Severance Exclusion Amount

Severance Exclusion Amount. Two (2) times the lesser of: i. Executive's annualized compensation based upon his annual rate of pay for services provided to IPG for Executive's taxable year immediately preceding the taxable year in which the Termination Date occurs (adjusted for any increase during such taxable year preceding the Termination Date that was expected to continue indefinitely if Executive's employment had not been terminated); or ii. the maximum amount that may be taken into account under a qualified plan... pursuant to Section 401(a)(17) of the Code for the calendar year in which the Termination Date occurs View More