Common use of Withholding Tax Requirements Clause in Contracts

Withholding Tax Requirements. Following such date on which shares covered by the Restricted Stock Unit shall have become Vested Stock pursuant to this Agreement, EDS shall deliver to Grantee a notice specifying such amounts as Grantee is required to pay to satisfy applicable tax withholding requirements. In the event that the Company does not exercise its right to withhold shares of stock at the time of vesting to cover such tax withholding requirements as provided in the Plan, Grantee hereby agrees that Grantee shall either: (i) deliver to EDS by the due date specified in such notice a check equal to the amount set forth in such notice or (ii) make other appropriate arrangements acceptable to EDS to satisfy such tax withholding requirements. Failure by Grantee to comply with the foregoing shall entitle EDS, in its sole discretion, to authorize the sale of a sufficient number of shares of Vested Stock owned by Grantee in order to satisfy such withholding requirements; provided however, that the Company shall not be liable for determining the exact amount of such taxes, for selling shares in excess of that required to satisfy such tax obligation, nor for obtaining the highest sales price for any such shares.

Appears in 2 contracts

Samples: Restricted Stock Unit Agreement (Electronic Data Systems Corp /De/), Nonqualified Stock Option Agreement (Electronic Data Systems Corp /De/)

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Withholding Tax Requirements. Following such Prior to the date on which shares covered by the Restricted of Common Stock Unit shall have become Vested Stock are to be delivered pursuant to this AgreementParagraph 5, EDS above, the Company shall deliver to Grantee Employee a notice specifying such amounts as Grantee Employee is required to pay to satisfy applicable tax withholding requirements. In the event that the Company does not exercise its right to withhold shares of stock at the time of vesting to cover such tax withholding requirements as provided in the Plan, Grantee Employee hereby agrees that Grantee Employee shall either: (i) deliver to EDS the Company by the due date specified in such notice a check equal to the amount set forth in such notice notice, or (ii) make other appropriate arrangements acceptable to EDS or required by the Company to satisfy such tax withholding requirements. Failure by Grantee Employee to comply with the foregoing shall entitle EDSthe Committee, in its sole discretion, to authorize the sale of a sufficient number of shares of Vested Common Stock owned by Grantee Employee in order to satisfy such withholding requirements; provided however. Upon the payment of any dividend equivalents payable pursuant to Paragraph 10 hereof, Employee agrees that the Company shall not be liable for determining the exact amount of entitled to deduct therefrom such taxes, for selling shares in excess of that required amounts as are necessary to satisfy such applicable tax obligationwithholding requirements. Restricted Stock Unit Award Agreement Dated January 25, nor for obtaining the highest sales price for any such shares.2005

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Wintrust Financial Corp)

Withholding Tax Requirements. Following such Prior to the date on which shares covered by the Restricted of Common Stock Unit shall have become Vested Stock are to be delivered pursuant to this AgreementParagraph 5, EDS above, the Company shall deliver to Grantee Employee a notice specifying such amounts as Grantee Employee is required to pay to satisfy applicable tax withholding requirements. In the event that the Company does not exercise its right to withhold shares of stock at the time of vesting to cover such tax withholding requirements as provided in the Plan, Grantee Employee hereby agrees that Grantee Employee shall either: (i) deliver to EDS the Company by the due date specified in such notice a check equal to the amount set forth in such notice notice, or (ii) make other appropriate arrangements acceptable to EDS or required by the Company to satisfy such tax withholding requirements. Failure by Grantee Employee to comply with the foregoing shall entitle EDSthe Committee, in its sole discretion, to authorize the sale of a sufficient number of shares of Vested Common Stock owned by Grantee Employee in order to satisfy such withholding requirements; provided however. Upon the payment of any dividend equivalents payable pursuant to Paragraph 10 hereof, Employee agrees that the Company shall not be liable for determining the exact amount of entitled to deduct therefrom such taxes, for selling shares in excess of that required amounts as are necessary to satisfy such applicable tax obligation, nor for obtaining the highest sales price for any such shares.withholding requirements. Restricted Stock Unit Award Agreement Dated [ ]

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Wintrust Financial Corp)

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Withholding Tax Requirements. Following such date on which shares covered by the Restricted Stock Unit Units shall have become Vested Stock pursuant to this Agreement, EDS shall deliver to Grantee a notice specifying such amounts as Grantee is required to pay to satisfy applicable tax withholding requirements. In the event that the Company does not exercise its right to withhold shares of stock at the time of vesting to cover such tax withholding requirements as provided in the Plan, Grantee hereby agrees that Grantee shall either: (i) deliver to EDS by the due date specified in such notice a check equal to the amount set forth in such notice or (ii) make other appropriate arrangements acceptable to EDS to satisfy such tax withholding requirements. Failure by Grantee to comply with the foregoing shall entitle EDS, in its sole discretion, to authorize the sale of a sufficient number of shares of Vested Stock owned by Grantee in order to satisfy such withholding requirements; provided however, that the Company shall not be liable for determining the exact amount of such taxes, for selling shares in excess of that required to satisfy such tax obligation, nor for obtaining the highest sales price for any such shares.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (Electronic Data Systems Corp /De/)

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