Common use of Base Salary Continuation Clause in Contracts

Base Salary Continuation. The Company shall pay to Executive an amount equal to six months of Executive's base salary in effect as of the Termination Date, but not to exceed a maximum amount under this Section 10(a) of two times the lesser of: (i) The Code ss. 401(a)(17) compensation limit for the year in which the Termination Date occurs; or (ii) Executive's annualized compensation based upon the annual rate of pay for services to the Company for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year that was expected to continue indefinitely if Executive had not separated from service). Subject to Section 12, such salary continuation shall be paid to Executive in accordance with the Company's regular payroll schedule, at the regular base salary payroll rate in effect as of the Termination Date, commencing on the first regular payroll date of the Company that occurs following the Termination Date and continuing for six months. The Company and Executive intend the payments under this Section 10(a) to be a "separation pay plan due to involuntary separation from service" under Treas. Reg. ss. 1.409A-1(b)(9)(iii).

Base Salary Continuation. The Company shall pay to Executive an amount equal to six months of Executive's ’s base salary in effect as of the Termination Date, but not to exceed a maximum amount under this Section 10(a9(a) of two times the lesser of: (i) The Code ss. § 401(a)(17) compensation limit for the year in which the Termination Date occurs; or (ii) Executive's ’s annualized compensation based upon the annual rate of pay for services to the Company for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year that was expected to continue indefinitely if Executive had not separated from service). Subject to Section 1211, such salary continuation shall be paid to Executive in accordance with the Company's ’s regular payroll schedule, at the regular base salary payroll rate in effect as of the Termination Date, commencing on the first regular payroll date of the Company that occurs following the Termination Date and continuing for six months. The Company and Executive intend the payments under this Section 10(a9(a) to be a "“separation pay plan due to involuntary separation from service" ” under Treas. Reg. ss. § 1.409A-1(b)(9)(iii).