Common use of Withholding/Payment of Taxes Clause in Contracts

Withholding/Payment of Taxes. Executive may be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Units, their grant or vesting or any payment or transfer with respect to the Units and to take such action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of any such withholding taxes; provided, however, that Executive shall be permitted to satisfy Executive’s withholding tax obligation, if any, with respect to such Units by providing notice in writing that Executive elects to have the number of Units that would otherwise be issued to Executive reduced by a number of Units having an equivalent Fair Market Value to the payment that would otherwise be made by Executive to the Company pursuant to this Section 6.1. In connection with the foregoing, Executive may, at her option, elect to recognize the fair value of the Units upon the Closing Date pursuant to Section 83 of the Code. If Executive makes such election pursuant to Section 83 of the Code, she shall notify the Company as soon as practicable and in no event later than 30 days after making such election. Executive is hereby advised to seek her own tax counsel regarding the taxation of the grant of Units made hereunder.

Withholding/Payment of Taxes. Executive may be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Units, their grant or vesting or any payment or transfer with respect to the Units and to take such action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of any such withholding taxes; provided, however, that Executive shall be permitted to satisfy Executive’s withholding tax obligation, if any, obligation with respect to such Units by providing notice in writing that Executive elects to have the number of Units that would otherwise be issued to Executive reduced by a number of Units having an equivalent Fair Market Value to the payment that would otherwise be made by Executive to the Company pursuant to this Section 6.17.1. In connection with the foregoing, Executive may, at her his option, elect to recognize the fair value of the Units upon the Closing Date pursuant to Section 83 of the Code. If Executive makes such election pursuant to Section 83 of the Code, she he shall notify the Company as soon as practicable and in no event later than 30 days after making such election. Executive is hereby advised to seek her his own tax counsel regarding the taxation of the grant of Units made hereunder.