Tax Withholding and Deductions. The Company shall have the right to require, prior to the payment of any amount pursuant to an award made hereunder, payment by the Participant of any Federal, state, local, foreign or other taxes which may be required to be withheld or paid in connection with such award. It is intended that the Company's contributions under the Plan will be deductible to the Company when benefits are received by the Participant under Section 404(a)(5) of the Code, and the Participant shall be taxed on the benefits upon actual receipt of payments under Section 61 of the Code.
Appears in 5 contracts
Samples: Employment Agreement (Aerobic Creations, Inc.), Employment Agreement (Aerobic Creations, Inc.), Employment Agreement (Aerobic Creations, Inc.)
