Election Under Code Section 83(b). Absent a contrary determination by the General Partner, each holder of Class B2 Units shall file a valid and timely election pursuant to Code section 83(b) with respect to its Class B2 Units and provide a copy of the election to the General Partner within thirty (30) days after issuance of the Class B2 Units.
Election Under Code Section 83(b). As a condition to receipt of the Cash Award, a Grantee who is subject to Section 16 of the Securities Exchange Act of 1934 shall make the election permitted under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) (i.e., an election to include in Grantee’s gross income in the year of transfer the amounts specified in Section 83(b) of the Code), by completing and signing the election in substantially the form approved by Quixote, filing notice of the election with the Internal Revenue Service, not later than thirty (30) days after the Grant Date, and complying with any filing and notification required pursuant to regulations issued under the authority of Section 83(b) of the Code (collectively, the “Election”). Grantee shall notify Quixote of the filing of the Election within ten (10) days of filing.
