Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise of any Option or the exercise of a Stock Appreciation Right that is settled in Shares that is subject to tax withholding and the Participant is obligated to pay the Corporation the amount required to be withheld, the Committee may at its sole discretion allow the Participant to satisfy the minimum withholding tax obligation by electing to have the Corporation withhold from the Shares to be issued the specific number of Shares having a Fair Market Value equal to the minimum amount required to be withheld, determined on the date that the amount of tax to be withheld is to be determined (the "Tax Date"). All elections by a Participant to have Shares withheld for this purpose shall be made in writing in a form acceptable to the Committee and shall be subject to the following restrictions:
Appears in 4 contracts
Samples: Fountain Oil Inc, Canargo Energy Corp, Canargo Energy Corp
