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

Internal Revenue Code Section 83(b) Election. The Grantee agrees, as a term and condition of receiving and accepting shares of Restricted Stock pursuant to this Agreement, not to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to such shares of Restricted Stock. If the Grantee or his legal representative makes such an election without the consent of the Company, all shares of Restricted Stock held by the Grantee or his legal representative at the time shall be forfeited and canceled of record.