Document:

Unassociated Document

    Exhibit 10.17

     

     

    CORMEDIX
INC.

     

    INDEMNIFICATION
AGREEMENT

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	 
      	 
      	 	
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                                                            1.

                                                          	
                                                            Indemnity
      of Indemnitee

                                                          	 	 	1
	 	 	 	 	 
	
                                                            2.

                                                          	
                                                            Contribution

                                                          	 	 	2
	 	 	 	 	 
	
                                                            3.

                                                          	
                                                            Advancement
      of Expenses

                                                          	 	 	4
	 	 	 	 	 
	
                                                            4.

                                                          	
                                                            Procedures
      and Presumptions for Determination of Entitlement to
      Indemnification

                                                          	 	 	4
	 	 	 	 	 
	
                                                            5.

                                                          	
                                                            Remedies
      of Indemnitee

                                                          	 	 	6
	 	 	 	 	 
	
                                                            6.

                                                          	
                                                            Non-Exclusivity;
      Survival of Rights; Insurance; Primacy of Indemnification;
      Subrogation

                                                          	 	 	7
	 	 	 	 	 
	
                                                            7.

                                                          	
                                                            Exception
      to Right of Indemnification

                                                          	 	 	8
	 	 	 	 	 
	
                                                            8.

                                                          	
                                                            Duration
      of Agreement

                                                          	 	 	9
	 	 	 	 	 
	
                                                            9.

                                                          	
                                                            Security

                                                          	 	 	9
	 	 	 	 	 
	
                                                            10.

                                                          	
                                                            Enforcement

                                                          	 	 	9
	 	 	 	 	 
	
                                                            11.

                                                          	
                                                            Definitions

                                                          	 	 	9
	 	 	 	 	 
	
                                                            12.

                                                          	
                                                            Severability

                                                          	 	 	10
	 	 	 	 	 
	
                                                            13.

                                                          	
                                                            Modification
      and Waiver

                                                          	 	 	11
	 	 	 	 	 
	
                                                            14.

                                                          	
                                                            Notice
      By Indemnitee

                                                          	 	 	11
	 	 	 	 	 
	
                                                            15.

                                                          	
                                                            Notices

                                                          	 	 	11
	 	 	 	 	 
	
                                                            16.

                                                          	
                                                            Counterparts

                                                          	 	 	11
	 	 	 	 	 
	
                                                            17.

                                                          	
                                                            Headings

                                                          	 	 	11
	 	 	 	 	 
	
                                                            18.

                                                          	
                                                            Governing
      Law and Consent to Jurisdiction

                                                          	 	 	12

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
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    INDEMNIFICATION
AGREEMENT

     

    THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and
entered into as of _____________, 20__ between CorMedix Inc., a Delaware
corporation (the “Company”), and _______________
(“Indemnitee”).

     

    WHEREAS,
highly competent persons have become more reluctant to serve corporations as
directors or in other capacities unless they are provided with adequate
protection through insurance or adequate indemnification against inordinate
risks of claims and actions against them arising out of their service to and
activities on behalf of the corporation;

     

    WHEREAS,
the Amended and Restated By-Laws of the Company (the “Bylaws”) require
indemnification of the directors and officers of the Company, and Indemnitee may
also be entitled to indemnification pursuant to the General Corporation Law of
the State of Delaware (“DGCL”);

     

    WHEREAS,
the Bylaws and the DGCL expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may
be entered into between the Company and members of the Company’s board of
directors (the “Board”),
officers and other persons with respect to indemnification;

     

    WHEREAS,
the Board has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its
sole expense, liability insurance to protect persons serving the Company and its
subsidiaries from certain liabilities;

     

    WHEREAS,
the uncertainties relating to such insurance and to indemnification have
increased the difficulty of attracting and retaining such persons;

     

    WHEREAS,
the Board has determined that the increased difficulty in attracting and
retaining such persons is detrimental to the best interests of the Company’s
stockholders and that the Company should act to assure such persons that there
will be increased certainty of such protection in the future;

     

    WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to
obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the extent permitted by applicable law so that they will serve or continue to
serve the Company free from undue concern that they will not be so indemnified;
and

     

    WHEREAS,
this Agreement is a supplement to and in furtherance of the Bylaws and Amended
and Restated Certificate of Incorporation of the Company (the “Charter”) and any resolutions
adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to
diminish or abrogate any rights of Indemnitee thereunder;

     

    NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as a director or
officer of the Company from and after the date hereof, the parties hereto agree
as follows:

     

    1.           Indemnity of
Indemnitee.  The Company hereby agrees to hold harmless and
indemnify Indemnitee to the fullest extent permitted by law, as such may be
amended from time to time.  In furtherance of the foregoing
indemnification, and without limiting the generality thereof:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (a)           Proceedings Other Than
Proceedings by or in the Right of the Company.  Indemnitee
shall be entitled to the rights of indemnification provided in this Section l(a) if, by
reason of his Corporate Status (as defined in Section 11 of this
Agreement), the Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding (as defined in Section 11 of this
Agreement) other than a Proceeding by or in the right of the
Company.  Pursuant to this Section 1(a),
Indemnitee shall be indemnified against all Expenses (as defined in Section 11 of this
Agreement), judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him, or on his behalf, in connection with such
Proceeding or any claim, issue or matter therein, if the Indemnitee acted in
good faith and in a manner the Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company, and with respect to any criminal
Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was
unlawful.

     

    (b)           Proceedings by or in the
Right of the Company.  Indemnitee shall be entitled to the
rights of indemnification provided in this Section 1(b) if, by
reason of his Corporate Status, the Indemnitee is, or is threatened to be made,
a party to or participant in any Proceeding brought by or in the right of the
Company.  Pursuant to this Section 1(b),
Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with
such Proceeding if the Indemnitee acted in good faith and in a manner the
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company; provided, however, if applicable law so provides, no
indemnification against such Expenses shall be made in respect of any claim,
issue or matter in such Proceeding as to which Indemnitee shall have been
adjudged to be liable to the Company unless and to the extent that the Court of
Chancery of the State of Delaware shall determine that such indemnification may
be made.

     

    (c)           Indemnification for Expenses
of a Party Who is Wholly or Partly Successful.  Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by
reason of his Corporate Status, a party to and is successful, on the merits or
otherwise, in any Proceeding, he shall be indemnified to the maximum extent
permitted by law, as such may be amended from time to time, against all Expenses
actually and reasonably incurred by him or on his behalf in connection
therewith.  If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than
all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him or on
his behalf in connection with each successfully resolved claim, issue or
matter.  For purposes of this Section 1(c) and
without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

     

    2.           Contribution.

     

    (a)           Whether
or not the indemnification provided in Section 1 hereof is
available, in respect of any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be
if joined in such action, suit or proceeding), the Company shall pay, in the
first instance, the entire amount of any judgment or settlement of such action,
suit or proceeding without requiring Indemnitee to contribute to such payment
and the Company hereby waives and relinquishes any right of contribution it may
have against Indemnitee.  The Company shall not enter into any
settlement of any action, suit or proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such action, suit or
proceeding) unless such settlement provides for a full and final release of all
claims asserted against Indemnitee.

     

    
      
         

      

      
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    (b)           Without
diminishing or impairing the obligations of the Company set forth in the
preceding subparagraph, if, for any reason, Indemnitee shall elect or be
required to pay all or any portion of any judgment or settlement in any
threatened, pending or completed Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding), the Company
shall contribute to the amount of Expenses, judgments, fines and amounts paid in
settlement actually and reasonably incurred and paid or payable by Indemnitee in
proportion to the relative benefits received by the Company and all directors,
officers, employees and agents of the Company, other than Indemnitee, who are
jointly liable with Indemnitee (or would be if joined in such Proceeding), on
the one hand, and Indemnitee, on the other hand, from the transaction from which
such Proceeding arose; provided, however, that the proportion determined on the
basis of relative benefit may, to the extent necessary to conform to law, be
further adjusted by reference to the relative fault of the Company and all
directors, officers, employees and agents of the Company other than Indemnitee
who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the events that resulted in such expenses, judgments, fines or settlement
amounts, as well as any other equitable considerations which the applicable law
may require to be considered.  The relative fault of the Company and
all directors, officers, employees and agents of the Company, other than
Indemnitee, who are jointly liable with Indemnitee (or would be if joined in
such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be
determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the
degree to which their liability is primary or secondary and the degree to which
their conduct is active or passive.

     

    (c)           The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any
claims of contribution which may be brought by directors, officers, employees or
agents of the Company, other than Indemnitee, who may be jointly liable with
Indemnitee.

     

    (d)           To
the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is determined by a court of competent
jurisdiction to be unavailable to Indemnitee for any reason whatsoever, the
Company, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with
any claim relating to an indemnifiable event under this Agreement, in such
proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving
cause to such Proceeding; and/or (ii) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with
such event(s) and/or transaction(s); provided, however, that such contribution
shall not be required where such determination by a court of competent
jurisdiction is due to (i) the failure of Indemnitee to meet the standard of
conduct set forth in Section 1(a) of this
Agreement, or (ii) any limitation on indemnification set forth in Section 6 or Section 7 of this
Agreement.

     

    
      
         

      

      
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    3.           Advancement of
Expenses.  Notwithstanding any other provision of this
Agreement, the Company shall advance all Expenses incurred by or on behalf of
Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate
Status within thirty (30) days after the receipt by the Company of a statement
or statements from Indemnitee requesting such advance or advances from time to
time, whether prior to or after final disposition of such
Proceeding.  Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee and shall include or be preceded or
accompanied by a written undertaking by or on behalf of Indemnitee to repay any
Expenses advanced if it shall ultimately be determined that Indemnitee is not
entitled to be indemnified against such Expenses.  Any advances and
undertakings to repay pursuant to this Section 3 shall be
unsecured and interest free.

     

    4.           Procedures and Presumptions
for Determination of Entitlement to Indemnification.  It is the
intent of this Agreement to secure for Indemnitee rights of indemnity that are
as favorable as may be permitted under the DGCL and public policy of the State
of Delaware.  Accordingly, the parties agree that the following
procedures and presumptions shall apply in the event of any question as to
whether Indemnitee is entitled to indemnification under this
Agreement:

     

    (a)           To
obtain indemnification under this Agreement, Indemnitee shall submit to the
Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to
indemnification.  The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board in writing that
Indemnitee has requested indemnification.  Notwithstanding the
foregoing, any failure of Indemnitee to provide such a request to the Company,
or to provide such a request in a timely fashion, shall not relieve the Company
of any liability that it may have to Indemnitee unless, and to the extent that,
such failure actually and materially prejudices the interests of the
Company.

     

    (b)           Upon
written request by Indemnitee for indemnification pursuant to the first sentence
of Section 4(a)
hereof, a determination with respect to Indemnitee’s entitlement thereto shall
be made in the specific case by one of the following four methods, which shall
be at the election of the Board:  (1) by a majority vote of the
Disinterested Directors, even though less than a quorum, (2) by a committee of
Disinterested Directors designated by a majority vote of the Disinterested
Directors, even though less than a quorum, (3) if there are no Disinterested
Directors or if the Disinterested Directors so direct, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to the
Indemnitee, or (4) if so directed by the Board, by the stockholders of the
Company.

     

    
      
         

      

      
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    (c)           If
the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 4(b) hereof,
the Independent Counsel shall be selected as provided in this Section
4(c).  The Independent Counsel shall be selected by the
Board.  Indemnitee may, within 10 days after such written notice of
selection shall have been given, deliver to the Company a written objection to
such selection; provided, however, that such objection may be asserted only on
the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section 11 of this
Agreement, and the objection shall set forth with particularity the factual
basis of such assertion.  Absent a proper and timely objection, the
person so selected shall act as Independent Counsel.  If a written
objection is made and substantiated, the Independent Counsel selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a
court has determined that such objection is without merit.  If, within
20 days after submission by Indemnitee of a written request for indemnification
pursuant to Section
4(a) hereof, the Board does not select a method other than a
determination by Independent Counsel and no Independent Counsel shall have been
selected and not objected to, either the Company or Indemnitee may petition the
Court of Chancery of the State of Delaware for resolution of any objection which
shall have been made by the Indemnitee to the Company’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected
by the court or by such other person as the court shall designate, and the
person with respect to whom all objections are so resolved or the person so
appointed shall act as Independent Counsel under Section 4(b)
hereof.  The Company shall pay any and all reasonable fees and
expenses of Independent Counsel incurred by such Independent Counsel in
connection with acting pursuant to Section 4(b) hereof,
and the Company shall pay all reasonable fees and expenses incident to the
procedures of this Section 4(c),
regardless of the manner in which such Independent Counsel was selected or
appointed.

     

    (d)           If
the person, persons or entity empowered or selected under Section 4 to
determine whether Indemnitee is entitled to indemnification shall not have made
a determination within sixty (60) days after receipt by the Company of the
request therefor, the requisite determination of entitlement to indemnification
shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification absent (i) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under applicable law; provided,
however, that such 60-day period may be extended for a reasonable time, not to
exceed an additional thirty (30) days, if the person, persons or entity making
such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or
information relating thereto; and provided, further, that the foregoing
provisions of this Section 4(d) shall
not apply if the determination of entitlement to indemnification is to be made
by the stockholders pursuant to Section 4(b) of this
Agreement and if (A) within fifteen (15) days after receipt by the Company of
the request for such determination, the Board or the Disinterested Directors, if
appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75)
days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within fifteen (15) days after such receipt
for the purpose of making such determination, such meeting is held for such
purpose within sixty (60) days after having been so called and such
determination is made thereat.

     

    (e)           Indemnitee
shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination.  Any Independent Counsel, member of
the Board or stockholder of the Company shall act reasonably and in good faith
in making a determination regarding the Indemnitee’s entitlement to
indemnification under this Agreement.  Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so
cooperating with the person, persons or entity making such determination shall
be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to
hold Indemnitee harmless therefrom.

     

    
      
         

      

      
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    (f)           In
the event that any Proceeding to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such Proceeding with or without payment of money or
other consideration) it shall be presumed that Indemnitee has been successful on
the merits or otherwise in such Proceeding.  Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence.

     

    (g)           The
termination of any Proceeding or of any claim, issue or matter therein, by
judgment, order, settlement or conviction, or upon a plea of nolo contendere or
its equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of Indemnitee to indemnification
or create a presumption that Indemnitee did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was
unlawful.

     

    5.           Remedies of
Indemnitee.

     

    (a)           In
the event that (i) a determination is made pursuant to Section 4 of this
Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3 of this
Agreement, (iii) no determination of entitlement to indemnification is made
pursuant to Section
4(b) of this Agreement within 90 days after receipt by the Company of the
request for indemnification, (iv) payment of indemnification is not made
pursuant to this Agreement within ten (10) days after receipt by the Company of
a written request therefor or (v) payment of indemnification is not made within
ten (10) days after a determination has been made that Indemnitee is entitled to
indemnification or such determination is deemed to have been made pursuant to
Section 4 of
this Agreement, Indemnitee shall be entitled to an adjudication in an
appropriate court of the State of Delaware of Indemnitee’s entitlement to such
indemnification.  Indemnitee shall commence such proceeding seeking an
adjudication within 180 days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section
5(a).  The Company shall not oppose Indemnitee’s right to seek
any such adjudication.

     

    (b)           In
the event that a determination shall have been made pursuant to Section 4(b) of this
Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this Section 5 shall be
conducted in all respects as a de novo trial on the merits, and Indemnitee shall
not be prejudiced by reason of the adverse determination under Section
4(b).

     

    (c)           If
a determination shall have been made pursuant to Section 4(b) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be
bound by such determination in any judicial proceeding commenced pursuant to
this Section 5
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a
material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the application for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

     

    
      
         

      

      
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    (d)           In
the event that Indemnitee, pursuant to this Section 5, seeks a
judicial adjudication of his rights under, or to recover damages for breach of,
this Agreement, or to recover under any directors’ and officers’ liability
insurance policies maintained by the Company, the Company shall pay on his
behalf, in advance, any and all Expenses actually and reasonably incurred by him
in such judicial adjudication provided that the Company receives a written
undertaking by or on behalf of Indemnitee to repay any Expenses so advanced if
it shall ultimately be determined that Indemnitee is not entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may
be.

     

    (e)           The
Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 5 that the
procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court that the Company is bound by
all the provisions of this Agreement.  The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall
(within ten (10) days after receipt by the Company of a written request
therefor) advance, to the extent not prohibited by law, such expenses to
Indemnitee, which are incurred by Indemnitee in connection with any action
brought by Indemnitee for indemnification or advance of Expenses from the
Company under this Agreement or under any directors’ and officers’ liability
insurance policies maintained by the Company provided that the Company receives
a written undertaking by or on behalf of Indemnitee to repay any Expenses so
advanced if it shall ultimately be determined that Indemnitee is not entitled to
such indemnification, advancement of Expenses or insurance recovery, as the case
may be.

     

    (f)           Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement
to indemnification under this Agreement shall be required to be made prior to
the final disposition of the Proceeding.

     

    6.           Non-Exclusivity; Survival of
Rights; Insurance; Primacy of Indemnification; Subrogation.

     

    (a)           The
rights of indemnification as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled
under applicable law, the Charter, the Bylaws, any agreement, a vote of
stockholders, a resolution of directors of the Company or
otherwise.  No amendment, alteration or repeal of this Agreement or of
any provision hereof shall limit or restrict any right of Indemnitee under this
Agreement in respect of any action taken or omitted by such Indemnitee in his
Corporate Status prior to such amendment, alteration or repeal.  To
the extent that a change in the DGCL, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the
Charter, the Bylaws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such change.  No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall
be cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or
remedy.

     

    
      
         

      

      
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    (b)           To
the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, managers, employees, agents or
fiduciaries of the Company or of any other corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, Indemnitee
shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any director, officer,
manager, employee, agent or fiduciary under such policy or
policies.  If, at the time of the receipt of a notice of a claim
pursuant to the terms hereof, the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of the commencement of
such proceeding to the insurers in accordance with the procedures set forth in
the respective policies.  The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

     

    (c)           In
the event of any payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee,
who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable
the Company to bring suit to enforce such rights.

     

    (d)           The
Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has
otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise.

     

    (e)           The
Company's obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer,
manager, employee or agent of any other corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other
enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of expenses from such other corporation,
partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise.

     

    7.           Exception to Right of
Indemnification.  Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any
indemnity in connection with any claim made against Indemnitee:

     

    (a)           for
which payment has actually been made to or on behalf of Indemnitee under any
insurance policy or other indemnity provision, except with respect to any excess
beyond the amount paid under any insurance policy or other indemnity provision;
or

     

    (b)           for
an accounting of profits made from the purchase and sale (or sale and purchase)
by Indemnitee of securities of the Company within the meaning of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or similar provisions of
state statutory law or common law; or

     

    (c)           in
connection with any Proceeding (or any part of any Proceeding) initiated by
Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
by Indemnitee against the Company or its directors, officers, employees or other
indemnitees, unless (i) the Board authorized the Proceeding (or any part of any
Proceeding) prior to its initiation or (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law.

     

    
      
         

      

      
        - 8
-

        
          

        

      

      
         

      

    

     

    8.           Duration of
Agreement.  All agreements and obligations of the Company
contained herein shall continue during the period Indemnitee is a director or
officer of the Company (or is or was serving at the request of the Company as a
director, officer, manager, employee or agent of another corporation,
partnership, joint venture, limited liability company, trust or other
enterprise) and shall continue thereafter so long as Indemnitee shall be subject
to any Proceeding (or any proceeding commenced under Section 5 hereof) by
reason of his Corporate Status, whether or not he is acting or serving in any
such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement.  This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business or assets of the Company), assigns, spouses,
heirs, executors and personal and legal representatives.

     

    9.           Security.  To
the extent requested by Indemnitee and approved by the Board, the Company may at
any time and from time to time provide security to Indemnitee for the Company’s
obligations hereunder through an irrevocable bank line of credit, funded trust
or other collateral.  Any such security, once provided to Indemnitee,
may not be revoked or released without the prior written consent of the
Indemnitee.

     

    10.           Enforcement.

     

    (a)           The
Company expressly confirms and agrees that it has entered into this Agreement
and assumes the obligations imposed on it hereby in order to induce Indemnitee
to serve as a director or officer of the Company, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as a director or
officer of the Company.

     

    (b)           This
Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with
respect to the subject matter hereof.

     

    11.           Definitions.  For
purposes of this Agreement:

     

    (a)           “Corporate Status” describes
the status of a person who is or was a director, officer, manager, employee,
agent or fiduciary of the Company or of any other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other
Enterprise that such person is or was serving at the express written request of
the Company.

     

    (b)           “Disinterested Director” means
a director of the Company who is not and was not a party to the Proceeding in
respect of which indemnification is sought by Indemnitee.

     

    (c)           “Enterprise” shall mean the
Company and any other corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that Indemnitee is or
was serving at the express written request of the Company as a director,
officer, manager, employee, agent or fiduciary.

     

    
      
         

      

      
        - 9
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    (d)           “Expenses” shall include all
reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees and all other
disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or
responding to, or objecting to, a request to provide discovery in any
Proceeding.  Expenses also shall include Expenses incurred in
connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost bond,
supersede as bond, or other appeal bond or its equivalent.  Expenses,
however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

     

    (e)           “Independent Counsel” means a
law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been,
retained to represent:  (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning
Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder.  Notwithstanding the
foregoing, the term Independent Counsel shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement.  The
Company agrees to pay the reasonable fees of the Independent Counsel referred to
above and to fully indemnify such counsel against any and all Expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

     

    (f)           “Proceeding” includes any
threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether brought by or in the
right of the Company or otherwise and whether civil, criminal, administrative or
investigative, in which Indemnitee was, is or will be involved as a party or
otherwise, by reason of the fact that Indemnitee is or was a director or officer
of the Company, by reason of any action taken by him or of any inaction on his
part while acting as a director or officer of the Company, or by reason of the
fact that he is or was serving at the request of the Company as a director,
officer, manager, employee, agent or fiduciary of another corporation,
partnership, limited liability company, joint venture, trust, employee benefit
plan or other Enterprise; in each case whether or not he is acting or serving in
any such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement, including one pending on
or before the date of this Agreement, but excluding one initiated by an
Indemnitee pursuant to Section 5 of this
Agreement to enforce his rights under this Agreement.

     

    12.           Severability.  The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision.  Without
limiting the generality of the foregoing, this Agreement is intended to confer
upon Indemnitee indemnification rights to the fullest extent permitted by
applicable laws.  In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the
aforementioned intent, to the extent necessary to resolve such
conflict.

     

    
      
         

      

      
        - 10
-

        
          

        

      

      
         

      

    

     

    13.           Modification and
Waiver.  No supplement, modification, termination or amendment
of this Agreement shall be binding unless executed in writing by both of the
parties hereto.  No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing
waiver.

     

    14.           Notice By
Indemnitee.  Indemnitee agrees promptly to notify the Company
in writing upon being served with or otherwise receiving any summons, citation,
subpoena, complaint, indictment, information or other document relating to any
Proceeding or matter which may be subject to indemnification covered
hereunder.  The failure to so notify the Company shall not relieve the
Company of any obligation which it may have to Indemnitee under this Agreement
or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

     

    15.           Notices.  All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given:  (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the
recipient, (c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt.  All communications
shall be sent:

     

    (a)           To
Indemnitee at the address set forth below Indemnitee signature
hereto.

     

    
      	
               
      

            	
              (b)

            	
              To
      the Company at:

            

    

     

    
      	
               
      

            	
              CorMedix
      Inc.

            

    

    
      	
               
      

            	
              86
      Summit Avenue, Suite 301

            

    

    
      	
               
      

            	
              Summit,
      NJ 07901-3647

            

    

    
      	
               
      

            	
              Attention:  Chief
      Executive Officer

            

    

     

    or to
such other address as may have been furnished to Indemnitee by the Company or to
the Company by Indemnitee, as the case may be.

     

    16.           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
Agreement.  This Agreement may also be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

     

    17.           Headings.  The
headings of the paragraphs of this Agreement are inserted for convenience only
and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     

    
      
         

      

      
        - 11
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      18.           Governing Law and Consent to
Jurisdiction.  This Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware,
without regard to its conflict of laws rules. The Company and Indemnitee hereby
irrevocably and unconditionally (i) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the
Chancery Court of the State of Delaware (the “Delaware Court”), and not in
any other state or federal court in the United States of America or any court in
any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or proceeding arising out of or in
connection with this Agreement, (iii) waive any objection to the laying of venue
of any such action or proceeding in the Delaware Court, and (iv) waive, and
agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court has been brought in an improper or inconvenient
forum.

    

     

    SIGNATURE
PAGE TO FOLLOW

    
      
         

      

      
        - 12
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    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of
the day and year first above written.

     

    
      
        
          
            
              	 
      	
                      CORMEDIX
      INC.

                    
	 
      	 
      
	 
      	
                      By:

                    	
                          

                    
	 
      	 
      	
                      Name:

                    	
                       

                    
	 
      	 
      	
                      Title:

                    	
                       

                    
	 
      	 
      
	 
      	 
      
	 
      	
                      INDEMNITEE

                    
	 
      	 
      
	 
      	
                      By:

                    	
                        

                    
	 
      	 
      	
                      Name:

                    	
                         

                    
	 
      	 
      	 
      
	 
      	
                      Address:exhibit10_15.htm

    
      
        

        

      
Exhibit 10.15

       

      THE
EXECUTIVE NONQUALIFIED EXCESS PLAN

       

      Section 1. Purpose:

       

      By
execution of the Adoption Agreement, the Employer has adopted the Plan set forth
herein, and in the Adoption Agreement, to provide a means by which certain
management Employees or Independent Contractors of the Employer may elect to
defer receipt of current Compensation from the Employer in order to provide
retirement and other benefits on behalf of such Employees or Independent
Contractors of the Employer, as selected in the Adoption Agreement. The Plan is
intended to be a nonqualified deferred compensation plan that complies with the
provisions of Section 409A of the Internal Revenue Code (the "Code"). The Plan
is also intended to be an unfunded plan maintained primarily for the purpose of
providing deferred compensation benefits for a select group of management or
highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(l) of
the Employee Retirement Income Security Act of 1974 (“ERISA”) and independent
contractors. Notwithstanding any other provision of this Plan,
this Plan shall be interpreted, operated and administered in a manner consistent
with these intentions.

       

      Section 2. Definitions:

       

      As used
in the Plan, including this Section 2, references to one gender shall include
the other, unless otherwise indicated by the context:

       

      2.1     
"Active Participant"
means, with respect to any day or date, a

       

      Participant
who is in Service on such day or date; provided, that a Participant shall cease
to be an Active Participant (i) immediately upon a determination by the
Committee that the Participant has ceased to be an Employee or Independent
Contractor, or (ii) at the end of the
Plan Year that the Committee determines the Participant no longer meets the
eligibility requirements of the Plan.

       

      2.2      "Adoption Agreement" means the
written agreement pursuant to which the Employer adopts the Plan. The Adoption
Agreement is a part of the Plan as applied to the Employer.

       

      2.3     
"Beneficiary"
means the person, persons, entity or entities designated or determined
pursuant to the provisions of Section 13 of the Plan.

       

      2.4    
 "Board"
means the Board of Directors of the Company, if the Company is a
corporation. If the Company is not a corporation, "Board" shall mean the
Company.

       

      2.5     
"Change in Control Event" means
an event described in Section 409A(a)(2)(A)(v) of the Code (or any successor
provision thereto) and the regulations thereunder.

       

      2.6     
"Committee" means
the persons or entity designated in the Adoption Agreement to administer the
Plan. If the Committee designated in the Adoption Agreement is unable to serve,
the Employer shall satisfy the duties of the Committee provided for in Section
9.

       

      2.7     
"Company" means
the company designated in the Adoption Agreement as such.

       

      2.8    
 "Compensation"
shall have the meaning designated in the Adoption Agreement.

       

      2.9     
"Crediting Date"
means the date designated in the Adoption Agreement for crediting the
amount of any Participant Deferral Credits or Employer Credits to the Deferred
Compensation Account of a Participant.

      

      2.10    "Deferred Compensation Account"
means the account maintained with respect to each Participant under the
Plan. The Deferred Compensation Account shall be credited with Participant
Deferral Credits and Employer Credits, credited or debited for deemed investment
gains or losses, and adjusted for payments in accordance with the rules and
elections in effect under Section 8. The Deferred Compensation Account of a
Participant shall include any In-Service or Education Account of the
Participant, if applicable.

       

      2.11    "Disabled" means Disabled
within the meaning of Section 409A of the Code and the regulations thereunder.
Generally, this means that the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, or is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering Employees of the
Employer.

       

      2.12   
"Education Account”
is an In-Service Account which will be used by the Participant for
educational purposes.

       

      2.13    "Effective Date" shall be the
date designated in the Adoption Agreement.

       

      2.14    "Employee" means an individual
in the Service of the Employer if the relationship between the individual and
the Employer is the legal relationship of employer and employee. An individual
shall cease to be an Employee upon the Employee's separation from
Service.

       

      2.15    "Employer" means the Company,
as identified in the Adoption Agreement, and any Participating Employer which
adopts this Plan. An Employer may be a corporation, a limited liability company,
a partnership or sole proprietorship.

       

      2.16    "Employer Credits" means the
amounts credited to the Participant's Deferred Compensation Account by the
Employer pursuant to the provisions of Section 4.2.

       

      2.17    "Grandfathered Amounts" means,
if applicable, the amounts that were deferred under the Plan and were earned and
vested within the meaning of Section 409A of the Code and regulations thereunder
as of December 31, 2004. Grandfathered Amounts shall be subject to the terms
designated in the Adoption Agreement.

       

      2.18    "Independent Contractor" means
an individual in the Service of the Employer if the relationship between the
individual and the Employer is not the legal relationship of employer and
employee. An individual shall cease to be an Independent Contractor upon the
termination of the Independent Contractor's Service. An Independent Contractor
shall include a director of the Employer who is not an Employee.

       

      2.19    "In-Service Account" means a
separate account to be kept for each Participant that has elected to take
in-service distributions as described in Section 5.4. The In-Service Account
shall be adjusted in the same manner and at the same time as the Deferred
Compensation Account under Section 8 and in accordance with the rules and
elections in effect under Section 8.

       

      2.20    "Normal Retirement Age" of a
Participant means the age designated in the Adoption Agreement.

       

      2.21    "Participant" means with
respect to any Plan Year an Employee or Independent Contractor who has been
designated by the Committee as a Participant and who has entered the Plan or who
has a Deferred Compensation Account under the Plan; provided that if the
Participant is an Employee, the individual must be a highly compensated or
management employee of the Employer within the meaning of Sections 201(2),
301(a)(3) and 401(a)(1) of ERISA.

       

      2.22    "Participant Deferral Credits"
means the amounts credited to the Participant's Deferred Compensation
Account by the Employer pursuant to the provisions of
Section 4.1.

       

      2.23   "Participating Employer" means
any trade or business (whether or not incorporated) which adopts this Plan with
the consent of the Company identified in the Adoption Agreement.

       

      2.24   "Participation Agreement"
means a written agreement entered into between a Participant and the
Employer pursuant to the provisions of Section 4.1

       

      2.25   "Performance-Based Compensation"
means compensation where the amount of, or entitlement to, the
compensation is contingent on the satisfaction of preestablished organizational
or individual performance criteria relating to a performance period of at least
twelve months. Organizational or individual performance criteria are considered
preestablished if established in writing within 90 days after the commencement
of the period of service to which the criteria relates, provided that the
outcome is substantially uncertain at the time the criteria are established.
Performance-based compensation may include payments based upon subjective
performance criteria as provided in regulations and administrative guidance
promulgated under Section 409A of the Code.

       

      2.26   "Plan" means The Executive
Nonqualified Excess Plan, as herein set out and as set out in the Adoption
Agreement, or as duly amended. The name of the Plan as applied to the Employer
shall be designated in the Adoption Agreement.

       

      2.27   "Plan-Approved Domestic Relations
Order" shall mean a judgment, decree, or order (including the approval of
a settlement agreement) which is:

       

      2.27.1
 Issued pursuant to a State's domestic relations law;

       

      2.27.2
 Relates to the provision of child support, alimony payments or marital
property rights to a Spouse, former Spouse, child or other dependent of the
Participant;

       

      2.27.3
 Creates or recognizes the right of a Spouse, former Spouse, child or other
dependent of the Participant to receive all or a portion of the Participant's
benefits under the Plan;

       

      2.27.4
 Requires payment to such person of their interest in the Participant's
benefits in a lump sum payment at a specific time; and

       

      2.27.5
 Meets such other requirements established by the Committee.

       

      2.28   "Plan Year" means the
twelve-month period ending on the last day of the month designated in the
Adoption Agreement; provided that the initial Plan Year may have fewer than
twelve months.

       

      2.29   "Qualifying Distribution Event"
means (i) the Separation from Service of the Participant, (ii) the date
the Participant becomes Disabled, (iii) the death of the Participant, (iv) the
time specified by the Participant for an In-Service or Education Distribution,
(v) a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the
extent provided in Section 5.

      2.30   "Seniority Date" shall have
the meaning designated in the Adoption Agreement.

       

      2.31   "Separation from Service" or
"Separates from Service"
means a "separation from service" within the meaning of Section 409A of
the Code.

       

      2.32   "Service" means employment by
the Employer as an Employee. For purposes of the Plan, the employment
relationship is treated as continuing intact while the Employee is on military
leave, sick leave, or other bona fide leave of absence if the period of such
leave does not exceed six months, or if longer, so long as the Employee's right
to reemployment is provided either by statute or contract. If the Participant is
an Independent Contractor, "Service" shall mean the period during which the
contractual relationship exists between the Employer and the Participant. The
contractual relationship is not terminated if the Participant anticipates a
renewal of the contract or becomes an Employee.

       

      2.33   "Service Bonus" means any
bonus paid to a Participant by the Employer which is not Performance-Based
Compensation.

       

      2.34   "Specified Employee" means an
employee who meets the requirements for key employee treatment under Section
416(i)(l)(A)(i), (ii) or (iii) of the Code (applied in accordance with the
regulations thereunder and without regard to Section 416(i)(5) of the Code) at
any time during the twelve month period ending on December 31 of each year (the
"identification date"). Unless binding corporate action is taken to establish
different rules for determining Specified Employees for all plans of the Company
and its controlled group members that are subject to Section 409A of the Code,
the foregoing rules and the other default rules under the regulations of Section
409A of the Code shall apply. If the person is a key employee as of any
identification date, the person is treated as a Specified Employee for the
twelve-month period beginning on the first day of the fourth month following the
identification date.

       

      2.35   "Spouse" or ''Surviving Spouse" means,
except as otherwise provided in the Plan, a person who is the legally married
spouse or surviving spouse of a Participant.

       

      2.36   "Unforeseeable Emergency"
means an "unforeseeable emergency" within the meaning of Section 409A of
the Code.

       

      2.37   "Years of Service" means each
Plan Year of Service completed by the Participant. For vesting purposes, Years
of Service shall be calculated from the date designated in the Adoption
Agreement and Service shall be based on service with the Company and all
Participating Employers.

       

      Section 3. Participation:

       

      The
Committee in its discretion shall designate each Employee or Independent
Contractor who is eligible to participate in the Plan. A Participant who
separates from Service with the Employer and who later returns to Service will
not be an Active Participant under the Plan except upon satisfaction of such
terms and conditions as the Committee shall establish upon the Participant's
return to Service, whether or not the Participant shall have a balance remaining
in the Deferred Compensation Account under the Plan on the date of the return to
Service.

       

      Section 4. Credits to Deferred
Compensation Account:

       

            
4.1       Participant Deferral Credits. To the extent provided in the Adoption
Agreement, each Active Participant may elect, by entering into a Participation
Agreement with the Employer, to defer the receipt of Compensation from the
Employer by a dollar amount or percentage specified in the Participation
Agreement. The amount of Compensation the Participant elects to defer, the
Participant Deferral Credit, shall be credited by the Employer to the Deferred
Compensation Account maintained for the Participant pursuant to Section 8.
The following special provisions shall apply with respect to the Participant
Deferral Credits of a Participant.

       

      4.1.1    The
Employer shall credit to the Participant's Deferred Compensation Account on each
Crediting Date an amount equal to the total Participant Deferral Credit for the
period ending on such Crediting Date.

       

            
4.1.2  An election
pursuant to this Section 4.1 shall be made by the Participant by executing and
delivering a Participation Agreement to the Committee. Except as otherwise
provided in this Section 4.1, the Participation Agreement shall become effective
with respect to such Participant as of the first day of January following the
date such Participation Agreement is received by the Committee. A Participant's
election may be changed at any time prior to the last permissible date for
making the election as permitted in this Section 4.1, and shall thereafter be
irrevocable. The election of a Participant shall continue in effect for
subsequent years until modified by the Participant as permitted in this
Section 4.1.

       

      4.1.3    A
Participant may execute and deliver a Participation Agreement to the Committee
within 30 days after the date the Participant first becomes eligible to
participate in the Plan to be effective as of the first payroll period next
following the date the Participation Agreement is fully executed by the
Participant. Whether a Participant is treated as newly eligible for
participation under this Section shall be determined in accordance with Section
409A of the Code and the regulations thereunder, including (i) rules that treat
all elective deferral account balance plans as one plan, and (ii) rules that
treat a previously eligible employee as newly eligible if his benefits had been
previously distributed or if he has been ineligible for 24 months. For
Compensation that is earned based upon a specified performance period (for
example, an annual bonus), where a deferral election is made under this Section
but after the beginning of the performance period, the election will only apply
to the portion of the Compensation equal to the total amount of the Compensation
for the service period multiplied by the ratio of the number of days remaining
in the performance period after the election over the total number of days in
the performance period.

       

      4.1.4    A
Participant may unilaterally modify a Participation Agreement (either to
terminate, increase or decrease the portion of his future Compensation which is
subject to deferral within the percentage limits set forth in Section 4.1 of the
Adoption Agreement) by providing a written modification of the Participation
Agreement to the Committee. The modification shall become effective as of the
first day of January following the date such written modification is received by
the Committee.

      

      4.1.5    If
the Participant performed services continuously from the later of the beginning
of the performance period or the date upon which the performance criteria are
established through the date upon which the Participant makes an initial
deferral election, a Participation Agreement relating to the deferral of
Performance-Based Compensation may be executed and delivered to the Committee no
later than the date which is 6 months prior to the end of the performance
period, provided that in no event may an election to defer Performance-Based
Compensation be made after such Compensation has become readily
ascertainable.

       

      4.1.6    If
the Employer has a fiscal year other than the calendar year, Compensation
relating to Service in the fiscal year of the Employer (such as a bonus based on
the fiscal year of the Employer), of which no amount is paid or payable during
the fiscal year, may be deferred at the Participant's election if the election
to defer is made not later than the close of the Employer's fiscal year next
preceding the first fiscal year in which the Participant performs any services
for which such Compensation is payable.

       

      4.1.7    Compensation
payable after the last day of the Participant's taxable year solely for services
provided during the final payroll period containing the last day of the
Participant's taxable year (i.e., December 31) is treated for purposes of this
Section 4.1 as Compensation for services performed in the subsequent taxable
year.

       

      4.1.8    The
Committee may from time to time establish policies or rules consistent with the
requirements of Section 409A of the Code to govern the manner in which
Participant Deferral Credits may be made.

       

      4.1.9    If
a Participant becomes Disabled, or applies for and is eligible for a
distribution on account of an Unforeseeable Emergency during a Plan Year or as
required due to a hardship distribution under Section 1.401(k)-1(d)(3) of the
Code, his deferral election for such Plan Year shall be cancelled.

       

      4.2    
Employer Credits. 
If designated by the Employer in the Adoption Agreement, the Employer
shall cause the Committee to credit to the Deferred Compensation Account of each
Active Participant an Employer Credit as determined in accordance with the
Adoption Agreement. A Participant must make distribution elections with respect
to any Employer Credits credited to his Deferred Compensation Account by the
deadline that would apply under Section 4.1 for distribution elections with
respect to Participant Deferral Credits credited at the same time, on a
Participation Agreement that is timely executed and delivered to the Committee
pursuant to Section 4.1.

       

      4.3    
Deferred Compensation
Account. All Participant Deferral Credits and Employer Credits shall be
credited to the Deferred Compensation Account of the Participant as provided in
Section 8.

       

      Section 5. Qualifying Distribution
Events:

       

      5.1    
Separation from Service.
If the Participant Separates from Service with the Employer, the vested
balance in the Deferred Compensation Account shall be paid to the Participant by
the Employer as provided in Section 7. Notwithstanding the foregoing, no
distribution shall be made earlier than six months after the date of Separation
from Service (or, if earlier, the date of death) with respect to a Participant
who as of the date of Separation from Service is a Specified Employee of a
corporation the stock in which is traded on an established securities market or
otherwise. Any payments to which such Specified Employee would be entitled
during the first six months following the date of Separation from Service shall
be accumulated and paid on the first day of the seventh month following the date
of Separation from Service.

       

      5.2    
Disability. If
the Employer designates in the Adoption Agreement that distributions are
permitted under the Plan when a Participant becomes Disabled, and the
Participant becomes Disabled while in Service, the vested balance in the
Deferred Compensation Account shall be paid to the Participant by the Employer
as provided in Section 7.

       

      5.3    
Death. If the
Participant dies while in Service, the Employer shall pay a benefit to the
Participant's Beneficiary in the amount designated in the Adoption Agreement.
Payment of such benefit shall be made by the Employer as provided in Section
7.

       

      5.4    
In-Service or Education
Distributions. If the Employer designates in the Adoption Agreement that
in-service or education distributions are permitted under the Plan, a
Participant may designate in the Participation Agreement to have a specified
amount credited to the Participant's In-Service or Education Account for
in-service or education distributions at the date specified by the Participant.
In no event may an in-service or education distribution of an amount be made
before the date that is two years after the first day of the year in which such
amount was credited to the In-Service or Education Account. Notwithstanding the
foregoing, if a Participant incurs a Qualifying Distribution Event prior to the
date on which the entire balance in the In-Service or Education Account has been
distributed, then the balance in the In-Service or Education Account on the date
of the Qualifying Distribution Event shall be paid as provided under Section 7.1
for payments on such Qualifying Distribution Event.

       

      5.5    
Change in Control Event.
If the Employer designates in the Adoption Agreement that distributions
are permitted under the Plan upon the occurrence of a Change in Control Event,
the Participant may designate in the Participation Agreement to have the vested
balance in the Deferred Compensation Account paid to the Participant upon a
Change in Control Event by the Employer as provided in Section 7.

       

      5.6    
Unforeseeable Emergency.
If the Employer designates in the Adoption Agreement that distributions
are permitted under the Plan upon the occurrence of an Unforeseeable Emergency
event, a distribution from the Deferred Compensation Account may be made to a
Participant in the event of an Unforeseeable Emergency, subject to the following
provisions:

       

      5.6.1    A
Participant may, at any time prior to his Separation from Service for any
reason, make application to the Committee to receive a distribution in a lump
sum of all or a portion of the vested balance in the Deferred Compensation
Account (determined as of the date the distribution, if any, is made under this
Section 5.6) because of an Unforeseeable Emergency. A distribution because of an
Unforeseeable Emergency shall not exceed the amount required to satisfy the
Unforeseeable Emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of such distribution, after taking into account the
extent to which the Unforeseeable Emergency may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant's assets (to the extent the liquidation of such assets would not
itself cause severe financial hardship) or by stopping current deferrals under
the Plan pursuant to Section 4.1.9.

       

      5.6.2    The
Participant's request for a distribution on account of Unforeseeable Emergency
must be made in writing to the Committee. The request must specify the nature of
the financial hardship, the total amount requested to be distributed from the
Deferred Compensation Account, and the total amount of the actual expense
incurred or to be incurred on account of the Unforeseeable
Emergency.

       

      5.6.3    If
a distribution under this Section 5.6 is approved by the Committee, such
distribution will be made as soon as practicable following the date it is
approved. The processing of the request shall be completed as soon as
practicable from the date on which the Committee receives the properly completed
written request for a distribution on account of an Unforeseeable Emergency. If
a Participant's Separation from Service occurs after a request is approved in
accordance with this Section 5.6.3, but prior to distribution of the full amount
approved, the approval of the request shall be automatically null and void and
the benefits which the Participant is entitled to receive under the Plan shall
be distributed in accordance with the applicable distribution provisions of the
Plan.

       

      5.6.4    The
Committee may from time to time adopt additional policies or rules consistent
with the requirements of Section 409A of the Code to govern the manner in which
such distributions may be made so that the Plan may be conveniently
administered.

       

      Section 6. Vesting:

       

      6.1       A
Participant shall be fully vested in the portion of his Deferred Compensation
Account attributable to Participant Deferral Credits, and all income, gains and
losses attributable thereto. A Participant shall become fully vested in the
portion of his Deferred Compensation Account attributable to Employer Credits,
and income, gains and losses attributable thereto, in accordance with the
vesting schedule and provisions designated by the Employer in the Adoption
Agreement. If a Participant's Deferred Compensation Account is not fully vested
upon Separation from Service, the portion of the Deferred Compensation Account
that is not fully vested shall thereupon be forfeited.

       

      Section 7. Distribution
Rules:

         

          7.1  Payment Options. The
Employer shall designate in the Adoption Agreement the payment options which may
be elected by the Participant (lump sum, annual installments, or a combination
of both). Different payment options may be made available for each Qualifying
Distribution Event, and different payment options may be available for different
types of Separations from Service, all as designated in the Adoption Agreement.
The Participant shall elect in the Participation Agreement the method under
which the vested balance in the Deferred Compensation Account will be
distributed from among the designated payment options. The Participant may at
such time elect a different method of payment for each Qualifying Distribution
Event as specified in the Adoption Agreement. If the Participant is permitted by
the Employer in the Adoption Agreement to elect different payment options and
does not make a valid election, the vested balance in the Deferred Compensation
Account will be distributed as a lump sum.  

       

                 
Notwithstanding the foregoing, if certain Qualifying Distribution Events occur
prior to the date on which the vested balance of a Participant's Deferred
Compensation Account is completely paid pursuant to this Section 7.1 following
the occurrence of certain initial Qualifying Distribution Events, the following
rules apply:

       

      7.1.1  
If the initial Qualifying Distribution Event is a Separation from Service or
Disability, and the Participant subsequently dies, the remaining unpaid vested
balance of a Participant's Deferred Compensation Account shall be paid as a lump
sum.

       

      7.1.2   
If the initial Qualifying Distribution Event is a Change in Control Event, and
any subsequent Qualifying Distribution Event occurs (except an In-Service or
Education Distribution described in Section 2.29(iv)), the remaining unpaid
vested balance of a Participant's Deferred Compensation Account shall be paid as
provided under Section 7.1 for payments on such subsequent Qualifying
Distribution Event.

       

             
7.2      Timing of
Payments. Payment shall be made in the manner elected by the Participant
and shall commence as soon as practicable after (but no later than 60 days
after) the distribution date elected for the Qualifying Distribution Event. In
the event the Participant fails to make a valid election of the payment method,
the distribution will be made in a single lump sum payment as soon as
practicable after (but no later than 60 days after) the Qualifying Distribution
Event. A payment may be further delayed to the extent permitted in accordance
with regulations and guidance under Section 409A of the Code.

       

      7.3      Installment Payments. If the
Participant elects to receive installment payments upon a Qualifying
Distribution Event, the payment of each annual installment shall be made on the
anniversary of the date of the first installment payment, and the amount of the
annual installment shall be adjusted on such anniversary for credits or debits
to the Participant's account pursuant to Section 8 of the Plan. Such adjustment
shall be made by dividing the balance in the Deferred Compensation Account on
such date by the number of annual installments remaining to be paid hereunder;
provided that the last annual installment due under the Plan shall be the entire
amount credited to the Participant's account on the date of
payment.

       

             
7.4       De
Minimis Amounts.    Notwithstanding any payment election
made by the Participant, if the Employer designates a pre-determined de minimis
amount in the Adoption Agreement, the vested balance in the Deferred
Compensation Account of the Participant will be distributed in a single lump sum
payment if at the time of a permitted Qualifying Distribution Event the vested
balance does not exceed such pre-determined de minimis amount; provided,
however, that such distribution will be made only where the Qualifying
Distribution Event is a Separation from Service, death, Disability (if
applicable) or Change in Control Event (if applicable). Such payment shall be
made on or before the later of (i) December 31 of the calendar year in which the
Qualifying Distribution Event occurs, or (ii) the date that is 2-1/2 months
after the Qualifying Distribution Event occurs. In addition, the Employer may
distribute a Participant's vested balance at any time if the balance does not
exceed the limit in Section 402(g)(1)(B) of the Code and results in the
termination of the Participant's entire interest in the Plan as provided under
Section 409A of the Code.

       

             
7.5      Subsequent
Elections. With the consent of the Committee, a Participant may delay or
change the method of payment of the Deferred Compensation Account subject to the
following requirements:

       

      7.5.1  
The new election may not take effect until at least 12 months after the date on
which the new election is made.

       

      7.5.2   
If the new election relates to a payment for a Qualifying Distribution Event
other than the death of the Participant, the Participant becoming Disabled, or
an Unforeseeable Emergency, the new election must provide for the deferral of
the payment for a period of at least five years from the date such payment would
otherwise have been made.

       

      7.5.3  
If the new election relates to a payment from the In-Service or Education
Account, the new election must be made at least 12 months prior to the date of
the first scheduled payment from such account.

      

      For
purposes of this Section 7.5 and Section 7.6, a payment is each separately
identified amount to which the Participant is entitled under the Plan; provided,
that entitlement to a series of installment payments is treated as the
entitlement to a single payment.

       

      7.6      Acceleration Prohibited. The
acceleration of the time or schedule of any payment due under the Plan is
prohibited except as expressly provided in regulations and administrative
guidance promulgated under Section 409A of the Code (such as accelerations for
domestic relations orders and employment taxes). It is not an acceleration of
the time or schedule of payment if the Employer waives or accelerates the
vesting requirements applicable to a benefit under the Plan.

       

      Section
8.  Accounts; Deemed Investment; Adjustments to Account:

       

      8.1      Accounts. The Committee shall
establish a book reserve account, entitled the
"Deferred Compensation Account," on behalf of each Participant. The Committee
shall also establish an In-Service or Education Account as a part of the
Deferred Compensation Account of each Participant, if applicable. The amount
credited to the Deferred Compensation Account shall be adjusted pursuant to the
provisions of Section 8.3.

       

             8.2       Deemed Investments. The Deferred Compensation
Account of a Participant shall be credited with an investment return determined
as if the account were invested in one or more investment funds made available
by the Committee. The Participant shall elect the investment funds in which his
Deferred Compensation Account shall be deemed to be invested. Such election
shall be made in the manner prescribed by the Committee and shall take effect
upon the entry of the Participant into the Plan. The investment election of the
Participant shall remain in effect until a new election is made by the
Participant. In the event the Participant fails for any reason to make an
effective election of the investment return to be credited to his account, the
investment return shall be determined by the Committee.

       

             8.3       Adjustments to
Deferred Compensation Account. With respect to each Participant who has a
Deferred Compensation Account under the Plan, the amount credited to such
account shall be adjusted by the following debits and credits, at the times and
in the order stated:

       

      8.3.1   
The Deferred Compensation Account shall be debited each business day with the
total amount of any payments made from such account since the last preceding
business day to him or for his benefit. Unless otherwise specified by the
Employer, each deemed investment fund will be debited pro-rata based on the
value of the investment funds as of the end of the preceding business
day.

       

      8.3.2  
The Deferred Compensation Account shall be credited on each Crediting Date with
the total amount of any Participant Deferral Credits and Employer Credits to
such account since the last preceding Crediting Date.

       

      8.3.3  
The Deferred Compensation Account shall be credited or debited on each day
securities are traded on a national stock exchange with the amount of deemed
investment gain or loss resulting from the performance of the investment funds
elected by the Participant in accordance with Section 8.2. The amount of such
deemed investment gain or loss shall be determined by the Committee and such
determination shall be final and conclusive upon all concerned.

       

      Section 9.  Administration by
Committee:

       

           
9.1      Membership of Committee. If the Committee consists of individuals appointed
by the Board, they will serve at the pleasure of hte Board. Any member of the
Committee may resign, and his successor, if any, shall be appointed by the
Board.

       

      9.2      General Administration. The
Committee shall be responsible for the operation and administration of the Plan
and for carrying out its provisions. The Committee shall have the full authority
and discretion to make, amend, interpret, and enforce all appropriate rules and
regulations for the administration of this Plan and decide or resolve any and
all questions, including interpretations of this Plan, as may arise in
connection with this Plan. Any such action taken by the Committee shall be final
and conclusive on any party. To the extent the Committee has been granted
discretionary authority under the Plan, the Committee’s prior exercise of such
authority shall not obligate it to exercise its authority in a like fashion
thereafter. The Committee shall be entitled to rely conclusively upon all
tables, valuations, certificates, opinions and reports furnished by any actuary,
accountant, controller, counsel or other person employed or engaged by the
Employer with respect to the Plan. The Committee may, from time to time, employ
agents and delegate to such agents, including employees of the Employer, such
administrative or other duties as it sees fit.

       

            
 9.3      Indemnification.
To the extent not covered by insurance, the Employer shall indemnify the
Committee, each employee, officer, director, and agent of the Employer, and all
persons formerly serving in such capacities, against any and all liabilities or
expenses, including all legal fees relating thereto, arising in connection with
the exercise of their duties and responsibilities with respect to the Plan,
provided however that the Employer shall not indemnify any person for
liabilities or expenses due to that person’s own gross negligence or willful
misconduct.

       

      Section 10. Contractual
Liability, Trust:

       

      10.1   Contractual
Liability. Unless otherwise elected in the Adoption Agreement, the
Company shall be obligated to make all payments hereunder. This obligation shall
constitute a contractual liability of the Company to the Participants, and such
payments shall be made from the general funds of the Company. The Company shall
not be required to establish or maintain any special or separate fund, or
otherwise to segregate assets to assure that such payments shall be made, and
the Participants shall not have any interest in any particular assets of the
Company by reason of its obligations hereunder. To the extent that any person
acquires a right to receive payment from the Company, such right shall be no
greater than the right of an unsecured creditor of the Company.

       

      10.2   Trust. The
Employer may establish a trust to assist it in meeting its obligations under the
Plan. Any such trust shall conform to the requirements of a grantor trust under
Revenue Procedures 92-64 and 92-65 and at all times during the continuance of
the trust the principal and income of the trust shall be subject to claims of
general creditors of the Employer under federal and state law. The establishment
of such a trust would not be intended to cause Participants to realize current
income on amounts contributed thereto, and the trust would be so interpreted and
administered.

       

      Section 11. Allocation of
Responsibilities:

       

      The
persons responsible for the Plan and the duties and responsibilities allocated
to each are as follows:

       

      11.1    
Board.

       

      	
              (i)  

            	
              To
      amend the Plan;

            

       

      
        	
                (ii)  

              	
                To
      appoint and remove members of the Committee;
  and

              

      

      
        	
                 

                (iii)  

              	
                 

                To
      terminate the Plan as permitted in Section 14.

              

      

      
      

       

             
11.2 Committee.

      
        	
                (i)  

              	
                To
      designate Participants; 

                 

              

      

      
        	
                (ii)  

              	
                To
      interpret the provisions of the Plan and to determine the rights of the
      Participants under the Plan, except to the extent otherwise provided in
      Section 16 relating to claims
procedure;

              

      

       

      
        	
                (iii)  

              	
                To
      administer the Plan in accordance with its terms, except to the extent
      powers to administer the Plan are specifically delegated to another person
      or persons as provided in the
Plan;

              

      

      
        	
                (iv)  

              	
                To
      account for the amount credited to the Deferred Compensation Account of a
      Participant;

              

      

       

      
        	
                (v)  

              	
                To
      direct the Employer in the payment of
benefits;

              

      

       

      
        	
                (vi)  

              	
                To
      file such reports as may be required with the United States Department of
      Labor, the Internal Revenue Service and any other government agency to
      which reports may be required to be submitted from time to time;
      and

              

      

       

      
        	
                (vii)  

              	
                To
      administer the claims procedure to the extent provided in Section
      16.

              

      

       

               Section 12. Benefits Not Assignable; Facility
of Payments:

       

      12.1   Benefits Not
Assignable. No portion of any benefit credited or paid under the Plan
with respect to any Participant shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any
attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or
charge the same shall be void, nor shall any portion of such benefit be in any
manner payable to any assignee, receiver or any one trustee, or be liable for
his debts, contracts, liabilities, engagements or torts. Notwithstanding the
foregoing, in the event that all or any portion of the benefit of a Participant
is transferred to the former Spouse of the Participant incident to a divorce,
the Committee shall maintain such amount for the benefit of the former Spouse
until distributed in the manner required by an order of any court having
jurisdiction over the divorce, and the former Spouse shall be entitled to the
same rights as the Participant with respect to such benefit.

       

      12.2   Plan-Approved
Domestic Relations Orders. The Committee shall establish procedures for
determining whether an order directed to the Plan is a Plan-Approved Domestic
Relations Order. If the Committee determines that an order is a Plan-Approved
Domestic Relations Order, the Committee shall cause the payment of amounts
pursuant to or segregate a separate account as provided by (and to prevent any
payment or act which might be inconsistent with) the Plan-Approved Domestic
Relations Order.

       

      12.3   Payments to Minors
and Others. If any individual entitled to receive a payment under the
Plan shall be physically, mentally or legally incapable of receiving or
acknowledging receipt of such payment, the Committee, upon the receipt of
satisfactory evidence of his incapacity and satisfactory evidence that another
person or institution is maintaining him and that no guardian or committee has
been appointed for him, may cause any payment otherwise payable to him to be
made to such person or institution so maintaining him. Payment to such person or
institution shall be in full satisfaction of all claims by or through the
Participant to the extent of the amount thereof.

       

      Section 13.
Beneficiary:

       

      The
Participant's beneficiary shall be the person, persons, entity or entities
designated by the Participant on the beneficiary designation form provided by
and filed with the Committee or its designee. If the Participant does not
designate a beneficiary, the beneficiary shall be his Surviving Spouse. If the
Participant does not designate a beneficiary and has no Surviving Spouse, the
beneficiary shall be the Participant's estate. The designation of a beneficiary
may be changed or revoked only by filing a new beneficiary designation form with
the Committee or its designee. If a beneficiary (the "primary beneficiary") is
receiving or is entitled to receive payments under the Plan and dies before
receiving all of the payments due him, the balance to which he is entitled
shall be
paid to the contingent beneficiary, if any, named in the Participant's current
beneficiary designation form. If there is no contingent beneficiary, the balance
shall be paid to
the estate of the primary beneficiary. Any beneficiary may disclaim all or any
part of any benefit to which such beneficiary shall be entitled hereunder by
filing a written disclaimer with the Committee before payment of such benefit is
to be made. Such a disclaimer shall be made in a form satisfactory to the
Committee and shall be irrevocable when filed. Any benefit disclaimed shall be
payable from the Plan in the same manner as if the beneficiary who filed the
disclaimer had predeceased the Participant.

       

      Section 14. Amendment and
Termination of Plan:

       

      The
Company may amend any provision of the Plan or terminate the Plan at any time;
provided, that in no event shall such amendment or termination reduce the
balance in any Participant's Deferred Compensation Account as of the date of
such amendment or termination, nor shall any such amendment affect the terms of
the Plan relating to the payment of such Deferred Compensation Account.
Notwithstanding the foregoing, the following special provisions shall
apply:

       

      14.1  Termination in the
Discretion of the Employer. Except as otherwise provided in Sections
14.2, the Company in its discretion may terminate the Plan and distribute
benefits to Participants subject to the following requirements and any others
specified under Section 409A of the Code:

       

      14.1.1
All arrangements sponsored by the Employer that would be aggregated with the
Plan under Section 1.409A-l(c) of the Treasury Regulations are
terminated.

       

      14.1.2 No
payments other than payments that would be payable under the terms of the Plan
if the termination had not occurred are made within 12 months of the termination
date.

       

      14.1.3
All benefits under the Plan are paid within 24 months of the termination
date.

       

      14.1.4
The Employer does not adopt a new arrangement that would be aggregated with the
Plan under Section 1.409A-1(c) of the Treasury Regulations providing for the
deferral
of compensation at any time within 3 years following the date of termination of
the Plan.

       

      14.1.5
The termination does not occur proximate to a downturn in the financial health
of the Employer.

       

      14.2   Termination Upon
Change in Control Event. If the Company terminates the Plan within thirty
days preceding or twelve months following a Change in Control Event, the
Deferred Compensation Account of each Participant shall become fully vested and
payable to the Participant in a lump sum within twelve months following the date
of termination, subject to the requirements of Section 409A of the
Code.

       

      Section 15. Communication to
Participants:

       

      The
Employer shall make a copy of the Plan available for inspection by Participants
and their beneficiaries during reasonable hours at the principal office of the
Employer.

       

      Section 16. Claims
Procedure:

       

      The
following claims procedure shall apply with respect to the Plan:

       

      16.1   Filing of a Claim
for Benefits. If a Participant or Beneficiary (the "claimant") believes
that he is entitled to benefits under the Plan which are not being paid to him
or which are not being accrued for his benefit, he shall file a written claim
therefore with the Committee.

       

      16.2   Notification to
Claimant of Decision. Within 90 days after receipt of a claim by the
Committee (or within 180 days if special circumstances require an extension of
time), the Committee shall notify the claimant of the decision with regard to
the claim. In the event of such special circumstances requiring an extension of
time, there shall be furnished to the claimant prior to expiration of the
initial 90-day period written notice of the
extension, which notice shall set forth the special circumstances and the date
by which the decision shall be furnished. If such claim shall be wholly or
partially denied, notice thereof shall be in writing and worded in a manner
calculated to be understood by the claimant, and shall set forth: (i) the
specific reason or reasons for the denial; (ii) specific reference to pertinent
provisions of the Plan on which the denial is based; (iii) a description of any
additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary; and
(iv) an explanation of the procedure for review of the denial and the time
limits applicable to such procedures, including a statement of the claimant's
right to bring a civil action under ERISA following an adverse benefit
determination on review. Notwithstanding the foregoing, if the claim relates to
a disability determination, the Committee shall notify the claimant of the
decision within 45 days (which may be extended for an additional 30 days if
required by special circumstances).

       

      16.3   Procedure for
Review. Within 60 days following receipt by the claimant of notice
denying his claim, in whole or in part, or, if such notice shall not be given,
within 60 days following the latest date on which such notice could have been
timely given, the claimant may appeal denial of the claim by filing a written
application for review with the Committee. Following such request for review,
the Committee shall fully and fairly review the decision denying the claim.
Prior to the decision of the Committee, the claimant shall be given an
opportunity to review pertinent documents and to submit issues and comments in
writing.

       

      16.4   Decision on Review.
The decision on review of a claim denied in whole or in part by the
Committee shall be made in the following manner:

       

      16.4.1
 Within 60 days following receipt by the Committee of the request for
review (or within 120 days if special circumstances require an extension of
time), the Committee shall notify the claimant in writing of its decision with
regard to the claim. In the event of such special circumstances requiring an
extension of time, written notice of the extension shall be furnished to the
claimant prior to the commencement of the extension. Notwithstanding the
foregoing, if the claim relates to a disability determination, the Committee
shall notify the claimant of the decision within 45 days (which may be extended
for an additional 45 days if required by special circumstances).

       

      16.4.2 
With respect to a claim that is denied in whole or in part, the decision on
review shall set forth specific reasons for the decision, shall be written in a
manner calculated to be understood by the claimant, and shall set
forth:

       

      
        	
                (i)  

              	
                the
      specific reason or reasons for the adverse determination;
  

              

      

      
      

       

      
        	
                (ii)  

              	
                
                  specific
      reference to pertinent Plan provisions on which the adverse determination
      is based;

                

              

      

       

      	
              (iii)  

            	
              
                
                  a
      statement that the claimant is entitled to receive, upon request and free
      of charge, reasonable access to, and copies of, all documents, records,
      and other information relevant to the claimant’s claim for benefits;
      and

                

              

            

       

      
      

      	
              (ii)  

            	
              
                
                  a
      statement describing any voluntary appeal procedures offered by the Plan
      and the claimant’s right to obtain the information about such procedures,
      as well as a statement of the claimant’s right to bring an action under
      ERISA section 502(a).

                

              

            

       

      16.4.3 
The decision of the Committee shall be final and conclusive.

       

      16.5   Action by Authorized
Representative of Claimant. All actions set forth in this Section 16 to
be taken by the claimant may likewise be taken by a representative of the
claimant duly authorized by him to act in his behalf on such matters. The
Committee may require such evidence as either may reasonably deem necessary or
advisable of the authority to act of any such representative.

       

      Section 17. Miscellaneous
Provisions:

       

      17.1   Set off.
Notwithstanding any other provision of this Plan, the Employer may reduce
the amount of any payment otherwise payable to or on behalf of a Participant
hereunder
(net of any required withholdings) at the time payment is due by the amount of
any loan, cash advance, extension of credit or other obligation of the
Participant to the Employer that is then due and payable, and the Participant
shall be deemed to have consented to such reduction. In addition, the Employer
may at any time offset a Participant's Deferral Compensation Account by an
amount up to $5,000 to collect any such amount in accordance with the
requirements of Section 409A of the Code.

       

      17.2   Notices.
Each Participant who is not in Service and each Beneficiary shall be
responsible for furnishing the Committee or its designee with his current
address for the mailing of notices and benefit payments. Any notice required or
permitted to be given to such Participant or Beneficiary shall be deemed given
if directed to such address and mailed by regular United States mail, first
class, postage prepaid. If any check mailed to such address is returned as
undeliverable to the addressee, mailing of checks will be suspended until the
Participant or Beneficiary furnishes the proper address. This provision shall
not be construed as requiring the mailing of any notice or notification
otherwise permitted to be given by posting or by other publication.

       

      17.3   Lost
Distributees. A benefit shall be deemed forfeited if the Committee is
unable to locate the Participant or Beneficiary to whom payment is due on or
before the fifth anniversary of the date payment is to be made or commence;
provided, that the deemed investment rate of return pursuant to Section 8.2
shall cease to be applied to the Participant's account following the first
anniversary of such date; provided further, however, that such benefit shall be
reinstated if a valid claim is made by or on behalf of the Participant or
Beneficiary for all or part of the forfeited benefit.

      17.4   Reliance on Data.
The Employer and the Committee shall have the right to rely on any data
provided by the Participant or by any Beneficiary. Representations of such data
shall be binding upon any party seeking to claim a benefit through a
Participant, and the Employer and the Committee shall have no obligation to
inquire into the accuracy of any representation made at any time by a
Participant or Beneficiary.

       

      17.5   Receipt and Release
for Payments. Subject to the provisions of Section 17.1, any payment made
from the Plan to or with respect to any Participant or Beneficiary, or pursuant
to a disclaimer by a Beneficiary, shall, to the extent thereof, be in full
satisfaction of all claims hereunder against the Plan and the Employer with
respect to the Plan. The recipient of any payment from the Plan may be required
by the Committee, as a condition precedent to such payment, to execute a receipt
and release with respect thereto in such form as shall be acceptable to the
Committee.

       

      17.6   Headings. The
headings and subheadings of the Plan have been inserted for convenience of
reference and are to be ignored in any construction of the provisions
hereof.

       

      17.7   Continuation of
Employment. The establishment of the Plan shall not be construed as
conferring any legal or other rights upon any Employee or any persons for
continuation of employment, nor shall it interfere with the right of the
Employer to discharge any Employee or to deal with him without regard to the
effect thereof under the Plan.

       

      17.8   Merger or
Consolidation; Assumption of Plan. No Employer shall consolidate or merge
into or with another corporation or entity, or transfer all or substantially all
of its assets to another corporation, partnership, trust or other entity (a
"Successor
Entity") unless such Successor Entity shall assume the rights, obligations and
liabilities of the Employer under the Plan and upon such assumption, the
Successor Entity shall become obligated to perform the terms and conditions of
the Plan. Nothing herein shall prohibit the assumption of the obligations and
liabilities of the Employer under the Plan by any Successor Entity.

       

      17.9   Construction.
The Employer shall designate in the Adoption Agreement the state
according to whose laws the provisions of the Plan shall be construed and
enforced, except to the extent that such laws are superseded by ERISA and the
applicable requirements of the Code.

       

      17.10 Taxes. The Employer
or other payor may withhold a benefit payment under the Plan or a Participant's
wages, or the Employer may reduce a Participant's Account balance, in order to
meet any federal, state, or local or employment tax withholding obligations with
respect to Plan benefits, as permitted under Section 409A of the Code. The
Employer or other payor shall report Plan payments and other Plan-related
information to the appropriate governmental agencies as required under
applicable laws.

       

      Section 18. Transition
Rules:

       

      This
Section 18 does not apply to plans newly established on or after January 1,
2009.

       

      18.1   2005 Election
Termination. Notwithstanding Section 4.1.4, at any time during 2005, a
Participant may terminate a Participation Agreement, or modify a Participation
Agreement to reduce the amount of Compensation subject to the deferral election,
so long as the Compensation subject to the terminated or modified Participation
Agreement is includible in the income of the Participant in 2005 or, if later,
in the taxable year in which the amounts are earned and vested.

      18.2   2005 Deferral
Election. The requirements of Section 4.1.2 relating to the timing of the
Participation Agreement shall not apply to any deferral elections made on or
before March 15, 2005, provided that (a) the amounts to which the deferral
election relate have not been paid or become payable at the time of the
election, (b) the Plan was in existence on or before December 31, 2004, (c) the
election to defer compensation is made in accordance with the terms of the Plan
as in effect on December 31, 2005 (other than a requirement to make a deferral
election after March 15, 2005), and (d) the Plan is otherwise operated in
accordance with the requirements of Section 409A of the Code.

       

      18.3   2005 Termination of
Participation; Distribution. Notwithstanding anything in this Plan to the
contrary, at any time during 2005, a Participant may terminate his or her
participation in the Plan and receive a distribution of his Deferred
Compensation Account balance on account of that termination, so long as the full
amount of such distribution is includible in the Participant's income in 2005
or, if later, in the taxable year of the Participant in which the amount is
earned and vested.

       

      18.4   Payment Elections.
Notwithstanding the provisions of Sections 7.1 or 7.5 of the Plan, a
Participant may elect on or before December 31, 2008, the time or form of
payment of amounts subject to Section 409A of the Code provided that such
election applies only to amounts that would not otherwise be payable in the year
of the election and does not cause an amount to paid in the year of the election
that would not otherwise be payable in such
year.

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