Common use of Mandatory Withholding for Taxes Clause in Contracts

Mandatory Withholding for Taxes. Upon the expiration of the Restriction Period, Grantee (or Beneficiary, as defined in Paragraph 10 below) must remit to the Company the amount of all federal, state and other governmental withholding tax requirements imposed upon the Company with respect to the vesting of shares of Restricted Stock, unless provisions to so pay such withholding requirements have been made to the satisfaction of the Committee. Upon the payment of any cash dividends with respect to shares of Restricted Stock during the Restriction Period, the amount of such dividends shall be reduced to the extent necessary to satisfy any withholding tax requirements applicable thereto prior to payment to Grantee.

Mandatory Withholding for Taxes. Upon the expiration of the Restriction Period, Grantee (or Beneficiary, as defined in Paragraph 10 below) must remit to the Company the amount of all federal, state and or other governmental withholding tax requirements imposed upon the Company with respect to the vesting of shares of Restricted StockShares, unless provisions to so pay such withholding requirements have been made to the satisfaction of the Committee. Upon the payment of any cash dividends with respect to shares of Restricted Stock Shares during the Restriction Period, the amount of such dividends shall be reduced to the extent necessary to satisfy any withholding tax requirements applicable thereto prior to payment to Grantee.