Common use of Withholding in Shares Clause in Contracts

Withholding in Shares. Unless otherwise determined by the Company, in its sole discretion, the Company satisfy all of a Participating Company's tax withholding obligations (except with respect to any fractional share) by withholding a number of whole Vested Shares otherwise deliverable to the Participant or by requiring the Participant to tender to the Company a number of whole Vested Shares or vested shares acquired otherwise than pursuant to the Award having, in any such case, a Fair Market Value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates. The Company is hereby authorized to satisfy the tax withholding obligations, if any, remaining following the procedure described in this Section 7.1(b) by withholding from payroll and any other amounts payable to the Participant.