Mandatory Withholding. If any portion of your payment can be rolled over and you do not elect to make a DIRECT ROLLOVER, the Plan is required by law to withhold 20% of the taxable amount. This amount is sent to the IRS as federal income tax withholding. For example, if you can roll over a taxable payment of $10,000, only $8,000 will be paid to you because the Plan must withhold $2,000 as income tax. However, when you prepare your income tax return for the year, unless you make a rollover within 60 days (see "Sixty-Day Rollover Option" below), you must report the full $10,000 as a taxable payment from the Plan. You must report the $2,000 as tax withheld, and it will be credited against any income tax you owe for the year. There will be no income tax withholding if your payments for the year are less than $200.
Mandatory Withholding. An In-Plan Xxxx Conversion is not subject to 20% mandatory withholding under Code §3405(c).
Mandatory Withholding. Notwithstanding any other provision in this Indenture, if the Corporation or Indenture Trustee or any other Person (each a "Payor") is so required to withhold or deduct any amount for or on account of taxes from any amount paid or credited (including the issuance of any shares on conversion, redemption or repayment or otherwise), under or with respect to the Debentures, such Payor shall be entitled to make such withholding or deduction from the amount that would otherwise be paid or credited. The Payor may take whatever means are required to satisfy such obligation to withhold or deduct, including, but not limited to, the sale of any Common Shares that may otherwise be issued to such holder. Any amount withheld or deducted pursuant to this Section 2.16 shall constitute a payment, which satisfies and discharges the liability of the Corporation for the Debentures to which the withholding or deduction relates to the extent of the amount so withheld or deducted. For greater certainty, no additional amount or gross up will be paid with respect to such taxes so withheld or deducted.
Mandatory Withholding. To the extent such obligations are not wholly discharged pursuant to the provisions set out at paragraph 4 above, Grantee hereby authorizes the Company or the Company’s Stock Plan Administrator where relevant, to (i) sell on his behalf a number of shares of Stock issued or outstanding pursuant to the award, which number of shares of Stock the Company determines has at least the market value sufficient to meet the tax withholding obligations, any outstanding Exercise Price and any outstanding Consideration, plus additional shares of Stock to account for rounding and market fluctuations and (ii) pay such tax withholding, Exercise Price and Consideration to the Company. The shares of Stock may be sold as part of a block trade with other Participants such that all Participants receive an average price.
Mandatory Withholding. To the extent such obligations are not wholly discharged by the Grantee as at the Vesting Date, Grantee hereby authorizes the Company or the Company's Stock Plan Administrator where relevant, to (i) sell on his behalf a number of shares of Stock issued or outstanding pursuant to the award, which number of shares of Stock the Company determines has at least the market value sufficient to meet the tax withholding obligations and any outstanding Consideration, plus additional shares of Stock to account for rounding and market fluctuations and (ii) pay such tax withholding and Consideration to the Company. The shares of Stock may be sold as part of a block trade with other Participants such that all Participants receive an average price.
Mandatory Withholding. If any portion of the payment to you is an eligible rollover distribution, the Plan is required by law to withhold 20% of that amount. This amount is sent to the IRS as income tax withholding. For example, if your eligible rollover distribution is $10,000, only $8,000 will be paid to you because the Plan must withhold $2,000 as income tax. However, when you prepare your income tax return for the year, you will report the full $10,000 as payment from the Plan. You will report the $2,000 as tax withheld, and it will be credited against any income tax you owe for the year.
Mandatory Withholding. (a) The Trustee shall be entitled to require as a condition of delivery (i) that the Grantee remit an amount sufficient to satisfy all federal, state and local withholding tax requirements related to the Payout, (ii) the withholding of such sums from compensation otherwise due to the Grantee or from any shares of Stock due to the Grantee under the Plan, or (iii) any combination of the foregoing. The Trustee shall pay over to the Company or any Subsidiary which employs or employed such Grantee any such amount withheld from or paid by the Grantee or Beneficiary.
