SEVERANCE AGREEMENT AND RELEASE OF CLAIMSSeverance Agreement and Release of Claims • June 12th, 2008 • Zila Inc • Surgical & medical instruments & apparatus
The Company intends that the payments described in Sections I.A, C, D, E and G fit within the short-term deferral exception to Section 409A of the Code as defined in Treas. Reg. § 1.409A-1(b)(4). In order to meet the requirements of the short-term deferral exception, despite any other provision of this Agreement to the contrary, such payments shall be paid at the times stated in Sections I.A, C, D, E and G and in no event later than March 15, 2009. Payments may be delayed only in accordance with regulations issued pursuant to Section 409A of the Code. In addition, the Company intends that the payment of COBRA premiums pursuant to Section I.F fit within the exception to Section 409A of the Code for certain medical benefit reimbursements as defined in Treas. Reg. § 1.409A-1(b)(9)(v).
