Common use of By Share Withholding Clause in Contracts

By Share Withholding. Unless Participant determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, Participant authorizes the Company (in the exercise of its sole discretion) to withhold from those shares of Stock issuable to Participant the whole number of shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. Participant acknowledges that the withheld shares may not be sufficient to satisfy Participant's minimum Tax Withholding Obligation. Accordingly, Participant agrees to pay to the Company or any of its Subsidiaries as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of shares described above. Share withholding will generally be used to satisfy the minimum Tax Withholding Obligation of individuals subject to the short-swing profit restrictions of Section 16(b) of the Securities Exchange Act of 1934, as amended.

Appears in 5 contracts

Samples: Restricted Stock Unit Award Agreement (Franklin Resources Inc), Restricted Stock Award Agreement (Franklin Resources Inc), Restricted Stock Unit Award Agreement (Franklin Resources Inc)

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