WITHHOLDING REQUIRED. Grantee shall, no later than the date as of which the value derived from an Option or share of Restricted Stock first becomes includable in the gross income of Grantee for income tax purposes, pay to the Company, or make arrangements satisfactory to the Compensation Committee regarding payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to the Option, its exercise or the share of Restricted Stock. The obligations of the Company under this Agreement shall be conditioned upon such payment or arrangements and Grantee shall, to the extent permitted by law, have the right to request that the Company deduct any such taxes from any payment of any kind otherwise due to Grantee.
Appears in 2 contracts
Sources: Stock Option and Restricted Stock Agreement (Document Sciences Corp), Stock Option and Restricted Stock Agreement (Document Sciences Corp)