Common use of Mandatory Tax Withholding Clause in Contracts

Mandatory Tax Withholding. Unless otherwise determined by the Committee, at the time the PBRSUs and SBRSUs become subject to tax, the Company will withhold from any shares deliverable in settlement of the PBRSUs and SBRSUs (or if the PBRSUs and SBRSUs become subject to tax prior to the settlement date, the Company will reduce the number of PBRSUs and SBRSUs in your Account), in accordance with Section 12.06 of the Plan, the number of whole shares of Stock having a value nearest to, but not exceeding, the amount of income and employment taxes required to be withheld under applicable laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. You will be responsible for any withholding taxes not satisfied by means of such mandatory withholding and for all taxes in excess of such withholding taxes that may be due with respect to the PBRSUs and SBRSUs upon vesting or settlement or otherwise.