Common use of 3Withholding Clause in Contracts

3Withholding. If the Company, in its discretion, determines that it is obligated to withhold any tax in connection with the settlement of the PSUs, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company. The Participant may satisfy any federal, state or local tax withholding obligation relating to the settlement of the PSUs by any of the following means or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the settlement of the PSUs; provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock. In addition, The Company has the right to withhold taxes from any compensation paid to a Participant.