Document ID: 10707

Text:
2.5. Business Expenses. The Company shall pay or reimburse the Executive, upon presentation of documentation, for all commercially reasonable out-of-pocket business expenses that the Executive incurs during the Employment Period in performing his duties under this Employment Agreement and in accordance with the expense reimbursement policy of the Company as approved by the Board (or a committee thereof) and in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense or reimbursement described in this Employment Agreement does not constitute a deferral of compensation within the meaning of Section409A of the Internal Revenue Code of 1986 , as amended, and the regulations and guidance thereunder (Section409A), any expense or reimbursement described in this Employment Agreement shall meet the following requirements: (i)the amount of expenses eligible for reimbursement provided to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii)the reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; (iii)the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit; and (iv)the reimbursements shall be made pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding such reimbursement of expenses.

Named Entities:
42
43
Title
107
107
Regulation
110
114
Act

Tokenized Text:
2
.
5
.
Business
Expenses
.
The
Company
shall
pay
or
reimburse
the
Executive
,
upon
presentation
of
documentation
,
for
all
commercially
reasonable
out-of-pocket
business
expenses
that
the
Executive
incurs
during
the
Employment
Period
in
performing
his
duties
under
this
Employment
Agreement
and
in
accordance
with
the
expense
reimbursement
policy
of
the
Company
as
approved
by
the
Board
(
or
a
committee
thereof
)
and
in
effect
from
time
to
time
.
Notwithstanding
anything
herein
to
the
contrary
or
otherwise
,
except
to
the
extent
any
expense
or
reimbursement
described
in
this
Employment
Agreement
does
not
constitute
a
deferral
of
compensation
within
the
meaning
of
Section409A
of
the
Internal
Revenue
Code
of
1986
,
as
amended
,
and
the
regulations
and
guidance
thereunder
(
Section409A
)
,
any
expense
or
reimbursement
described
in
this
Employment
Agreement
shall
meet
the
following
requirements
:
(
i
)
the
amount
of
expenses
eligible
for
reimbursement
provided
to
the
Executive
during
any
calendar
year
will
not
affect
the
amount
of
expenses
eligible
for
reimbursement
to
the
Executive
in
any
other
calendar
year
;
(
ii
)
the
reimbursements
for
expenses
for
which
the
Executive
is
entitled
to
be
reimbursed
shall
be
made
on
or
before
the
last
day
of
the
calendar
year
following
the
calendar
year
in
which
the
applicable
expense
is
incurred
;
(
iii
)
the
right
to
payment
or
reimbursement
or
in-kind
benefits
hereunder
may
not
be
liquidated
or
exchanged
for
any
other
benefit
;
and
(
iv
)
the
reimbursements
shall
be
made
pursuant
to
objectively
determinable
and
nondiscretionary
Company
policies
and
procedures
regarding
such
reimbursement
of
expenses
.