Document ID: 10369

Text:
10. Section 409A. It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4) , 1.409A-1(b)(5) and 1.409A-1(b)(9) , and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2) (iii)), Executives right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Any reference to termination or similar words shall mean a separation from service under the meaning of Code Section 409A. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Company at the time of Executives Separation from Service to be a specified employee for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be deferred compensation, then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to the earliest of (i) the expiration of the six-month and one day period measured from the date of Executives Separation from Service with the Company, (ii) the date of Executives death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 10 shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. If any severance benefits provided under this Agreement constitutes deferred compensation under Section 409A, for purposes of determining the schedule for payment of the severance benefits, the effective date of the Release will be the sixtieth (60th) date following the Separation From Service, regardless of when the Release actually becomes effective. To the extent required to avoid accelerated taxation and/or tax penalties under Code Section 409A, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred, amounts shall not be subject to liquidation or exchange for another benefit, and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one year may not effect amounts reimbursable or provided in any subsequent year. The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Code Section 409A.

Named Entities:
35
37
Regulation
40
47
Regulation

Tokenized Text:
10
.
Section
409A
.
It
is
intended
that
all
of
the
severance
benefits
and
other
payments
payable
under
this
Agreement
satisfy
,
to
the
greatest
extent
possible
,
the
exemptions
from
the
application
of
Code
Section
409A
provided
under
Treasury
Regulations
1
.
409A-1
(
b
)
(
4
)
,
1
.
409A-1
(
b
)
(
5
)
and
1
.
409A-1
(
b
)
(
9
)
,
and
this
Agreement
will
be
construed
to
the
greatest
extent
possible
as
consistent
with
those
provisions
,
and
to
the
extent
no
so
exempt
,
this
Agreement
(
and
any
definitions
hereunder
)
will
be
construed
in
a
manner
that
complies
with
Section
409A
.
For
purposes
of
Code
Section
409A
(
including
,
without
limitation
,
for
purposes
of
Treasury
Regulation
Section
1
.
409A-2
(
b
)
(
2
)
(
iii
)
)
,
Executives
right
to
receive
any
installment
payments
under
this
Agreement
(
whether
severance
payments
,
reimbursements
or
otherwise
)
shall
be
treated
as
a
right
to
receive
a
series
of
separate
payments
and
,
accordingly
,
each
installment
payment
hereunder
shall
at
all
times
be
considered
a
separate
and
distinct
payment
.
Any
reference
to
termination
or
similar
words
shall
mean
a
separation
from
service
under
the
meaning
of
Code
Section
409A
.
Notwithstanding
any
provision
to
the
contrary
in
this
Agreement
,
if
Executive
is
deemed
by
the
Company
at
the
time
of
Executives
Separation
from
Service
to
be
a
specified
employee
for
purposes
of
Code
Section
409A
(
a
)
(
2
)
(
B
)
(
i
)
,
and
if
any
of
the
payments
upon
Separation
from
Service
set
forth
herein
and
/
or
under
any
other
agreement
with
the
Company
are
deemed
to
be
deferred
compensation
,
then
to
the
extent
delayed
commencement
of
any
portion
of
such
payments
is
required
in
order
to
avoid
a
prohibited
distribution
under
Code
Section
409A
(
a
)
(
2
)
(
B
)
(
i
)
and
the
related
adverse
taxation
under
Section
409A
,
such
payments
shall
not
be
provided
to
Executive
prior
to
the
earliest
of
(
i
)
the
expiration
of
the
six-month
and
one
day
period
measured
from
the
date
of
Executives
Separation
from
Service
with
the
Company
,
(
ii
)
the
date
of
Executives
death
or
(
iii
)
such
earlier
date
as
permitted
under
Section
409A
without
the
imposition
of
adverse
taxation
.
Upon
the
first
business
day
following
the
expiration
of
such
applicable
Code
Section
409A
(
a
)
(
2
)
(
B
)
(
i
)
period
,
all
payments
deferred
pursuant
to
this
Section
10
shall
be
paid
in
a
lump
sum
to
Executive
,
and
any
remaining
payments
due
shall
be
paid
as
otherwise
provided
herein
or
in
the
applicable
agreement
.
No
interest
shall
be
due
on
any
amounts
so
deferred
.
If
any
severance
benefits
provided
under
this
Agreement
constitutes
deferred
compensation
under
Section
409A
,
for
purposes
of
determining
the
schedule
for
payment
of
the
severance
benefits
,
the
effective
date
of
the
Release
will
be
the
sixtieth
(
60th
)
date
following
the
Separation
From
Service
,
regardless
of
when
the
Release
actually
becomes
effective
.
To
the
extent
required
to
avoid
accelerated
taxation
and
/
or
tax
penalties
under
Code
Section
409A
,
amounts
reimbursable
to
Executive
under
this
Agreement
shall
be
paid
to
Executive
on
or
before
the
last
day
of
the
year
following
the
year
in
which
the
expense
was
incurred
,
amounts
shall
not
be
subject
to
liquidation
or
exchange
for
another
benefit
,
and
the
amount
of
expenses
eligible
for
reimbursement
(
and
in-kind
benefits
provided
to
Executive
)
during
any
one
year
may
not
effect
amounts
reimbursable
or
provided
in
any
subsequent
year
.
The
Company
makes
no
representation
that
any
or
all
of
the
payments
described
in
this
Agreement
will
be
exempt
from
or
comply
with
Code
Section
409A
.