Document ID: 11190

Text:
(b)To the extent that any of the payments or benefits provided for in Section5(b) are deemed to constitute non-qualified deferred compensation benefits subject to Section 409A of the United States Internal Revenue Code (the Code), the following interpretations apply to Section 5: Any termination of the Executives employment triggering payment of benefits under Section 5(b) must constitute a separation from service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. 1.409A-1 (h) before distribution of such benefits can commence. To the extent that the termination of the Executives employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. 1.409A-1 (h) (as the result of further services that are reasonably anticipated to be provided by the Executive to the Company or any of its parents, subsidiaries or affiliates at the time the Executives employment terminates), any benefits payable under Section 5 that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. 1.409A- 1(h). For purposes of clarification, this Section 7(b) shall not cause any forfeiture of benefits on the Executives part, but shall only act as a delay until such time as a separation from service occurs. Further, if the Executive is a specified employee (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 5 that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed until the earlier of (i) the business day following the six-month anniversary of the date his separation from service becomes effective, and (ii) the date of the Executives death, but only to the extent necessary to avoid such penalties under Section 409A of the Code. On the earlier of (i) the business day following the six-month anniversary of the date his separation from service becomes effective, and (ii) the Executives death, the Company shall pay the Executive in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid the Executive prior to that date under Section 5(b) of this Agreement. It is intended that each installment of the payments and benefits provided under Section 5(b) of this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section409A of the Code.

Named Entities:
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31
Regulation
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38
Act
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Regulation
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153
Regulation
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254
Regulation
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371
EffectiveDate

Tokenized Text:
(
b
)
To
the
extent
that
any
of
the
payments
or
benefits
provided
for
in
Section5
(
b
)
are
deemed
to
constitute
non-qualified
deferred
compensation
benefits
subject
to
Section
409A
of
the
United
States
Internal
Revenue
Code
(
the
Code
)
,
the
following
interpretations
apply
to
Section
5
:
Any
termination
of
the
Executives
employment
triggering
payment
of
benefits
under
Section
5
(
b
)
must
constitute
a
separation
from
service
under
Section
409A
(
a
)
(
2
)
(
A
)
(
i
)
of
the
Code
and
Treas
.
Reg
.
1
.
409A-1
(
h
)
before
distribution
of
such
benefits
can
commence
.
To
the
extent
that
the
termination
of
the
Executives
employment
does
not
constitute
a
separation
of
service
under
Section
409A
(
a
)
(
2
)
(
A
)
(
i
)
of
the
Code
and
Treas
.
Reg
.
1
.
409A-1
(
h
)
(
as
the
result
of
further
services
that
are
reasonably
anticipated
to
be
provided
by
the
Executive
to
the
Company
or
any
of
its
parents
,
subsidiaries
or
affiliates
at
the
time
the
Executives
employment
terminates
)
,
any
benefits
payable
under
Section
5
that
constitute
deferred
compensation
under
Section
409A
of
the
Code
shall
be
delayed
until
after
the
date
of
a
subsequent
event
constituting
a
separation
of
service
under
Section
409A
(
a
)
(
2
)
(
A
)
(
i
)
of
the
Code
and
Treas
.
Reg
.
1
.
409A
-
1
(
h
)
.
For
purposes
of
clarification
,
this
Section
7
(
b
)
shall
not
cause
any
forfeiture
of
benefits
on
the
Executives
part
,
but
shall
only
act
as
a
delay
until
such
time
as
a
separation
from
service
occurs
.
Further
,
if
the
Executive
is
a
specified
employee
(
as
that
term
is
used
in
Section
409A
of
the
Code
and
regulations
and
other
guidance
issued
thereunder
)
on
the
date
his
separation
from
service
becomes
effective
,
any
benefits
payable
under
Section
5
that
constitute
non-qualified
deferred
compensation
under
Section
409A
of
the
Code
shall
be
delayed
until
the
earlier
of
(
i
)
the
business
day
following
the
six-month
anniversary
of
the
date
his
separation
from
service
becomes
effective
,
and
(
ii
)
the
date
of
the
Executives
death
,
but
only
to
the
extent
necessary
to
avoid
such
penalties
under
Section
409A
of
the
Code
.
On
the
earlier
of
(
i
)
the
business
day
following
the
six-month
anniversary
of
the
date
his
separation
from
service
becomes
effective
,
and
(
ii
)
the
Executives
death
,
the
Company
shall
pay
the
Executive
in
a
lump
sum
the
aggregate
value
of
the
non-qualified
deferred
compensation
that
the
Company
otherwise
would
have
paid
the
Executive
prior
to
that
date
under
Section
5
(
b
)
of
this
Agreement
.
It
is
intended
that
each
installment
of
the
payments
and
benefits
provided
under
Section
5
(
b
)
of
this
Agreement
shall
be
treated
as
a
separate
payment
for
purposes
of
Section
409A
of
the
Code
.
Neither
the
Company
nor
the
Executive
shall
have
the
right
to
accelerate
or
defer
the
delivery
of
any
such
payments
or
benefits
except
to
the
extent
specifically
permitted
or
required
by
Section409A
of
the
Code
.