Common use of Code Section 83(b) Election Clause in Contracts

Code Section 83(b) Election. Gxxxxxx acknowledges that he or she has been informed and is aware of the following income tax consequences resulting from the receipt and vesting of the Shares of Restricted Stock: With respect to the Shares that are vested on the Grant Date, Grantee will be taxed currently on their Fair Market Value on the Grant Date. With respect to the Shares that are not vested on the Grant Date, Grantee will be taxed on the Fair Market Value of such Shares as and when the restrictions lapse in accordance with the provisions of the Award Agreement (such fair market value determined on such vesting dates), unless Grantee files an election pursuant to Section 83(b) of the Code (and any similar state tax provisions if applicable). If such an election is made, Grantee will be taxed currently on the full fair market value of the unvested Shares on the Grant Date. Any such election must be filed by Grantee with the Internal Revenue Service and, if necessary, the proper state taxing authorities, within 30 days of the receipt of the Shares. A form of Election under Section 83(b) is attached hereto. GXXXXXX ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY AND NOT THE COMPANY’S (i) TO DETERMINE WHETHER OR NOT TO MAKE ANY ELECTION UNDER SECTION 83(b) OF THE CODE, AND (ii) IF GRANTEE DETERMINES TO MAKE ANY SUCH ELECTION, TO TIMELY FILE SUCH ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF GRANTEE ASKS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON HIS OR HER BEHALF. Grantee shall notify the Company immediately in writing in the event Grantee makes an election under Section 83(b) of the Code (or any successor provision) or corresponding provisions of state or local tax laws with respect to the Restricted Stock.

Code Section 83(b) Election. Gxxxxxx acknowledges You represent and warrant that he or she has been informed you understand the Federal, state and is aware of the following local income tax consequences resulting from the receipt and vesting of the Shares granting of this Restricted Stock: With respect to . Under Section 83 of the Shares that are vested on the Grant DateCode, Grantee will be taxed currently on their Fair Market Value on the Grant Date. With respect to the Shares that are not vested on the Grant Date, Grantee will be taxed on the Fair Market Value of the Restricted Stock on the date any forfeiture restrictions applicable to such Shares Restricted Stock lapse will be reportable as and when ordinary income at that time. For this purpose, “forfeiture restrictions” include surrender to the restrictions lapse in accordance with Company of unvested Restricted Stock as described above. You may voluntarily elect to be taxed at the provisions time the Restricted Stock is acquired to the extent that the Fair Market Value of the Award Agreement Restricted Stock exceeds the amount of consideration paid by you (if any) for such fair market value determined on Restricted Stock at that time rather than when such vesting dates)Restricted Stock ceases to be subject to such forfeiture restrictions, unless Grantee files an election pursuant to Section 83(b) of the Code (and any similar state tax provisions if applicable). If such an election is made, Grantee will be taxed currently on the full fair market value of the unvested Shares on the Grant Date. Any such election must be filed by Grantee with the Internal Revenue Service and, if necessary, the proper state taxing authorities, within 30 days of the receipt of the Shares. A form of Election under Section 83(b) is attached hereto. GXXXXXX ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY AND NOT THE COMPANY’S (i) TO DETERMINE WHETHER OR NOT TO MAKE ANY ELECTION UNDER SECTION 83(b) OF THE CODE, AND (ii) IF GRANTEE DETERMINES TO MAKE ANY SUCH ELECTION, TO TIMELY FILE SUCH ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF GRANTEE ASKS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON HIS OR HER BEHALF. Grantee shall notify the Company immediately in writing in the event Grantee makes filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (or any successor provision30) or corresponding provisions days after the Date of state or local tax laws with respect Award. A form for making this election is attached as Exhibit B hereto. Failure to make this filing within the Restricted Stockthirty (30) day period will result in the recognition of ordinary income by you as the forfeiture restrictions lapse. YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. MOREOVER, YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE A CODE SECTION 83(b) ELECTION.

Code Section 83(b) Election. Gxxxxxx acknowledges that he or she has been informed and is aware Under Section 83(a) of the following income tax consequences resulting from the receipt and vesting of the Shares of Restricted Stock: With respect to the Shares that are vested on the Grant DateCode, Grantee will be taxed currently on their Fair Market Value on the Grant Date. With respect to the Shares that are not vested on the Grant Date, Grantee will be taxed on the Fair Market Value of the Shares on the date the restrictions lapse and such shares become fully vested and non-forfeitable will be reportable as ordinary income at that time. Grantee may elect to be taxed at the time the Shares as and are awarded to Grantee, rather than when the restrictions lapse in accordance with and the provisions of the Award Agreement (such fair market value determined on such vesting dates)shares become fully vested and non-forfeitable, unless Grantee files an election pursuant to Section 83(b) of the Code (and any similar state tax provisions if applicable). If such an election is made, Grantee will be taxed currently on the full fair market value of the unvested Shares on the Grant Date. Any such election must be filed by Grantee with the Internal Revenue Service and, if necessary, the proper state taxing authorities, within 30 days of the receipt of the Shares. A form of Election under Section 83(b) is attached hereto. GXXXXXX ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY AND NOT THE COMPANY’S (i) TO DETERMINE WHETHER OR NOT TO MAKE ANY ELECTION UNDER SECTION 83(b) OF THE CODE, AND (ii) IF GRANTEE DETERMINES TO MAKE ANY SUCH ELECTION, TO TIMELY FILE SUCH ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF GRANTEE ASKS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON HIS OR HER BEHALF. Grantee shall notify the Company immediately in writing in the event Grantee makes filing an election under Section 83(b) of the Code with the Internal Revenue Service (“IRS”) within thirty (30) days after the Date of Award (the “Section 83(b) Election”). Grantee must provide to the Company a copy of the form timely filed with the IRS if Grantee makes the Section 83(b) Election, or any successor provisionGrantee may provide such notice to the Company using the sample form attached as Exhibit A hereto. Failure to timely make the IRS filing for the Section 83(b) Election within the thirty (30) day period immediately following the Date of Award will result in the recognition or corresponding provisions ordinary income by Grantee (in the event that the Fair Market Value of state or local tax laws the Shares increases after the Date of the Award) as the restrictions lapse and such Shares become fully vested and non-forfeitable. GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION NOTICE WITH THE IRS UNDER CODE SECTION 83(b) IF GRANTEE ELECTS TO MAKE THE SECTION 83(b) ELECTION. Grantee acknowledges that Grantee is relying solely on advice from Grantee's own advisors with respect to the Restricted Stockdecision as to whether or not to file a Section 83(b) Election and not on the advice of the Company. At the same time that Grantee makes the Section 83(b) Election, Grantee must deliver to the Company the full amount of the withholding tax on the Shares for which the Section 83(b) Election is made. The Company recommends that Grantee talk to an accountant or tax advisor prior to making a Section 83(b) Election is made to make sure Grantee timely complies with the filing deadlines and fully understands the tax and other implications to Grantee with respect to such election.

Code Section 83(b) Election. Gxxxxxx Xxxxxxx acknowledges that he or she has been informed and is aware of the following income tax consequences resulting from the receipt and vesting of the Shares of Restricted Stockrestricted Shares: With respect to the Shares that are vested on the Grant Date, Grantee will be taxed currently on their Fair Market Value on the Grant Date. With respect to the Shares that are not vested on the Grant Date, Grantee will be taxed on the Fair Market Value of such Shares as and when the restrictions lapse in accordance with the provisions of the Award Agreement (such fair market value determined on such vesting dates), unless Grantee files an election pursuant to Section 83(b) of the Code (and any similar state tax provisions if applicable). If such an election is made, Grantee will be taxed currently on the full fair market value of the unvested Shares on the Grant Date. Any such election must be filed by Grantee with the Internal Revenue Service and, if necessary, the proper state taxing authorities, within 30 days of the receipt of the Shares. A form of Election under Section 83(b) is attached hereto. GXXXXXX XXXXXXX ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY AND NOT THE COMPANYBANK’S (i) TO DETERMINE WHETHER OR NOT TO MAKE ANY ELECTION UNDER SECTION 83(b) OF THE CODE, AND (ii) IF GRANTEE DETERMINES TO MAKE ANY SUCH ELECTION, TO TIMELY FILE SUCH ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF GRANTEE ASKS THE COMPANY BANK OR ITS REPRESENTATIVE TO MAKE THIS FILING ON HIS OR HER BEHALF. Grantee shall notify the Company immediately in writing in the event Grantee makes an election under Section 83(b) of the Code (or any successor provision) or corresponding provisions of state or local tax laws with respect to the Restricted Stockrestricted Shares.