Common use of Federal and State Taxes Clause in Contracts

Federal and State Taxes. The Executive may incur certain liabilities for Federal, state or local taxes and the Company may be required by law to withhold such taxes for payment to taxing authorities. If the Executive makes the election permitted by section 83(b) of the Internal Revenue Code, the taxes shall be due and payable for the year in which this Agreement is executed. If the Executive does not make such election, the taxes shall be payable for the year in which the restrictions lapse pursuant to Sections 4, 5, 6 and 7, as applicable. Upon determination of the year in which such taxes are due and the determination by the Company of the amount of taxes required to be withheld, if any, the Executive shall either pay to the Company, in cash or by certified or cashier’s check, an amount equal to the taxes required to be paid on such transaction, or the Executive shall authorize the Company to withhold from monies owing by the Company to the Executive an amount equal to the amount of federal, state or local taxes required to be withheld. Authorization of the Executive to the Company to withhold taxes pursuant to this Section 13 shall be in form and content acceptable to the Committee. An authorization to withhold taxes pursuant to this provision shall be irrevocable unless and until the tax liability of the Executive has been fully paid. In the event that the Executive fails to make arrangements that are acceptable to the Committee for providing to the Company, at the time or times required, the amounts of federal, state and local taxes required to be withheld with respect to the Restricted Shares granted to the Executive under this Agreement, the Company shall have the right to purchase at current market price as determined by the Committee and/or to sell to one or more third parties in either market or private transactions sufficient Vested Shares to provide the funds needed for the Company to make the required tax payment or payments.

Federal and State Taxes. The Executive may incur certain liabilities for Federal, state or local taxes and the Company may be required by law to withhold such taxes for payment to taxing authorities. If the Executive makes the election permitted by section 83(b) of the Internal Revenue Code, the taxes shall be due and payable for the year in which this Agreement is executed. If the Executive does not make such election, the taxes shall be payable for the year in which the restrictions lapse pursuant to Sections Section 4, 5, 6 and 7, as applicable. Upon determination of the year in which such taxes are due and the determination by the Company of the amount of taxes required to be withheld, if any, the Executive shall either pay to the Company, in cash or by certified or cashier’s check, an amount equal to the taxes required to be paid on such transaction, or the Executive shall authorize the Company to withhold from monies owing by the Company to the Executive an amount equal to the amount of federal, state or local taxes required to be withheld. Authorization of the Executive to the Company to withhold taxes pursuant to this Section 13 10 shall be in form and content acceptable to the Committee. An authorization to withhold taxes pursuant to this provision shall be irrevocable unless and until the tax liability of the Executive has been fully paid. In the event that the Executive fails to make arrangements that are acceptable to the Committee for providing to the Company, at the time or times required, the amounts of federal, state and local taxes required to be withheld with respect to the Restricted Shares granted to the Executive under this Agreement, the Company shall have the right to purchase at current market price as determined by the Committee and/or to sell to one or more third parties in either market or private transactions sufficient Vested Shares to provide the funds needed for the Company to make the required tax payment or payments.

Federal and State Taxes. The Executive may incur certain liabilities for Federal, state or local taxes and the Company may be required by law to withhold such taxes for payment to taxing authorities. If the Executive makes the election permitted by section 83(b) of the Internal Revenue Code, the taxes shall be due and payable for the year in which this Agreement is executed. If the Executive does not make such election, the taxes shall be payable for the year in which the restrictions lapse pursuant to Sections Section 4, 5, 6 and 7, as applicable. Upon determination of the year in which such taxes are due and the determination by the Company of the amount of taxes required to be withheld, if any, the Executive shall either pay to the Company, in cash or by certified or cashier’s 's check, an amount equal to the taxes required to be paid on such transaction, or the Executive shall authorize the Company to withhold from monies owing by the Company to the Executive an amount equal to the amount of federal, state or local taxes required to be withheld. Authorization of the Executive to the Company to withhold taxes pursuant to this Section 13 10 shall be in form and content acceptable to the Committee. An authorization to withhold taxes pursuant to this provision shall be irrevocable unless and until the tax liability of the Executive has been fully paid. In the event that the Executive fails to make arrangements that are acceptable to the Committee for providing to the Company, at the time or times required, the amounts of federal, state and local taxes required to be withheld with respect to the Restricted Shares Units granted to the Executive under this Agreement, the Company shall have the right to purchase at current market price as determined by the Committee and/or to sell to one or more third parties in either market or private transactions sufficient Vested Shares Units to provide the funds needed for the Company to make the required tax payment or payments.