Adjusted Fiorillo Net Proceeds

Adjusted Fiorillo Net Proceeds. Shall mean the net proceeds, if any, realized by Purchaser from a Fiorillo Sale, less an appropriate reserve to reflect any unfunded pension obligations of Fiorillo and less an appropriate reserve to reflect an allowance for distributions for any income taxes payable by the Flour Group with respect to the net taxable income, if any, reflected in such net proceeds. For purposes of the calculation of such reserve, it shall be assumed that each member of the Flour Group who pays taxes with respect... to his allocable share of such net taxable income pays taxes at the highest applicable marginal federal and state rates in effect at the time of such Fiorillo Sale for each category of income and gain contained in such net income. View More