Common use of Separation Pay Exemption Clause in Contracts

Separation Pay Exemption. It is intended that payments made under this Agreement due to Executive’s Without Cause Termination or Constructive Discharge that are not otherwise subject to 409A which do not exceed two times the lesser of (a) the Executive’s annualized compensation (determined in accordance with the Regulations) or (b) the maximum amount that may be taken into account under Section 401(a)(17) of the Code ($245,000 for 2009) shall be exempt from compliance with 409A pursuant to the exemption for separation pay set forth in Section 1.409A-1(b)(9) of the Regulations.

Separation Pay Exemption. It is intended that payments made under this Agreement due to Executive’s Without Cause Termination or Constructive Discharge that are not otherwise subject to 409A which do not exceed two times the lesser of (a) the Executive’s annualized compensation (determined in accordance with the Regulations) or (b) the maximum amount that may be taken into account under Section 401(a)(17) of the Code ($245,000 230,000245,000 for 200920098) shall be exempt from compliance with 409A pursuant to the exemption for separation pay set forth in Section 1.409A-1(b)(9) of the Regulations.

Separation Pay Exemption. It is intended that payments made under this Agreement due to Executive’s Without Cause Termination or Constructive Discharge that are not otherwise subject to 409A which do not exceed two times the lesser of (a) the Executive’s annualized compensation (determined in accordance with the Regulations) or (b) the maximum amount that may be taken into account under Section 401(a)(17) of the Code ($245,000 for 20092011) shall be exempt from compliance with 409A pursuant to the exemption for separation pay set forth in Section 1.409A-1(b)(91.409A-l(b)(9) of the Regulations.

Separation Pay Exemption. It is intended that payments made under this Agreement due to Executive’s Without involuntary termination of employment by the Company without Cause Termination or Constructive Discharge termination for Good Reason that are not otherwise subject to 409A which do not exceed two times the lesser of (a) the Executive’s annualized compensation (determined in accordance with the Regulationsunder Section 409A) or (b) the maximum amount that may be taken into account under Section 401(a)(17) of the Internal Revenue Code ($245,000 for 2009) shall be exempt from compliance with 409A pursuant to the exemption for separation pay set forth in Section 1.409A-1(b)(9) of the Regulationsregulations.

Separation Pay Exemption. It is intended that payments made under this Agreement due to Executive’s Without Cause Termination or Constructive Discharge resignation for Good Reason that are not otherwise subject to 409A which do not exceed two times the lesser of (a) the Executive’s annualized compensation (determined in accordance with the Regulations) or (b) the maximum amount that may be taken into account under Section 401(a)(17) of the Code ($245,000 265,000 for 20092015) shall be exempt from compliance with 409A pursuant to the exemption for separation pay set forth in Section 1.409A-1(b)(91.409A-l(b)(9) of the Regulations.