Common use of Payment by Optionee Clause in Contracts

Payment by Optionee. Upon exercise of the Option by the Optionee (or, if applicable, the transfer, in whole or in part of any shares acquired upon the exercise of the Option, the operation of any law or regulation providing for the imputation of interest related to the Option, or the lapsing of any restriction with respect to any shares acquired upon exercise of the Option) which exercise (or other event) gives rise to taxable income and subjects the Company to a tax withholding obligation, the Company shall have the right to require the Optionee to remit to the Company cash in an amount sufficient to satisfy applicable federal, state, foreign and local tax withholding requirements or the Company may, but will not be required to, withhold such amounts from payroll or any other amounts payable to the Optionee. The Company shall inform the Optionee as to whether it will require the Optionee to remit cash for withholding taxes in accordance with the preceding sentence within two (2) business days after receiving from the Optionee notice that such Optionee intends to exercise, or has exercised, all or a portion of the Option.

Payment by Optionee. Upon exercise of the Option by the Optionee (or, if applicable, the transfer, in whole or in part of any shares acquired upon the exercise of the Option, the operation of any law or regulation providing for the imputation of interest related to the Option, or the lapsing of any restriction with respect to any shares acquired upon exercise of the Option) which exercise (or other event) gives rise to taxable income and subjects the Company to a tax withholding obligation, the Company shall have the right to require the Optionee to remit to the Company cash in an amount sufficient to satisfy applicable federal, state, foreign and local tax withholding requirements or the Company may, but will not be required to, withhold such amounts from payroll or any other amounts payable to the Optionee. The Company shall inform the Optionee as to whether it will require the Optionee to remit cash for withholding taxes in accordance with the preceding sentence within two (2) business days after receiving from the Optionee notice that such Optionee intends to exercise, or has exercised, all or a portion of the Option.after