Tech Data 2014 Annual Report Download - page 188
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UNITED KINGDOM
1. Tax Withholding Obligations . The following provision shall replace Section 6 of the Agreement in its
entirety:
Regardless of any action the Company or the Employer takes with respect to any or all income tax, primary and
secondary Class 1 National Insurance Contributions, payroll tax or other tax-related withholding (“Tax-Related Items”
),
the Participant acknowledges that the ultimate liability for all Tax-Related Items is and remains the Participant’
s
responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the
treatment of any Tax-
Related Items in connection with any aspect of the RSUs, including but not limited to, the grant of
the RSUs, the vesting of the RSUs, the subsequent sale of any Shares acquired at vesting or the receipt of any dividends,
and (2) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the
Participant’s liability for Tax-Related Items.
Prior to vesting of the RSUs, the Participant will pay or make adequate arrangements satisfactory to the Company and/or
the Employer to satisfy all withholding obligations of the Company and/or the Employer for Tax-
Related Items. In this
regard, if permissible under local law, the Participant authorizes the Company to sell or arrange for the sale of Shares
that the Participant acquires to meet the withholding obligation for Tax-
Related Items. The Company will endeavor to
sell only the whole number of Shares required to satisfy the Company's and/or the Employer's withholding obligation for
Tax-
Related Items; however, the Participant agrees that the Company may sell more Shares than necessary to cover the
Tax-
Related Items. The Committee may also, in lieu of or in addition to the foregoing, at its sole discretion, (i) require
the Participant to deposit with the Company or the Employer an amount of cash sufficient to meet his or her obligation
for Tax-Related Items, (ii) withhold the required amount from the Participant’
s pay during the pay periods next
following the date on which any such applicable liability for Tax-
Related Items otherwise arises (or withhold the
required amount from other amounts payable to the Participant), and/or (iii) if permissible under local law, the
Committee may require that the Company withhold a whole number of Shares otherwise deliverable to Participant
having a Fair Market Value sufficient to satisfy the statutory minimum (or such higher amount as is allowable without
adverse accounting consequences) of the Participant’s estimated total obligation for Tax-Related
37