Document ID: 11338

Text:
(a) Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment of the benefits set forth herein shall either be exempt from, or in the alternative, comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the Code), and the published guidance thereunder (Section 409A). A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered nonqualified deferred compensation under Section 409A unless such termination is also a separation from service within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a termination, Termination Date, or like terms shall mean separation from service. Notwithstanding any provision of this Agreement to the contrary, if Executive is a specified employee within the meaning of Section 409A, any payments or arrangements due upon a termination of Executives employment under any arrangement that constitutes a nonqualified deferral of compensation within the meaning of Section 409A and which do not otherwise qualify under the exemptions under Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral exemption or the permitted payments under Treas. Regs. Section 1.409A-1 (b)(9)(iii)(A)), shall be delayed and paid or provided on the earlier of (a) the date which is six months after Executives separation from service for any reason other than death, or (b) the date of Executives death. This Agreement may be amended without requiring Executives consent to the extent necessary (including retroactively) by the Company in order to preserve compliance with Section 409A. The preceding shall not be construed as a guarantee of any particular tax effect for Executives compensation and benefits and the Company does not guarantee that any compensation or benefits provided under this Agreement will satisfy the provisions of Section 409A. After any Termination Date, Executive shall have no duties or responsibilities that are inconsistent with having a separation from service within the meaning of Section 409A as of the Termination Date and, notwithstanding anything in the Agreement to the contrary, distributions upon termination of employment of nonqualified deferred compensation may only be made upon a separation from service as determined under Section 409A and such date shall be the Termination Date for purposes of this Agreement. Each payment under this Agreement or otherwise shall be treated as a separate payment for purposes of Section 409A. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement which constitutes a nonqualified deferral of compensation within the meaning of Section 409A and to the extent an amount is payable within a time period, the time during which such amount is paid shall be in the discretion of the Company.

Named Entities:
46
47
Regulation
50
54
Act
221
228
Regulation

Tokenized Text:
(
a
)
Notwithstanding
anything
herein
to
the
contrary
,
this
Agreement
is
intended
to
be
interpreted
and
applied
so
that
the
payment
of
the
benefits
set
forth
herein
shall
either
be
exempt
from
,
or
in
the
alternative
,
comply
with
,
the
requirements
of
Section
409A
of
the
Internal
Revenue
Code
of
1986
,
as
amended
(
the
Code
)
,
and
the
published
guidance
thereunder
(
Section
409A
)
.
A
termination
of
employment
shall
not
be
deemed
to
have
occurred
for
purposes
of
any
provision
of
this
Agreement
providing
for
the
payment
of
any
amounts
or
benefits
upon
or
following
a
termination
of
employment
that
are
considered
nonqualified
deferred
compensation
under
Section
409A
unless
such
termination
is
also
a
separation
from
service
within
the
meaning
of
Section
409A
and
,
for
purposes
of
any
such
provision
of
this
Agreement
,
references
to
a
termination
,
Termination
Date
,
or
like
terms
shall
mean
separation
from
service
.
Notwithstanding
any
provision
of
this
Agreement
to
the
contrary
,
if
Executive
is
a
specified
employee
within
the
meaning
of
Section
409A
,
any
payments
or
arrangements
due
upon
a
termination
of
Executives
employment
under
any
arrangement
that
constitutes
a
nonqualified
deferral
of
compensation
within
the
meaning
of
Section
409A
and
which
do
not
otherwise
qualify
under
the
exemptions
under
Treas
.
Regs
.
Section
1
.
409A-1
(
including
without
limitation
,
the
short-term
deferral
exemption
or
the
permitted
payments
under
Treas
.
Regs
.
Section
1
.
409A-1
(
b
)
(
9
)
(
iii
)
(
A
)
)
,
shall
be
delayed
and
paid
or
provided
on
the
earlier
of
(
a
)
the
date
which
is
six
months
after
Executives
separation
from
service
for
any
reason
other
than
death
,
or
(
b
)
the
date
of
Executives
death
.
This
Agreement
may
be
amended
without
requiring
Executives
consent
to
the
extent
necessary
(
including
retroactively
)
by
the
Company
in
order
to
preserve
compliance
with
Section
409A
.
The
preceding
shall
not
be
construed
as
a
guarantee
of
any
particular
tax
effect
for
Executives
compensation
and
benefits
and
the
Company
does
not
guarantee
that
any
compensation
or
benefits
provided
under
this
Agreement
will
satisfy
the
provisions
of
Section
409A
.
After
any
Termination
Date
,
Executive
shall
have
no
duties
or
responsibilities
that
are
inconsistent
with
having
a
separation
from
service
within
the
meaning
of
Section
409A
as
of
the
Termination
Date
and
,
notwithstanding
anything
in
the
Agreement
to
the
contrary
,
distributions
upon
termination
of
employment
of
nonqualified
deferred
compensation
may
only
be
made
upon
a
separation
from
service
as
determined
under
Section
409A
and
such
date
shall
be
the
Termination
Date
for
purposes
of
this
Agreement
.
Each
payment
under
this
Agreement
or
otherwise
shall
be
treated
as
a
separate
payment
for
purposes
of
Section
409A
.
In
no
event
may
Executive
,
directly
or
indirectly
,
designate
the
calendar
year
of
any
payment
to
be
made
under
this
Agreement
which
constitutes
a
nonqualified
deferral
of
compensation
within
the
meaning
of
Section
409A
and
to
the
extent
an
amount
is
payable
within
a
time
period
,
the
time
during
which
such
amount
is
paid
shall
be
in
the
discretion
of
the
Company
.