Except in the case where the Grantee makes an election under Section 83(b) as provided in Paragraph 7 below, the Company shall satisfy its withholding tax obligation which arises in connection with the taxation of the Award by withholding from the shares of Stock to be released upon vesting that number of shares of Stock having a fair market value equal to no more than the amount necessary to satisfy the statutory minimum withholding amount due. If the Grantee makes an election under Section 83(b) as provided in Paragraph 7 below, the Grantee shall, no later than the date of such election, pay to the Company or make arrangements satisfactory to the Board (or its delegate) for payment of any Federal, state and local taxes required by law to be withheld on account of such election.