Common use of Deferred Compensation Restrictions Clause in Contracts

Deferred Compensation Restrictions. It is intended that any amounts payable under this Agreement shall comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the treasury regulations promulgated thereunder. To avoid any penalties or excise tax on Executive as imposed by Section 409A, required payments to Executive upon termination of his employment shall be distributed on the later of (i) the dates specified in this Agreement or (ii) six (6) months after Executive’s Date of Termination. The term “termination of employment” and other similar terms used in this Agreement shall be construed to have the same meaning as is given to the term “Separation from Service” in Section 409A. Executive and the Company agree to cooperate to make such other amendments to the terms of this Agreement as may be necessary to avoid the imposition of penalties and additional taxes under Section 409A of the Code.