This excerpt taken from the RGS DEF 14A filed Sep 9, 2008.
Change in Control with No Employment Termination
2017 (at June 30, 2008, seven annual payments remained), plus (ii) a tax gross-up amount to cover federal and state income taxes on the amount reimbursed. For Mr. Pearce, the amount represents a lump sum payment equal to the remaining $120,000 annual payments to be made in fiscal years 2008-2010 in substitution for a previous arrangement to cover the cost of life insurance premiums and related tax gross-ups for a ten-year period. At June 30, 2008, two annual premium payments remained. For Messrs. Kartarik and Nelson, the amount represents the present value of annual payments of $65,000 for payment of life insurance premiums, including the gross-up for federal and state income taxes on the amount reimbursed (at June 30, 2008, two annual payments remained).