EX-4.4



 EXHIBIT 4.4 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT made as of the 1st day of April 2012 (the
“Effective Date”) by and between TEXTAINER EQUIPMENT MANAGEMENT (U.S.) LIMITED (“Employer”), a Delaware corporation, and ERNEST J. FURTADO (hereinafter referred to as “Employee”) (jointly, the “Parties”).

 RECITALS 
 Employee has been employed by Employer or an Affiliate of the Employer since the 6th day of May 1991 (the “Employment Date”). The terms and conditions of Employee’s employment with Employer
are set forth in that certain employment agreement dated the 1st day of January 1998 by and between Employee and Employer (the “Original Agreement”). 
 Employee and Employer desire to terminate the Original Agreement and replace it in its entirety with this Agreement. 
 In consideration of the mutual covenants and agreements hereinafter set forth, as of the Effective Date, Employee agrees to continue such employment, upon the following terms and conditions: 

DEFINITIONS 
 “Affiliate” means, when used with reference to Employer (a) any entity that directly or indirectly through one or more intermediaries controls or is controlled by or is under common
control with the Employer; or (b) any person or entity owning or controlling ten percent (10%) or more of the outstanding voting securities of Employer. For the purposes of this definition, “control”, when used with respect to
any entity, means the power to direct the management and policies of such entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
 “Base Salary” means Employee’s annual base compensation in
effect from time to time hereunder, exclusive of any short- or long-term incentive compensation, commissions or the value of any Benefit Plans. 
 “Base Salary Program” means the Base Salary Program of Employer, as in effect from time to time. 









			
	 Ernest J. Furtado

Employment Agreement
 1 April
2012
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 “Benefit Plans” means employee benefit programs which Employer has or
will establish for health, dental, vision insurance, disability, life insurance, retirement and other benefits for its U.S.-based employees. 
 “Cause” means a termination of Employee’s employment due to one or more of the following, as determined by Employer: (a) the failure of Employee to comply with a lawful
instruction of Employer so long as the instruction is consistent with the scope and responsibilities of Employee’s position after there has been delivered to the Employee a written demand for performance from Employer and Employee has not
corrected such failure within thirty (30) days of such written demand; (b) Employee’s failure or refusal to perform according to, or to comply with, the material policies, procedures or practices established by Employer (including but
not limited to, any policies, procedures, practices or agreements related to confidentiality, proprietary information, trade secrets, corporate governance, conflicts of interest, and code of conduct); (c) Employee’s commission of or
participation in a material fraud or act of dishonesty against Employer; or (d) Employee’s conviction of, or the entering of a guilty plea or a plea of "no contest" with respect to (i) a felony involving fraud, dishonesty or an act of
moral turpitude or (ii) other crime, provided that with respect to such other crime, the crime has had or will have a material detrimental effect on TGH’s or an Affiliate’s business or reputation. 

“Compensation Committee” means the Compensation Committee of the board of directors of TGH. 

“Confidential Information” means, without limitation, for Employer and its Affiliates: (a) records, data,
specifications, trade secrets and customer lists; (b) the names, buying habits and practices of customers; (c) marketing methods and related data; (d) the names of any vendors or suppliers; (e) costs of material and the prices at
which products or services are sold; (f) manufacturing and sales costs; (g) lists or other written records used in the business; (h) compensation paid to employees and other terms of employment; and (i) other confidential
information of, about or concerning the business, its manner of operation or other confidential data of any kind, nature or description. 
 “Retirement” means: 
 (a) A termination of Employee’s
employment by Employee that is designated by Employee in writing as a voluntary termination other than due to Employee’s death and that occurs after (x) attaining age fifty (50), (y) completing at least ten (10) Years of Service
with Employer and (z) having 70 points, where points are made up of Years of Service with Employer plus Employee’s age at termination. For example, if Employee has fifteen (15) Years of Service and is age sixty (60), Employee would
have seventy-five (75) points. 









			
	 Ernest J. Furtado

Employment Agreement
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2012
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 For this purpose, “Years of Service” equals the number of full months from
Employee’s latest hire date with Employer to the date of his termination, divided by 12. 
 “STIP” means
TGH’s short-term incentive plan. 
 “TGH” means Textainer Group Holdings Limited, a Bermuda corporation,
the parent company of Employer. 
 AGREEMENT 
 1. Duties: Employee shall be employed as, and shall perform the duties of Senior Vice President, Chief Accounting and Compliance Officer of Employer, or shall serve in such other capacity and with
such other duties and for such Affiliates as Employer shall hereafter from time to time prescribe. Employee is subject to, and hereby agrees to comply with the rules, regulations, practices and policies of Employer and its Affiliates, as may be
adopted or modified from time to time in the sole discretion of Employer and its Affiliates, including but not limited to any rules, regulations, practices, and policies related to corporate governance, conflicts of interest, and code of conduct.

 2. Term of Employment: The term of employment shall commence on the Effective Date and shall terminate as provided in Clause 8 hereof.

 3. Compensation: In consideration of Employee’s services during the term of Employee’s employment hereunder, Employee shall
be paid compensation and receive benefits from Employer as follows: 
 (a) Employer shall pay Employee a Base Salary in
accordance with Employer’s standard compensation policies as they exist from time to time, subject to such deductions, if any, as are required by law, with such increases during the term of this Agreement as may be set by Employer.
Employee’s Base Salary shall be reviewed at least annually according to Employer’s Base Salary Program. 
 (b) Employee
is hereby designated as a participant in the STIP for 2012, a copy of which is incorporated by reference into this Agreement, and shall continue to be so designated for the remainder of 2012 subject to Employee’s continued employment with
Employer. Employee shall be eligible to receive an annual incentive award for each calendar year in 









			
	 Ernest J. Furtado

Employment Agreement
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accordance with, and subject to, the terms and conditions of the short-term incentive compensation plan of Employer or TGH which is in effect for such year. 

(c) Employee will be eligible to receive awards of share options or other equity awards pursuant to the Textainer Group Holdings Limited
2007 Share Incentive Plan (“Plan”), as may be amended from time to time. Any such awards will be subject to approval of the Compensation Committee and the terms and conditions of the Plan and applicable award agreements to be entered into
by and between Employee and TGH. The awards may be scheduled to vest at such times and under such conditions as determined by the Compensation Committee and set forth in the applicable award agreement. 

(d) Employee shall be entitled to vacation leave in accordance with Employer’s standard vacation policy as it exists from time to
time. This vacation leave shall be in addition to the public holidays Employer recognizes for its employees. Employee’s accrued vacation leave, if any, as of the Effective Date shall be carried forward under this Agreement. Employee shall not
accrue vacation leave in excess of the amount allowed under Employer’s standard vacation policy for U.S.-based employees, as it exists from time to time. Upon termination of employment for whatever reason, Employee shall receive the economic
value of Employee’s accrued but unused vacation leave, which value shall be calculated using only Employee’s then current Base Salary. 
 (e) Employee shall also be entitled to fully participate in other Benefit Plans established for Employer’s U.S.-based employees. The extent of Employee’s participation in or coverage by any such
Benefit Plans shall be determined by Employer, but in no case shall be less than the participation and/or coverage provided to other officers and senior executives of Employer or its Affiliates. Employee acknowledges and agrees that Employer may in
its discretion terminate at any time or modify from time to time such Benefit Plans. 
 Employee shall be responsible for any taxes due related
to the receipt of any of the above items of compensation and benefits from Employer. Employee expressly acknowledges and agrees that Employer will not compensate Employee for any such taxes. Employer will deduct and withhold from any amount payable
to Employee under this Agreement such amounts as Employer is required by law to deduct and withhold. Employer may also deduct and withhold from any such amount, to the extent permitted by law, such amounts as the Employee may owe to Employer.










			
	 Ernest J. Furtado

Employment Agreement
 1 April
2012
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 4. Indemnity: Employee shall be indemnified in accordance with the Indemnification Agreement
entered into between Employee and Employer or one or more of its Affiliates. 
 5. Exclusivity of Services: Employee agrees to devote
Employee’s full-time and exclusive services (except for attention to personal interests outside normal office hours) to Employer and its Affiliates. Any exception to this must be approved in writing by Employer. 

6. Conflict of Interest and Non-Competition: During Employee’s employment hereunder, Employee shall not, directly or indirectly, either
individually or as an employee, agent, partner, shareholder, consultant, or in any other capacity, participate, engage in, or have any financial or other interest in any business which is competitive in any manner whatsoever with any business in
which Employer, any of its Affiliates, or the successors or assigns of Employer and its Affiliates are now or may hereafter become engaged. This prohibition shall not include ownership by Employee of less than five percent (5%) of the
outstanding shares of any publicly-traded corporation, provided that Employee does not otherwise participate in that corporation as a director, officer, or in any other capacity. 
 7. Confidential Information: Employee realizes that during the course of Employee’s employment, Employee will produce and/or have access to Confidential Information. The Parties agree that, as
between them, the Confidential Information contains important, material and confidential trade secrets and affects the successful conduct of the business and goodwill of Employer and its Affiliates. The Parties further agree that any breach of any
term of this Clause is a material breach of this Agreement. During or subsequent to Employee’s employment by Employer, Employee shall hold in confidence and shall not directly or indirectly disclose, use, copy or make lists of any such
Confidential Information, except to the extent authorized in writing by Employer or an Affiliate or where Employee is compelled or required to do so in a Court of Law or in conjunction with any legal proceedings. All Confidential Information
relating to the business of Employer and its Affiliates, which Employee shall prepare, use or come into contact with shall be and remain the sole property of Employer and its Affiliates, shall not be removed by Employee from the premises of Employer
or its Affiliates without the prior consent of Employer or the relevant Affiliate, except in the normal course of carrying out Employee’s responsibilities, and shall be promptly returned by Employee to Employer or the relevant Affiliate upon
any termination of this Agreement. 
 8. Termination: 
 (a) With or Without Cause: Notwithstanding any other provision of this Agreement, either party may terminate this Agreement and Employee’s employment at any time, for any reason, with or
without cause, and with or without notice except as in Clause 8(c) below. 









			
	 Ernest J. Furtado

Employment Agreement
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 (b) Death: In the event of Employee’s death, this Agreement shall terminate
automatically. Subject to Clause 11 below, Employee’s beneficiary will receive: 
 (i) A prorated incentive
award based on the percentage of the STIP year over which Employee was employed by Employer. Such percentage will be applied to the bonus amount that would have been payable to Employee based on actual achievement of the applicable corporate
performance criteria had Employee remained employed through the date incentive awards under the STIP are payable to employees generally (the “STIP Payment Date”). The prorated incentive award will be paid to Employee’s beneficiary on
the STIP Payment Date, plus 
 (ii) With respect to all awards issued under TGH’s share plans and
outstanding immediately prior to the Termination Date, Employee will immediately vest in and have the right to exercise such awards, all restrictions will lapse, and all performance goals or other vesting criteria will be deemed achieved at target
levels and all other terms and conditions met. 
 (c) Incapacity: If Employee is materially incapacitated from fully
performing Employee’s duties pursuant to this Agreement by reason of illness or other incapacity or by reason of any statute, law, ordinance, regulation, order, judgment or decree, Employer may terminate this Agreement and Employee’s
employment by written notice to Employee, but only in the event that such conditions shall aggregate not less than ninety (90) days during any twelve (12) month period during Employee’s term of employment. 

9. Severance: In the event Employer terminates Employee’s employment pursuant to Clause 8(a) for any reason other than for Cause, then,
subject to Clause 11 below and Employee’s continued compliance with Clause 16, Employee shall be entitled to receive: 
 (a)
if Employee has been in the employ of Employer (whether pursuant to this Agreement or otherwise) as of the date of Employee’s termination (the “Termination Date”) for an aggregate period of less than ten (10) years after the
Employment Date: 
 (i) A lump sum severance payment equal to six (6) months of Employee’s Base Salary in effect as of
the Termination Date, plus 
 (ii) If Employee and any spouse and/or dependents of the Employee (“Family Members”) has
coverage on the Termination Date under a Benefit Plan that provides medical, dental or vision coverage and Employee is eligible for and validly elects to continue coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986, 29 U.S.C.
Sections 1161-1168; 26 U.S.C. Section 4980B(f), as amended, and all applicable regulations (referred to collectively as “COBRA”) for the Employee and his Family Members, such continued coverage will be provided to Employee and his
Family Members for a period of up to six (6) months following the Termination Date at a cost to Employee that is no greater than that which would have been incurred by Employee had Employee remained as an employee of Employer. 









			
	 Ernest J. Furtado

Employment Agreement
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2012
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 (b) if Employee has been in the employ of Employer (whether pursuant to this Agreement
or otherwise) for an aggregate period of ten (10) years or more after the Employment Date: 
 (i) A lump sum severance
payment equal to twelve (12) months of Employee’s Base Salary in effect as of the Termination Date, plus 
 (ii) If
Employee and any spouse and/or dependents of the Employee (“Family Members”) has coverage on the Termination Date under a Benefit Plan that provides medical, dental or vision coverage and Employee is eligible for and validly elects to
continue coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986, 29 U.S.C. Sections 1161-1168; 26 U.S.C. Section 4980B(f), as amended, and all applicable regulations (referred to collectively as “COBRA”) for the
Employee and his Family Members, such continued coverage will be provided to Employee and his Family Members for a period of up to twelve (12) months following the Termination Date at a cost to Employee that is no greater than that which would
have been incurred by Employee had Employee remained as an employee of Employer. 
 10. Retirement: In the event Employee terminates
employment pursuant to Clause 8(a) due to Retirement, then, subject to Clause 11 below and Employee’s continued compliance with Clause 16, Employee shall be entitled to receive: 

(a) A lump sum severance payment equal to one month of Employee’s Base Salary in effect as of the Termination Date, subject to a
minimum amount of $3,500 and maximum amount of $10,000, plus 
 (b) A prorated incentive award based on the percentage of the
STIP year over which Employee was employed by Employer. Such percentage will be applied to the bonus amount that would have been payable to Employee based on actual achievement of the applicable corporate performance criteria had Employee remained
employed through the STIP Payment Date. The prorated incentive award will be paid to Employee on the STIP Payment Date. 









			
	 Ernest J. Furtado

Employment Agreement
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2012
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 11. Release: The receipt of any payment pursuant to Clauses 8(b), 9 or 10, above, will be subject
to Employee timely signing and not revoking a standard release of all claims in a form reasonably satisfactory to Employer (the “Severance Release"). To be timely, the Severance Release must become effective and irrevocable no later than sixty
(60) days following the Termination Date (the “Severance Release Deadline”). If the Severance Release does not become effective and irrevocable by the Severance Release Deadline, Employee will forfeit any rights to the severance
benefits described in Clauses 8(b), 9 or 10, as applicable. In no event will any severance benefits be paid under Clauses 8(b), 9 or 10, until the Severance Release becomes effective and irrevocable. Subject to Annex A attached hereto, severance
benefits will commence or be provided once the Severance Release becomes effective and irrevocable. 
 12. Excise Taxes. Notwithstanding
anything herein to the contrary, in the event that any payments or benefits paid or payable hereunder or otherwise to Employee (the “Payments”) would (a) constitute “parachute payments” within the meaning of
Section 280G of the Code, and (b) but for this sentence, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax"), then such Payments will be reduced to be equal to the Reduced Amount (as defined
below) if and to the extent that a reduction in the Payments would result in Employee retaining a larger amount, on an after-tax basis (taking into account federal, state and local income and employment taxes and the Excise Tax), than if Employee
received the entire amount of such Payments in accordance with their existing terms. The “Reduced Amount" will be the largest portion of the Payments that would result in no portion of the Payments being subject to the Excise Tax. If a
reduction in payments or benefits constituting “parachute payments" is necessary so that the Payment equals the Reduced Amount, reduction shall occur in a manner necessary to provide Employee with the greatest economic benefit. If more than one
manner of reduction of payments or benefits necessary to arrive at the Reduced Amount yields the greatest economic benefit, the payments and benefits shall be reduced pro rata. Employee may not exercise any discretion with respect to the ordering of
any reductions of payments or benefits under this Clause 12. Unless the Parties otherwise agree in writing, any determination required under this Clause 12 shall be made in writing by Employer’s or an Affiliate’s independent public
accountants (the “Accountants"), whose determination shall be conclusive 









			
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and binding upon Employer and Employee for all purposes. For purposes of making the calculations required by this Clause 12, the Accountants may make reasonable assumptions and approximations
concerning applicable taxes. The Parties shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Clause 12. Employer shall bear all costs incurred for and
by the Accountants in connection with any calculations or determinations contemplated by this Clause 12. 
 13. Remedies - Injunction: In
the event of a breach or threatened breach by Employee of any of the provisions of this Agreement, Employee agrees that Employer and its Affiliates, in addition to and not in limitation of any other rights, remedies, or damages available to Employer
at law or in equity, shall be entitled to seek a preliminary and a permanent injunction from a court of competent jurisdiction in order to prevent or restrain any such breach by Employee or by Employee’s partners, agents, representatives,
servants, employers, employees and/or any and all persons directly or indirectly acting for or with Employee. Nothing in Clause 14 below shall limit the Employer from applying to any court of competent jurisdiction for the equitable relief noted in
this Clause to which the Employer may be entitled without reference to an arbitrator for any decision whatsoever under Clause 14. 
 14.
Arbitration: All disputes concerning the meaning or effect of this Agreement and all disputes arising under this Agreement (except those arising under Clause 13 above), including but not limited to all claims of discrimination based on age,
race, creed, color, sex, national origin, disability, gender preference or any other claim of discrimination arising under any state or federal law, including, but not limited to the federal Title VII of the Civil Rights Act, as amended, and the
California Fair Employment and Housing Act, shall be subject to final and binding arbitration in accordance with the Code of Civil Procedure of the State of California or under such other procedures as the Parties may hereafter agree to in writing.

 15. Return of Information: In the event of termination of Employee’s employment for any reason, Employee shall immediately
deliver to Employer or the relevant Affiliate all originals and copies in Employee’s custody or control of any and all Confidential Information, equipment, and written materials obtained by Employee from Employer, any Affiliate of Employer or
any representative or client of Employer during the period of employment. 
 16. Post-Employment Non-Solicitation of Other Employees:
Employee agrees that for a period of one (1) year after termination of Employee’s employment, Employee will not directly or indirectly solicit or otherwise discuss with any other employee of Employer or any of its Affiliates, for as long
as such employee remains employed by Employer or its Affiliates, any terms or conditions relating to such employee’s leaving the employ of Employer or its Affiliates. The receipt 









			
	 Ernest J. Furtado

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of any severance benefits pursuant to Clauses 9 or 10 will be subject to Employee not violating the provisions of this Clause 16. In the event Employee breaches the provisions of Clause 16, all
continuing payments and benefits to which Employee may otherwise be entitled pursuant to Clauses 9 or 10 will immediately cease and Employer will be entitled to any other rights and remedies and may take any other action legally permissible as a
result of breaching the provisions of Clause 16. 
 17. Representation and Warranty Regarding Prior Obligations of Confidentiality:
Employee represents and warrants that Employee’s performance of all the terms of this Agreement does not and will not breach any agreement previously entered into by Employee to keep in confidence proprietary information acquired by Employee in
confidence or in trust prior to Employee’s employment by Employer. Employee represents that Employee has not entered into, and agrees not to enter into, any agreement, either written or oral, which is or may be in conflict with this Agreement.

 18. Survival of Provisions: Each of the provisions contained in this Agreement shall survive the termination of Employee’s
employment with Employer to the extent that each provision remains enforceable and relevant to any post-termination proceedings. 
 19.
Notices: Any notice under this Agreement shall be deemed sufficient if addressed in writing and delivered or mailed to Employer or Employee at the address set forth below or to such other address as Employer or Employee may designate by
notice in writing to the other. 
  

			
	If to Employer:	  	Textainer Equipment Management (U.S.) Limited
		  	650 California Street, 16th Floor
		  	San Francisco, CA 94108 U.S.A.
		  	ATTN: Chief Executive Officer
		
	If to Employee:	  	Ernest J. Furtado
		  	[                    ]

 20. Assignment; Successors: This Agreement is not assignable by either party. This Agreement shall be binding upon
Employee and Employee’s heirs, assigns, executors and administrators, and shall be binding upon and inure to the benefit of Employer, Employer’s successors and assigns, including without limitation any person, partnership, or corporation
which may acquire all or substantially all of Employer or Employer’s assets or business or with or into which Employer may be consolidated or merged, and this provision also shall apply in the event of any subsequent merger, consolidation, or
transfer of Employer or of Employer’s assets or businesses. 









			
	 Ernest J. Furtado

Employment Agreement
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2012
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 21. Modification, Amendment, Waiver: This Agreement is the entire agreement between the Parties
and it may not be modified, amended or waived or any provision thereof modified, amended or waived unless approved in writing by the Employer and the Employee. No subsequent conduct of the Parties and no prior or subsequent policy of the Employer
shall in any way be deemed to be a modification of this Agreement unless the Parties expressly intend that such conduct or policy become a modification of this Agreement and such intention is reduced to a written agreement signed by the Parties.

 22. Severability: Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 In the event any document incorporated into this
Agreement by reference conflicts with any provision contained in this Agreement, the provision contained in this Agreement shall control and the provision contained in the incorporated document shall be deemed ineffective and invalid, without
invalidating the remainder of the incorporated document. 
 23. Choice of Law: All questions concerning the construction, validity and
interpretation of this Agreement shall be governed by the internal laws of the State of California. 
 IN WITNESS WHEREOF, the Parties have
executed this Agreement in duplicate as of the date first above written. 
  

			
	ERNEST J. FURTADO
	
	 /S/ Ernest Furtado

	
	TEXTAINER EQUIPMENT MANAGEMENT (U.S.) LIMITED
		
	BY:	 	 /S/ Philip Brewer

		 	Philip K. Brewer
		 	President and Chief Executive Officer








 ANNEX A 
 SECTION 409A ADDENDUM 
 Notwithstanding anything to the contrary in the Agreement, no
severance pay or benefits to be paid or provided to Employee, if any, pursuant to the Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of
the Internal Revenue Code of 1986, as amended, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Employee has had a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Employee, if any, that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will
be payable until Employee has had a “separation from service” within the meaning of Section 409A. Each payment and benefit payable under the Agreement is intended to constitute a separate payment for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations. 
 Any severance payments or benefits under the Agreement that would be considered
Deferred Payments will be paid or will commence on the sixtieth (60th) day following Employee’s separation from service, or, if later, such time as required by the next paragraph. 
 Notwithstanding anything to the contrary in the Agreement, if Employee is a “specified employee” within the meaning of Section 409A at the time of Employee’s termination (other than
due to death), then the Deferred Payments that would otherwise have been payable within the first six (6) months following Employee’s separation from service, will be paid on the first payroll date that occurs on or after the date six
(6) months and one (1) day following the date of Employee’s separation from service, but in no event later than seven months after the date of such separation from service. All subsequent Deferred Payments, if any, will be payable in
accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following Employee’s separation from service, but prior to the six (6) month anniversary of the
separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Payments will be payable in
accordance with the payment schedule applicable to each payment or benefit. 
 Any amount paid under the Agreement that satisfies the
requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments. Any amount paid under the Agreement that qualifies as a payment made as a result of
an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constituted Deferred Payments. For this purpose, the
“Section 409A Limit” will mean two (2) times the 







 
lesser of: (i) Employee’s annualized compensation based upon the annual rate of pay paid to him during Employee’s taxable year preceding his taxable year of his separation from
service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan
pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Employee’s separation from service occurred. 
 The
foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any
ambiguities herein will be interpreted to so comply. Employer and Employee agree to work together in good faith to consider amendments to the Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid
imposition of any additional tax or income recognition prior to actual payment to Employee under Section 409A.