Common use of Section 83(b) Elections Clause in Contracts

Section 83(b) Elections. Each Member who acquires Units that are subject to a “substantial risk of forfeiture” within the meaning of Code Section 83 at the time of such acquisition shall consult with such Member’s tax advisor to determine the tax consequences of such acquisition and the advisability of filing an election under Code Section 83(b) with respect to such Units. Each Member who acquires Incentive Units that are intended to constitute Profits Interests in accordance with Section 3.1(a) and at the time of such acquisition are subject to a “substantial risk of forfeiture” within the meaning of Code Section 83 shall make a timely election under Code Section 83 with respect to such Units in the form set forth in Exhibit B. It is the sole responsibility of a Member, and not the Company, to file the election under Code Section 83(b) even if such Member requests the Company or any of its representatives to assist in making such filing. Each Member who files an election under Code Section 83(b) with respect to Units (including each Member who is required to file such an election under this Section 9.6) shall provide a copy of such election and proof of filing of such election to the Company on or before the due date for the filing of such election.

Section 83(b) Elections. Each Member who acquires Units that are subject to a “substantial risk of forfeiture” within the meaning of Code Section 83 of the Code at the time of such acquisition shall consult with such Member’s tax advisor to determine the tax consequences of such acquisition and the advisability of filing an election under Code Section 83(b) of the Code with respect to such Units. Each Member who acquires Incentive Units that are intended to constitute Profits Interests in accordance with Section 3.1(a) profits interests, and at the time of such acquisition are subject to a “substantial risk of forfeiture” within the meaning of Code Section 83 of the Code shall make a timely election under Code Section 83 of the Code with respect to such Units in the form set forth in Exhibit B. Units. It is the sole responsibility of a Member, and not the Company, to file the election under Code Section 83(b) of the Code even if such Member requests the Company or any of its representatives to assist in making such filing. Each Member who files an election under Code Section 83(b) of the Code with respect to Units (including each Member who is required to file such an election under this Section 9.68.3) shall provide a copy of such election and proof of filing of such election to the Company on or before the due date for the filing of such election.