Tax Withholding Clause Example from Business Contracts

Tax Withholding. In all cases the Employee will be responsible to pay all required withholding taxes associated with an Award. Should a withholding tax obligation arise with regard to an Award or the lapsing of restrictions on Restricted Stock Units granted in an Award, the withholding tax may be satisfied by withholding units or shares of Stock. The value of the units or shares of Stock withheld for this purpose shall not exceed the minimum withholding amount required by applicable laws and regulations. In case...s where a withholding tax obligation arises prior to the lapse of restrictions on Restricted Stock Units granted in an Award, the withholding tax may be satisfied instead by other methods determined by the Administrator, such as payment of cash by the Employee or, if agreed by the Employee, payroll withholding. In cases where payment by payroll withholding cannot be made due to circumstances arising after the election or where the Administrator has determined that such withholding would violate any applicable law, regulation, or decree, shares of Stock shall be withheld instead. When necessary, lapsing of restrictions may be accelerated by the Authorized Party to the extent necessary to provide shares of Stock to satisfy any withholding tax obligation. This withholding tax obligation includes, but is not limited to, federal, state, and local taxes, including applicable non-U.S. taxes such as U.K. PAYE. View More