Grossup Amount

Grossup Amount. Means the quotient obtained by dividing (i) the amount the Company determines to be includable in the Grantee's taxable income for federal, state and local tax purposes, as applicable, as the result of the grant of Restricted Stock under this Award by (ii) the excess of one (1) over the highest marginal federal, state and local tax rates applicable to the Grantee, taking into account the deductibility of state and local taxes for federal income tax purposes.

Grossup Amount. Means the amount determined by multiplying the taxable benefit by a fraction where the numerator is one and the denominator is one minus the applicable tax rate. The applicable tax rate shall be the sum of (i) the highest federal individual income tax rate (currently 35%), plus (ii) 60% of the highest applicable state individual income tax rate (if any), in each case for the calendar year in which Executive receives a taxable benefit.