Common use of Income Continuation Clause in Contracts

Income Continuation. The Executive will be entitled to continue to receive his Base Salary until the last day of the twelfth complete calendar month beginning after the termination date. Such amounts shall be payable in accordance with the regularly scheduled payroll for similarly situated employees. These payments shall be treated as “separation pay” (within the meaning of Section 409A of the Code) to the maximum extent permitted by Treasury Regulation §1.409A-1(b)(9). Any payments in excess of the maximum amount that can be treated as separation pay pursuant to Treasury Regulation §1.409A-1(b)(9) shall be subject to the provisions of Section 5.08.

Income Continuation. The Executive will be entitled to continue to receive his her Base Salary until the last day of the twelfth complete calendar month beginning after the termination date. Such amounts shall be payable in accordance with the regularly scheduled payroll for similarly situated employees. These payments shall be treated as “separation pay” (within the meaning of Section 409A of the Code) to the maximum extent permitted by Treasury Regulation §1.409A-1(b)(9). Any payments in excess of the maximum amount that can be treated as separation pay pursuant to Treasury Regulation §1.409A-1(b)(9) shall be subject to the provisions of Section 5.085.09.