Purpose and scope of election Clause Samples

The 'Purpose and scope of election' clause defines the specific objectives and boundaries of an election process within an agreement or organizational context. It typically outlines what decisions or positions are subject to election, who is eligible to participate, and the timeframe or procedures governing the process. By clearly establishing these parameters, the clause ensures that all parties understand the intent and limitations of the election, thereby promoting transparency and preventing disputes over the legitimacy or applicability of the election results.
Purpose and scope of election. (a) This election covers (Delete as appropriate*) · grant of employment related securities options* and/ or · the award of employment related restricted securities* under [enter names of all Schemes/Plans/Individual awards or grants that may be used] · Plan: CDK Global, Inc. 2014 Omnibus Award Plan (as amended and restated from time to time)* (Delete as appropriate*) · on [DD/MM/YYYY]* or · between [DD/MM/YYYY]* and [DD/MM/YYYY]* or · on or after [DD/MM/YYYY]* (b) This joint election is made in accordance with Paragraph 3B(1) of Schedule 1 of the Social Security Contributions and Benefits Act 1992 (‘SSCBA 1992’). (c) The Company requests the Employee to enter into this joint election to transfer the liability for the secondary contributor’s National Insurance contributions (NICs) that arise on any relevant employment income covered by this election from the secondary contributor to the Employee. (d) The employer’s National Insurance liability that shall transfer from the employer to the Employee under this joint election is (Delete as appropriate*) · the whole of the secondary liability or · [ %] of the secondary liability or · the secondary liability on gains in excess of [£ ] Relevant employment income from securities and options specified in 2(a) on which employer’s NICs becomes due is defined as: i. an amount that counts as employment income of the earner under section 426 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) (restricted securities: charge on certain post-acquisition events), ii. an amount that counts as employment income of the earner under section 438 of that Act (convertible securities: charge on certain post-acquisition events), or iii. any gain that is treated as remuneration derived from the earner’s employment by virtue of section 4(4) (a) SSCBA 1992. (e) This joint election will not apply to the extent that it relates to relevant employment income which is employment income of the earner by virtue of Chapter 3A of Part 7 of ITEPA 2003 (employment income: securities with artificially depressed market value). (f) This election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the SSCBA 1992 or the Social Security Contributions and Benefits (Northern Ireland) Act 1992.
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Purpose and scope of election. (a) This election covers (Delete as appropriate*) · grant of employment related securities options* and/ or · the award of employment related restricted securities* under [enter names of all Schemes/Plans/Individual awards or grants that may be used] · Plan: CDK Global, Inc. 2014 Omnibus Award Plan (as amended and restated from time to time)* (Delete as appropriate*) · on _________ [DD/MM/YYYY]* or · between _________ [DD/MM/YYYY]* and _________ [DD/MM/YYYY]* or · on or after _________ [DD/MM/YYYY]*
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