Common use of Section 162(m) Compliance Clause in Contracts

Section 162(m) Compliance. To the greatest extent it is reasonably appropriate, the Award represented by this Agreement is intended to be “performance-based compensation” as defined under the Plan to meet the requirements for Section 162(m) of Code, and shall be administered pursuant to such intent. Consistent with Section 162(m) of the Code, the Committee (a) shall not have the discretionary right to increase the value of the Award, and (b) shall have the right to exercise negative discretion to reduce the value of the Award below the amount that might otherwise be payable hereunder.

Section 162(m) Compliance. To the greatest extent it is reasonably appropriate, the Award represented by this Agreement is intended to be “performance-based compensation” as defined under the Plan to meet the requirements for Section 162(m) of Code, and shall be administered pursuant to such intent. Consistent with Section 162(m) of the Code, the Committee (a) shall not have the discretionary right to increase the value of the Award, and (b) shall have the right to exercise negative discretion to reduce the value of the Award below the amount that might otherwise be payable hereunder.

Section 162(m) Compliance. To the greatest extent it is reasonably appropriate, the The Award represented by this Agreement is intended to be “performance-based compensation” as defined under the Plan to meet the requirements for Section 162(m) of Code, and shall be administered pursuant to such intent. Consistent with Section 162(m) of the Code, the Committee (a) shall not have the discretionary right to increase the value of the Award, and (b) shall have the right to exercise negative discretion to reduce the value of the Award below the amount that might otherwise be payable hereunder.