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 or delivery of the Shares, as applicable. 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 Restricted Stock Units. In sat...isfaction of the obligation to pay Withholding Taxes to the Company upon the lapse of Restrictions on any Restricted Stock 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 the Shares then deliverable to the Grantee having an aggregate Fair Market Value as of the date such Restrictions lapse equal to the Withholding Taxes. View More