Common use of SPECIAL TAX ELECTION Clause in Contracts

SPECIAL TAX ELECTION. (a) Under Section 83 of the Code, the excess of the Fair Market Value of the Restricted Stock on the date any forfeiture restrictions applicable to such shares lapse over the purchase price paid for those shares will be reportable as ordinary income on the lapse date. For this purpose, the term "forfeiture restrictions" includes vesting provisions applicable to the Restricted Stock. The Executive may elect under Section 83(b) of the Code to be taxed at the time the Restricted Stock is acquired, rather than when and as such Restricted Stock cease to be subject to such forfeiture restrictions. Such election must be filed with the Internal Revenue Service within 30 days after the date of this Agreement is executed. (b) THE FORM FOR MAKING THIS ELECTION IS ATTACHED AS EXHIBIT A HERETO. THE EXECUTIVE UNDERSTANDS THAT FAILURE TO MAKE THIS FILING WITHIN THE APPLICABLE 30 DAY PERIOD WILL RESULT IN THE RECOGNITION OF ORDINARY INCOME AS THE FORFEITURE RESTRICTIONS LAPSE. (c) THE EXECUTIVE ACKNOWLEDGES THAT IT IS THE EXECUTIVE'S SOLE RESPONSIBILITY, AND NOT THE COMPANY'S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE EXECUTIVE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS OR HER BEHALF.

SPECIAL TAX ELECTION. (a) Under Section 83 of the Code, the excess of the Fair Market Value of the Restricted Stock on the date any forfeiture restrictions applicable to such shares lapse over the purchase price paid for those shares will be reportable as ordinary income on the lapse date. For this purpose, the term "“forfeiture restrictions" ” includes vesting provisions applicable to the Restricted Stock. The Executive Holder may elect under Section 83(b) of the Code to be taxed at the time the Restricted Stock is acquired, rather than when and as such Restricted Stock cease to be subject to such forfeiture restrictions. Such election must be filed with the Internal Revenue Service within 30 thirty (30) days after the date of this Agreement is executedGrant Date. (b) THE FORM FOR MAKING THIS ELECTION IS ATTACHED AS EXHIBIT A B HERETO. THE EXECUTIVE HOLDER UNDERSTANDS THAT FAILURE TO MAKE THIS FILING WITHIN THE APPLICABLE 30 THIRTY (30) DAY PERIOD WILL RESULT IN THE RECOGNITION OF ORDINARY INCOME AS THE FORFEITURE RESTRICTIONS LAPSE. (c) THE EXECUTIVE HOLDER ACKNOWLEDGES THAT IT IS THE EXECUTIVE'S HOLDER’S SOLE RESPONSIBILITY, AND NOT THE COMPANY'S’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE EXECUTIVE HOLDER REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS OR HER BEHALF.

SPECIAL TAX ELECTION. (a1. Section 83(b) Election. Under Code Section 83 of the Code83, the excess of the Fair Market Value fair market value of the Restricted Stock Shares on the date any forfeiture restrictions applicable to such shares Shares lapse over the purchase price any amount paid for those shares such Shares will be reportable as ordinary income on the lapse date. For this purpose, the term "“forfeiture restrictions" ” includes vesting provisions applicable to the Restricted Stockforfeiture provision of Paragraph C.2. The Executive Participant may elect under Code Section 83(b) of the Code to be taxed at the time the Restricted Stock is Shares are acquired, rather than when and as such Restricted Stock Shares cease to be subject to such forfeiture restrictions. Such election must be filed with the Internal Revenue Service within 30 thirty (30) days after the date of this Agreement is executed. (bAgreement. If you would like to make this filing, you may request a Section 83(b) THE FORM FOR MAKING THIS ELECTION IS ATTACHED AS EXHIBIT A HERETOTax Election Form from Stock Administration. THE EXECUTIVE PARTICIPANT UNDERSTANDS THAT FAILURE TO MAKE THIS FILING WITHIN THE APPLICABLE 30 DAY THIRTY (30)-DAY PERIOD WILL RESULT IN THE RECOGNITION OF ORDINARY INCOME AS THE FORFEITURE RESTRICTIONS LAPSE. (c) THE EXECUTIVE 2. FILING RESPONSIBILITY. PARTICIPANT ACKNOWLEDGES THAT IT IS THE EXECUTIVE'S PARTICIPANT’S SOLE RESPONSIBILITY, AND NOT THE COMPANY'SCORPORATION’S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b) OF THE CODE), EVEN IF THE EXECUTIVE PARTICIPANT REQUESTS THE COMPANY CORPORATION OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS OR HER BEHALF.