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

Code Section 83(b) Election. ▇▇▇▇▇▇▇ acknowledges that he is aware of his right to make an election under Section 83(b) of the Internal Revenue Code with respect to the grant of the Restricted Stock (the “Section 83(b) Election”), by filing a properly completed Section 83(b) Election with the Internal Revenue Service within 30 days after the Grant Date and attaching a copy of the filed Section 83(b) Election to his tax return for the year that includes the Grant Date. It shall be the sole responsibility of Grantee, in consultation with his tax advisor, to determine whether to make the Section 83(b) Election with respect to the grant of the Restricted Stock. Should Grantee make the Section 83(b) Election with respect to the grant of the Restricted Stock, Grantee shall provide the Company a copy of the Section 83(b) Election simultaneously with filing it with the Internal Revenue Service.