Withholding Taxes Clause Example from Business Contracts
This example Withholding Taxes clause appears in
5 contracts
from
1 company
Withholding Taxes. The Corporation shall have the right to withhold from wages or other amounts otherwise payable to the Grantee, or otherwise require the Grantee to pay, any federal, state, local or foreign income taxes, withholding taxes, or employment taxes required to be withheld by law or regulations ("Withholding Taxes") arising as a result of the grant or Vesting of the Restricted Shares, the transfer thereof, the making of an election under Section 83(b) (or any similar provision) of the Internal Revenue C...ode of 1986 (the "Code"), or any other taxable event occurring pursuant to the Plan (including, without limitation, the payment of dividends on Restricted Stock that has not Vested) or this Agreement. If, notwithstanding the foregoing, the Grantee shall fail to make such tax payments as are required, the Corporation or an Affiliate shall, to the extent permitted by law, have the right to deduct any such Withholding Taxes from any payment of any kind otherwise due to such Grantee or to take such other action as may be necessary to satisfy such Withholding Taxes. In satisfaction of the requirement to pay Withholding Taxes (but only if the Section 83(b) Election defined below has not been made with respect to the Restricted Stock granted hereunder), the Corporation, in its sole discretion, may elect to satisfy the obligation for Withholding Taxes by retaining a sufficient number of shares of Restricted Stock that it would otherwise deliver on a particular date on which shares of Restricted Stock Vest (a "Vesting Date") equal in market value to the amount of any Withholding Taxes due on such Vesting Date. Notwithstanding the foregoing discretion, the Corporation shall satisfy the obligation for Withholding Taxes by retaining a sufficient number of shares of Restricted Stock that it would otherwise deliver on a particular Vesting Date equal in market value to the amount of any Withholding Taxes due on such Vesting Date, unless the Grantee has either (a) made the Section 83(b) Election defined below or (b) provided the Corporation with written notice at least 30 days (or such lesser period as may be permitted by the Corporation in its sole discretion) in advance of such Vesting Date that the Grantee will pay the Withholding Taxes in cash. For purposes of the preceding two sentences, where the Corporation is to retain Shares to satisfy the obligation for Withholding Taxes, the net amount of Shares to be delivered to the Grantee on a Vesting Date shall equal the total number of Shares otherwise deliverable to the Grantee on such Vesting Date, less such number of Shares having an aggregate Fair Market Value equal to the amount of such Withholding Taxes (as determined in the Committee's sole discretion).View More
