Common use of Failure to Make 431 Election Clause in Contracts

Failure to Make 431 Election. Notwithstanding anything to the contrary herein, unless otherwise determined by the Managing Member, in its sole discretion, a Service Member who is a UK resident for the tax year in which he or she is granted Class B Units shall forfeit all of his or her Class B Units (without any payment to the Service Member in respect thereof) if the Service Member shall fail to enter into an election under section 431(1) of the Income Tax (Earnings and Xxxxxxxx) Xxx 0000 in respect of the full amount of the Service Member’s Class B Units prior to the 14th day after the grant date of such Class B Units.

Failure to Make 431 Election. Notwithstanding anything to the contrary herein, unless otherwise determined by the Managing Member, in its sole discretion, a Service Member who is a UK resident for the tax year in which he or she is granted Class B Units shall forfeit all of his or her Class B Units (without any payment to the Service Member in respect thereof) if the Service Member shall fail to enter into an election under section 431(1) of the Income Tax (Earnings and XxxxxxxxPxxxxxxx) Xxx 0000 in respect of the full amount of the Service Member’s Class B Units prior to the 14th day after the grant date of such Class B Units.