Common use of Tax Clearance Certificate for Cash Exercises Clause in Contracts

Tax Clearance Certificate for Cash Exercises. If the Optionee exercises the Option using a cash exercise method, the Optionee must obtain and provide to the Employer, or any third party designated by the Employer or the Company, a Tax Clearance Certificate (with respect to Foreign Investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”). The Optionee must renew this Tax Clearance Certificate every twelve months, or such other period as may be required by the SARS. If the Optionee exercises by a cashless exercise method whereby no funds are remitted out of South Africa, no Tax Clearance Certificate is required.

Appears in 5 contracts

Samples: Non Statutory Stock Option Agreement (Nike Inc), Non Statutory Stock Option Agreement (Nike Inc), Non Statutory Stock Option Agreement (Nike Inc)

AutoNDA by SimpleDocs

Tax Clearance Certificate for Cash Exercises. If the Optionee exercises the Option using a cash exercise method, the Optionee he or she must obtain and provide to the Employer, or any third party designated by the Employer or the Company, a Tax Clearance Certificate (with respect to Foreign Investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”). The Optionee must renew this Tax Clearance Certificate every twelve six months, or such other period as may be required by the SARS. If the Optionee exercises the Option by a cashless exercise method or through withholding in Shares whereby no funds are remitted out of South Africa, no Tax Clearance Certificate is required.

Appears in 2 contracts

Samples: Time Based Share Option Award Agreement (Willis Group Holdings PLC), Performance Based Share Option Award Agreement (Willis Group Holdings PLC)

Tax Clearance Certificate for Cash Exercises. If the Optionee Employee exercises the Option using a cash exercise method, the Optionee Employee must obtain and provide to the Employer, or any third party designated by the Employer or the Company, a Tax Clearance Certificate (with respect to Foreign Investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”). The Optionee Employee must renew this Tax Clearance Certificate every twelve months, or such other period as may be required by the SARS. If the Optionee Employee exercises by a cashless exercise method whereby no funds are remitted out of South Africa, no Tax Clearance Certificate is required.

Appears in 2 contracts

Samples: Nonstatutory Stock Option Agreement (Kbr, Inc.), Nonstatutory Stock Option Agreement (Kbr, Inc.)

Tax Clearance Certificate for Cash Exercises. If the Optionee exercises the Option using a cash exercise method, the Optionee must obtain and provide to the EmployerService Recipients, or any third party designated by the Employer Service Recipients or the Company, a Tax Clearance Certificate (with respect to Foreign Investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”). The Optionee must renew this Tax Clearance Certificate every twelve months, or such other period as may be required by the SARS. If the Optionee exercises by a cashless exercise method whereby no funds are remitted out of South Africa, no Tax Clearance Certificate is required.

Appears in 1 contract

Samples: Stock Option Agreement (Gardner Denver Holdings, Inc.)

AutoNDA by SimpleDocs

Tax Clearance Certificate for Cash Exercises. If the Optionee exercises the Option using a cash exercise method, the Optionee he or she must obtain and provide to the Employer, or any third party designated by the Employer or the Company, a Tax Clearance Certificate (with respect to Foreign Investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”). The Optionee must renew this Tax Clearance Certificate every twelve six months, or such other period as may be required by the SARS. If the Optionee exercises the Option by a cashless exercise method whereby no funds are remitted out of South Africa, no Tax Clearance Certificate is required. The Optionee should consult his or her personal advisor to ensure compliance with applicable exchange control regulations in South Africa, as such regulations are subject to frequent change. The Optionee is responsible for ensuring compliance with all exchange control laws in South Africa.

Appears in 1 contract

Samples: Option Agreement (Willis Group Holdings PLC)

Tax Clearance Certificate for Cash Exercises. If the Optionee Participant exercises the Option using a cash exercise method, the Optionee Participant must obtain and provide to the Employer, or any third party designated by the Employer or the Company, a Tax Clearance Certificate (with respect to Foreign Investments) bearing the official stamp and signature of the Exchange Control Department of the South African Revenue Service (“SARS”). The Optionee Participant must renew this Tax Clearance Certificate every twelve months, or such other period as may be required by the SARS. If the Optionee Participant exercises by a cashless exercise method whereby no funds are remitted out of South Africa, no Tax Clearance Certificate is required.

Appears in 1 contract

Samples: Option Agreement (Nike Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!