SkyWest Airlines 2013 Annual Report Download - page 180
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more than one year. If a Section 83(b) election has not been made, any dividends received with respect
to restricted shares that are subject to the restrictions generally will be treated as compensation that is
taxable as ordinary income to the participant.
Restricted Stock Units. Generally, no income will be recognized upon the award of restricted stock
units. The recipient of a restricted stock unit award generally will be subject to tax at ordinary income
rates on any cash received and the fair market value of any unrestricted shares of Common Stock or
other property on the date that such amounts are transferred to the participant under the award
(reduced by any amount paid by the participant for such restricted stock units).
Performance Awards. Generally, no income will be recognized upon the grant of a performance
award. Upon payment in respect of a performance award, the recipient generally will be required to
include as taxable ordinary income in the year of receipt an amount equal to the amount of cash
received and the fair market value of any nonrestricted shares of Common Stock or other property
received.
Tax Consequences to the Company
To the extent that a participant recognizes ordinary income in the circumstances described above,
the Company or the subsidiary for which the participant performs services will be entitled to a
corresponding deduction provided that, among other things, the amount (i) meets the test of
reasonableness, (ii) is an ordinary and necessary business expense, (iii) is not an ‘‘excess parachute
payment’’ within the meaning of Section 280G of the Code, and (iv) is not disallowed by the $1 million
limitation on certain executive compensation under Section 162(m) of the Code.
Value of Benefits
The Company is unable to determine the amount of benefits that may be received by participants
under the 2010 Plan, as grants of awards are discretionary with the Compensation Committee.
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