Common use of OPTIONEES IN SOUTH AFRICA Clause in Contracts

OPTIONEES IN SOUTH AFRICA. Withholding Taxes. The following provision supplements Section 8(a) of the Agreement. By accepting the Option, the Optionee agrees to notify the Employer of the amount of any gain realized upon exercise of the Option. If the Optionee fails to advise the Employer of the gain realized upon exercise of the Option, he or she may be liable for a fine. The Optionee will be responsible for paying any difference between the actual tax liability and the amount withheld.