Direct Payment on or prior to Substantial Vesting Event. The Recipient may, on or before the date of occurrence of an event pursuant to which such Award Shares become “substantially vested” within the meaning of Code §83, deliver to the Company cash and/or a check payable to the Company in the amount of all withholding or other tax obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of such Award Shares.
Direct Payment on or prior to Substantial Vesting Event. The Recipient may, on or before the date on which any Award Shares become “substantially vested” within the meaning of Code §83, deliver to the Company cash and/or a check payable to the Company in the amount of all withholding obligations (whether federal, state or local) imposed on the Company by reason of the substantial vesting of such Award Shares. For the avoidance of doubt, the vesting of the Award Shares under Section 1.2 shall be “substantial vesting” within the meaning of Code §83. Such election shall be made by completing the election form at Exhibit B attached. If the Recipient fails to timely make an election with respect to the vesting of any Award Shares, then the share withholding method specified in Section 1.5(a) shall automatically apply.
