MoneyGram 2011 Annual Report Download - page 237

this Section 5(b) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid
or provided in accordance with the normal payment dates specified for them herein.
c. Notwithstanding anything to the contrary contained in this Agreement, all reimbursements for costs and expenses under this Agreement shall
be paid in no event later than the end of the calendar year following the calendar year in which Executive incurs such expense. With regard to any provision
herein that provides for reimbursement of costs and expenses or in−kind benefits, except as permitted by Code Section 409A, (i) all such expenses or
reimbursements shall be made in any event on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by
Executive, (ii) the right to reimbursement or in−kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of
expenses eligible for reimbursements or in−kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or
in−kind benefits to be provided in any other taxable year, provided, however, that the foregoing clause (iii) shall not be violated with regard to expenses
reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the
arrangement is in effect.
d. For purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a
right to receive a series of separate and distinct payments.
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