Withholding Clause Example from Business Contracts

Withholding. The Participant acknowledges that the Company shall require the Participant to pay the Company in cash the amount, if any, of any tax or other amount required by any governmental authority to be withheld and paid over by the Company to such authority for the account of the Participant, and the Participant agrees, as a condition to the grant of the Award and delivery of the Incentive Units or any other benefit, to satisfy such obligations. Notwithstanding the foregoing, the Administrator may esta...blish procedures to permit the Participant to satisfy such obligations in whole or in part, by electing (the "election") to have the Company withhold Incentive Units from the number of Incentive Units to which the recipient is otherwise entitled. The number of Incentive Units to be withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with election procedures established by the Administrator. View More