Required Deferral. In the event the award of shares would cause the Employee to qualify as a “covered employee” pursuant to Section 162(m) of the Code, that portion of the award that would exceed the amount deductible by the Corporation under 162(m) of the Code shall be automatically deferred until the Employee’s compensation is no longer subject to Section 162(m) of the Code. Any portion of the award so deferred shall be converted to stock units and dividend equivalents shall accrue on the stock units and be paid out as additional shares after the Employee’s compensation is no longer subject to Section 162(m) of the Code.
Appears in 4 contracts
Sources: Restricted Stock Unit Agreement, Performance Share Agreement (Potlatch Corp), Restricted Stock Unit Agreement (Potlatch Corp)
Required Deferral. In the event the award of shares Award would cause the Employee to qualify as a “covered employee” pursuant to Section 162(m) of the Code, that portion of the award Award that would exceed the amount deductible by the Corporation under Section 162(m) of the Code shall be automatically deferred until the Employee’s compensation is no longer subject to Section 162(m) of the Code. Any portion of the award Award so deferred shall be converted to stock units Restricted Stock Units and dividend equivalents shall accrue on the stock units Restricted Stock Units and be paid out as additional shares after the Employee’s compensation is no longer subject to Section 162(m) of the Code. Any deferral of the Award is intended to comply with Section 409A of the Code.
Appears in 3 contracts
Sources: Performance Share Agreement (Clearwater Paper Corp), Performance Share Agreement (Clearwater Paper Corp), Performance Share Agreement (Clearwater Paper Corp)
Required Deferral. In the event the award of shares Award would cause the Employee to qualify as a “covered employee” pursuant to Section 162(m) of the Code, that portion of the award Award that would exceed the amount deductible by the Corporation under Section 162(m) of the Code shall be automatically deferred until the Employee’s compensation is no longer subject to Section 162(m) of the Code. Any portion of the award Award so deferred shall be converted to stock units and dividend equivalents shall accrue on the stock units and be paid out as additional shares after the Employee’s compensation is no longer subject to Section 162(m) of the Code. Any deferral of the Performance Share Award is intended to comply with Section 409A of the Code.
Appears in 2 contracts
Sources: Performance Share Agreement (Potlatch Corp), Performance Share Agreement (Potlatch Corp)