Withholding Procedure Sample Clauses
The Withholding Procedure clause outlines the process by which a party may withhold payment or performance under a contract, typically in response to a breach or non-fulfillment of obligations by the other party. This clause usually specifies the conditions that must be met before withholding is permitted, such as providing written notice or allowing a cure period, and may detail the types of payments or services subject to withholding. Its core practical function is to provide a structured and fair mechanism for addressing disputes or deficiencies, ensuring that parties have a clear process to follow and reducing the risk of arbitrary or unjustified withholding.
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Withholding Procedure. If the Company determines that withholding tax is required with respect to any Option exercise, the Company shall notify Executive of the Withholding Amount, and Executive shall pay to the Company an amount not less than the Withholding Amount. In lieu of making such payment, the Executive may pay the Withholding Amount by either (i) delivering to the Company a number of units of Preferred Units having an aggregate Liquidation Value as of the Measurement Date not less than the Withholding Amount, or (ii) directing the Company to withhold and not deliver or issue to the Executive a number of units of Preferred Units, otherwise issuable upon the exercise of the Option, having an aggregate Liquidation Value as of the Measurement Date not less than the Withholding Amount. In addition, if the Committee approves, the Executive may elect pursuant to the prior sentence to deliver or direct the withholding of units of Preferred Units having an aggregate Liquidation Value in excess of the minimum Withholding Amount but not in excess of the Executive's applicable highest marginal combined federal income and state income tax rate, as estimated in good faith by such Executive. Any fractional interests resulting from the delivery or withholding of units of Preferred Units to meet withholding tax requirements shall be settled in cash. All amounts paid to or withheld by the Company and the value of all units of Preferred Units delivered to or withheld by the Company pursuant to this Section 6 shall be deposited in accordance with applicable law by the Company as withholding tax for Executive's account. If the treasurer or other appropriate officer of the Company determines that no withholding tax is required with respect to the exercise of any Option, but it is determined subsequently that the exercise resulted in taxable income as to which withholding is required (as a result of a disposition of the Option Units or otherwise), Executive shall promptly, upon being notified of the withholding requirement, pay to the Company (by means acceptable to the Company) the amount required to be withheld, and the Company may, at its election, condition any transfer of Option Units issued upon exercise of the Option upon receipt of such payment.
Withholding Procedure. If the Company determines that withholding tax is required with respect to any Option exercise, the Company shall notify Executive of the Withholding Amount, and Executive shall pay to the Company an amount not less than the Withholding Amount.
Withholding Procedure. If the Company determines that withholding tax is required with respect to any Option exercise, the Company shall notify the Participant of the Withholding Amount, and the Participant shall pay to the Company an amount not less than the Withholding Amount. All amounts paid to the Company pursuant to this Section 5.3 shall be deposited in accordance with applicable law by the Company as withholding tax for the Participant's account. If the Treasurer or other appropriate officer of the Company determines that no withholding tax is required with respect to the exercise of any Option (because such Option is an incentive stock option or otherwise), but subsequently it is determined that the exercise resulted in taxable income as to which withholding is required (as a result of a disposition of shares or otherwise), the Participant shall promptly, upon being notified of the withholding requirement, pay to the Company, by means acceptable to the Company, the amount required to be withheld; and at its election the Company may condition the transfer of any shares issued upon exercise of an incentive stock option upon receipt of such payment.
Withholding Procedure. If the Withholding Entity --------------------- determines that withholding tax is required with respect to any option exercise, the Withholding Entity shall notify the Employee of the Withholding Amount, and the Employee shall pay to the Withholding Entity, either in cash or by certified cashier's check, an amount not less than the Withholding Amount and the Withholding Entity shall remit such Withholding Amount to the appropriate taxing authority or authorities.