Common use of Where Rule Clause in Contracts

Where Rule. 9.1 applies the Company will so notify the Optionholder as soon as possible and the Optionholder shall forthwith on demand being made pay to the Indemnified Party an amount equal to such tax or taxes or contributions to the extent that the Indemnified Party cannot obtain reimbursement of such tax, taxes or contributions by deducting such amount in accordance with regulation 7 of the Income Tax (Employments) Notional Payments) Regulations 1994) ("THE SHORTFALL"). Until full payment of the Shortfall has been made in accordance with this Rule 9.2 the Company shall, notwithstanding Rule 7.3 or any other Rule to the contrary, be entitled not to allot Ordinary Shares or Preference Shares or to withhold delivery of the share certificate or any other document or evidence of title in respect of the shares acquired following exercise of an Option. It is hereby certified that the grant of these Options does not constitute a transaction forming part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value of the consideration exceeds (Pounds)60,000.

Where Rule. 9.1 applies the Company will so notify the Optionholder as soon as possible and the Optionholder shall forthwith on demand being made pay to the Indemnified Party an amount equal to such tax or taxes or contributions to the extent that the Indemnified Party cannot obtain reimbursement of such tax, taxes or contributions by deducting such amount in accordance with regulation 7 of the Income Tax (Employments) Notional Payments) Regulations 1994) ("THE SHORTFALL"). Until full payment of the Shortfall has been made in accordance with this Rule 9.2 the Company shall, notwithstanding Rule 7.3 or any other Rule to the contrary, be entitled not to allot Ordinary Shares or Preference Shares or to withhold delivery of the share certificate or any other document or evidence of title in respect of the shares acquired following exercise of an the Option. It is hereby certified that the grant of these Options this Option does not constitute a transaction forming part of a larger transaction or series of transactions in respect of which the amount or value, or aggregate amount or value of the consideration exceeds (Pounds)60,000.