Common use of Payment of FICA on Dividend Equivalents Clause in Contracts

Payment of FICA on Dividend Equivalents. Subject to subsection 4(e), the Recipient acknowledges that FICA payroll taxes become due upon the date that a Dividend Equivalent vests. FICA taxes on Dividend Equivalents may not be paid by share withholding. Recipient agrees to pay to the Company in cash or cash equivalents the amount of FICA taxes due and owing. If Recipient does not make such payment timely, the Company will deduct FICA taxes from other wages payable in cash to Recipient.

Payment of FICA on Dividend Equivalents. Subject to subsection 4(e), the Recipient acknowledges that FICA payroll taxes become due upon the date that a Dividend Equivalent vestsis accrued. FICA taxes on Dividend Equivalents may not be paid by share withholding. Recipient agrees to pay to the Company in cash or cash equivalents the amount of FICA taxes due and owing. If Recipient does not make such payment timely, the Company will deduct FICA taxes from other wages payable in cash to Recipient.