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This excerpt taken from the BBBY DEF 14A filed Jun 1, 2009. Section 162(m) of the Code. Section 162(m) of the Code denies a
deduction to any publicly held corporation for compensation paid to certain
“covered employees” in its taxable year to the extent that such compensation
exceeds $1,000,000 and is not “performance-based compensation.” “Covered employees” are a company’s chief
executive officer on the last day of the taxable year and the three other most
highly paid executive officers (other than the chief financial officer) whose
compensation is required to be reported to stockholders in its proxy statement
under the Exchange Act. Compensation
paid to covered employees as a result of the exercise of non-qualified stock
options granted in accordance with the terms of the 2004 Plan are intended to
be “performance-based compensation” enabling the Company to receive a deduction
for the full amount of such compensation without regard to the $1,000,000 cap.
This excerpt taken from the BBBY 8-K filed Jan 5, 2006. 1.5 Code.The Internal Revenue Code of 1986, as amended and all rulings and regulations thereunder.
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