Tax Consequences Clause Example from Business Contracts

Tax Consequences. (a) The Participant acknowledges that the Company has not advised the Participant regarding the tax treatment of this Award. The Participant has had the opportunity to review with his or her own tax advisors the federal, state and local tax consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the Participant (and not the... Company) shall be responsible for the Participant's own tax liability that may arise as a result of the transactions contemplated by this Agreement. (b) If the Participant makes an election under Section 83(b) of the Code with respect to the grant of the Awarded Shares, the Participant agrees to notify the Company in writing on the day of such election. The amount includible in the Participant's income as a result of that election will be subject to tax withholding. The Participant will be required to remit to the Company in cash, or make other arrangements reasonably satisfactory to the Company for the satisfaction of, such tax withholding amount; failure to do so within three business days of making the Section 83(b) election will result in forfeiture of all the Awarded Shares. View More