Common use of Incentive Stock Option Plan Clause in Contracts

Incentive Stock Option Plan. Employee shall be eligible to participate in the Young Broadcasting, Inc. 1995 Stock Option Plan, as amended from time to time ("Stock Option Plan"), in accordance with the terms and provisions of the Stock Option Plan, a copy of which is attached to this Agreement as Exhibit C and incorporated herein by reference. Employee's participation in the Stock Option Plan shall be evidenced by a separate agreement executed by Employee and the Company. Upon Employee's exercise of any option(s) or right(s) under the Stock Option Plan with respect to which any Federal, state or local income and employment tax withholding requirements exist, unless the Employee is eligible to and does satisfy the withholding requirements under an agreement (pursuant to Section 16 of the Stock Option Plan) whereby the Company may withhold shares of common stock purchased upon exercise to satisfy such requirements, Employee shall either (1) present evidence satisfactory to Company demonstrating that Employee has remitted to the Internal Revenue Service payment sufficient to satisfy the applicable tax withholding requirements, or (2) make payment to the Company in cash in an amount equal to the income and employment taxes required to be withheld, on the compensation includible in employee's income on account of his exercise of the options(s) or right(s).

Incentive Stock Option Plan. Employee shall be eligible to participate in the Young Broadcasting, Inc. 1995 Stock Option Plan, as amended from time to time ("Stock Option Plan"), in accordance with the terms and provisions of the Stock Option Plan, a copy of which is attached to this Agreement as Exhibit C and incorporated herein by reference. Employee's participation in the Stock Option Plan shall be evidenced by a separate agreement executed by Employee and the Company. Upon Employee's exercise of any option(s) or right(s) under the Stock Option Plan with respect to which any Federal, state or local income and employment tax withholding requirements exist, unless the Employee is eligible to and does satisfy the withholding requirements under an agreement (pursuant to Section 16 of the Stock Option Plan) whereby the Company may withhold shares of common stock purchased upon exercise to satisfy such requirements, Employee shall either (1) present evidence satisfactory to Company demonstrating that Employee has remitted to the Internal Revenue Service payment sufficient to satisfy the applicable tax withholding requirements, or (2) make payment to the Company in cash in an amount equal to the income and employment taxes required to be withheld, on the compensation includible in employee's income on account of his her exercise of the options(s) or right(s).