Law360, New York (November 2, 2009, 4:10 PM EST) -- Many companies will need to amend their employment agreements, equity plans and awards, and other incentive plans and agreements by Dec. 31, 2009, to preserve the deductibility of performance-based awards and amounts under Code Section 162(m) [the $1 million limit on public companies’ ability to deduct compensation payments to their named executive officers] in light of Rev. Rul. 2008-13.
Rev. Rul. 2008-13 held that if a plan or agreement provides for payment following an executive’s termination without cause, for good reason or due to retirement,...
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