Withholding of Taxes Clause Example from Business Contracts

Withholding of Taxes. The Grantee shall pay to the Company, or the Company and the Grantee shall agree on such other arrangements necessary for the Grantee to pay, the applicable federal, state and local income taxes required by law to be withheld (the "Withholding Taxes"), if any, upon the vesting of Performance Share Units and delivery of the Shares. The Company shall have the right to deduct from any distribution of cash to any Grantee, an amount equal to the Withholding Taxes with respect to the Shares delivered ...pursuant to the terms of this Agreement. In satisfaction of the obligation to pay Withholding Taxes to the Company upon the delivery of any Shares following the vesting of Performance Share Units, the Grantee may make a written election which may be accepted or rejected in the discretion of the Company, to have withheld a portion of such Shares then deliverable to the Grantee having an aggregate Fair Market Value as of the date such Restrictions lapse equal to the Withholding Taxes. 4 10. No Rights as a Shareholder. Until Shares are issued, if at all, in satisfaction of the Company's obligations under this Award, in the time and manner specified above, the Grantee shall have no rights as a shareholder. View More