Qualifying Severance Payments

Qualifying Severance Payments. Severance Payments that, in the aggregate, do not exceed two times the lesser of (i) the Executives annual rate of base salary for the taxable year immediately preceding the year during which the Date of Termination occurs, determined in accordance with Section 1.409A-1(a)(9)(iii)(A)(1) of the Regulations under Code Section 409A, or (ii) the limit under the Code Section 401(a)(17) on compensation under a qualified retirement plan for the year in which the Date of Termination occurs