later than 10 business days following the payment of the
Covered Payments; provided, however, that if the amount of such Tax Reimbursement Payment (or portion
thereof) cannot be finally determined on or before the date on which payment is due, the Company shall pay to
Executive by such date an amount estimated in good faith by the Accountants to be the minimum amount of such
Tax Reimbursement Payment and shall pay the remainder of such Tax Reimbursement Payment (together with
interest at the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be
determined, but in no event later than 45 calendar days after payment of the related Covered Payment. To the
extent that the amount of the estimated Tax Reimbursement Payment exceeds the amount subsequently
determined to have been due, Executive shall repay such excess to the Company on the fifth business day after
written demand by the Company for payment.
7. Timing of Payments.
Accrued Salary shall be paid no later than 10 days following the termination of the Employment Period. Any Severance
Payment and Vested Benefits Enhancement, together with interest thereon based on prevailing short term rates for the period
between the date of payment and the termination of the Employment Period, shall be paid during the 10 day period
following the six month anniversary of the termination of the Employment Period. Except as provided in the definition of
“Payable” in Section 5(d), a Pro-Rata Target Bonus, which payment is attributable to services performed by Executive
during the calendar year in which the Performance Period terminates, shall be paid as follows: (a) if the Employment Period
terminates in the first, second or third calendar quarter of any particular calendar year, then the Pro-Rata Target Bonus shall
be paid no later than 10 days following the termination of the Employment Period; or (b) if the Employment Period
terminates in the fourth calendar quarter of any particular calendar year, then the Pro-Rata Target Bonus shall be paid no
later than the same time as similar awards are paid to other executives participating in the plans or programs under which the
awards are paid, but in no event later than March 15 of the calendar year following the end of such fourth calendar quarter.
Vested Benefits and Equity Awards shall be paid no later than the time for payment Determined Under the Applicable Plan
except as otherwise expressly superseded or modified by this Agreement. Tax Reimbursement Payments shall be paid at the
time specified in Section 6 hereof.
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Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009