Common use of Purpose of Election Clause in Contracts

Purpose of Election. 2.1 This Election relates to the Employer’s secondary Class 1 National Insurance Contributions (the “Employer’s Liability”) which may arise on the occurrence of a "Taxable Event" pursuant to section 4(4)(a) of the Social Security Contributions and Benefits Act 1992, including: (i) the acquisition of securities pursuant to the Options (pursuant to section 477(3)(a) ITEPA); and/or (ii) the assignment or release of the Options in return for consideration (pursuant to section 477(3)(b) ITEPA); and/or (iii) the receipt of a benefit in connection with the Options other than a benefit within (i) or (ii) above (pursuant to section 477(3)(c) ITEPA); and/or (iv) the acquisition of securities pursuant to Options granted under the Tax Advantaged sub-plan of the Plan in circumstances that do not attract relief from income tax. In this Election, ITEPA means the Income Tax (Earnings and Pensions) Act 2003. 2.2 This Election applies to all Options granted to the Employee under the Plan on or after January 1, 2015 up to the termination date of the Plan. 2.3 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the Social Security Contributions and Benefits Act 1992, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992.

Purpose of Election. 2.1 This Election relates to the Employer’s secondary Class 1 National Insurance Contributions (the “Employer’s Liability”) which may arise on the occurrence of a "Taxable Event" pursuant to section 4(4)(a) of the Social Security Contributions and Benefits Act 1992, including: (i) the acquisition of securities pursuant to the Options (pursuant to section 477(3)(a) ITEPA); and/or (ii) the assignment or release of the Options in return for consideration (pursuant to section 477(3)(b) ITEPA); and/or (iii) the receipt of a benefit in connection with the Options other than a benefit within (i) or (ii) above (pursuant to section 477(3)(c) ITEPA); and/or (iv) the acquisition of securities pursuant to Options granted under the Tax Advantaged sub-plan of the Plan in circumstances that do not attract relief from income tax. In this Election, ITEPA means the Income Tax (Earnings and Pensions) Act 2003. 2.2 This Election applies to all Options granted to the Employee under the Plan on or after January 1, 2015 up to the termination date of the Plan. 2.3 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the Social Security Contributions and Benefits Act 1992, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992.)