Withholding Clause Example from Business Contracts

Withholding. The Company's obligation to deliver shares of Restricted Stock to the Participant upon the vesting of such shares shall be subject to the satisfaction of all applicable withholding requirements including those related to federal, state and local income and employment taxes (the "Required Withholding"). The Company may withhold from the Restricted Stock that would otherwise have been delivered to the Participant the number of shares necessary to satisfy the Participant's Required Withholding, and... deliver the remaining shares of Restricted Stock to the Participant, unless the Participant has made arrangements with the Company for the Participant to deliver to the Company cash, check, other available funds or shares of previously owned Common Stock for the full amount of the Required Withholding by 5:00 p.m. Central Standard Time on the date the shares of Restricted Stock become vested. The amount of the Required Withholding and the number of shares to satisfy the Participant's Required Withholding shall be based on the Fair Market Value of the shares on the date prior to the applicable date of vesting.11.Stock Certificates. Any certificate representing the Common Stock issued pursuant to the Award will bear all legends required by law and necessary or advisable to effectuate the provisions of the Plan and this Award. The Company may place a "stop transfer" order against shares of the Common Stock issued pursuant to this Award until all restrictions and conditions set forth in the Plan or this Agreement and in the legends referred to in this Section 11 have been complied with. View More