Document ID: 10920

Text:
5.1 Section 83(b) Election. If the Executive properly elects, within thirty (30) days of the date of payment of an Annual Stock Bonus (the Payment Date), to include in gross income for federal income tax purposes an amount equal to the fair market value (as of the Payment Date) of the Annual Stock Bonus pursuant to Section 83(b) of the Internal Revenue Code of 1986 , as amended (the Code), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state or local income taxes required to be withheld with respect to the Annual Stock Bonus. If the Executive shall fail to make such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any shares of Common Stock that otherwise would be issued to the Executive under this Agreement) otherwise due to the Executive any federal, state or local taxes of any kind required by law to be withheld with respect to the Annual Stock Bonus.

Named Entities:
77
81
Act

Tokenized Text:
5
.
1
Section
83
(
b
)
Election
.
If
the
Executive
properly
elects
,
within
thirty
(
30
)
days
of
the
date
of
payment
of
an
Annual
Stock
Bonus
(
the
Payment
Date
)
,
to
include
in
gross
income
for
federal
income
tax
purposes
an
amount
equal
to
the
fair
market
value
(
as
of
the
Payment
Date
)
of
the
Annual
Stock
Bonus
pursuant
to
Section
83
(
b
)
of
the
Internal
Revenue
Code
of
1986
,
as
amended
(
the
Code
)
,
the
Executive
shall
make
arrangements
satisfactory
to
the
Company
to
pay
to
the
Company
any
federal
,
state
or
local
income
taxes
required
to
be
withheld
with
respect
to
the
Annual
Stock
Bonus
.
If
the
Executive
shall
fail
to
make
such
tax
payments
as
are
required
,
the
Company
shall
,
to
the
extent
permitted
by
law
,
have
the
right
to
deduct
from
any
payment
of
any
kind
(
including
without
limitation
,
the
withholding
of
any
shares
of
Common
Stock
that
otherwise
would
be
issued
to
the
Executive
under
this
Agreement
)
otherwise
due
to
the
Executive
any
federal
,
state
or
local
taxes
of
any
kind
required
by
law
to
be
withheld
with
respect
to
the
Annual
Stock
Bonus
.