Starwood 2012 Annual Report Download - page 38
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.-2013Proxy Statement32
APPROVAL OF THE COMPANY’S 2013 LONG-TERM INCENTIVE COMPENSATION PLAN
Golden Parachute Payments
The terms of the agreement evidencing an award under the 2013
Plan may provide for accelerated vesting or accelerated payout of
the award in connection with a change in ownership or control of
the Company. In such event, certain amounts with respect to the
award may be characterized as “parachute payments” under the
golden parachute provisions of the Code. Under Section 280G
of the Code, no federal income tax deduction is allowed to the
Company for “excess parachute payments” made to “disqualifi ed
individuals,” and receipt of such payments subjects the recipient
to a 20% excise tax under Section4999 of the Code. For this
purpose, “disqualifi ed individuals” are generally offi cers, stockholders
or highly compensated individuals performing services for the
Company, and the term “excess parachute payments” includes
payments in the nature of compensation which are contingent
on a change in ownership or effective control of the Company,
to the extent that such payments (in present value) exceed three
times the recipient’s average annual taxable compensation from
the Company for the previous fi ve years. Certain payments for
reasonable compensation for services rendered after a change of
control and payments from tax-qualifi ed plans are generally not
included in determining “excess parachute payments.” If payments
or accelerations may occur with respect to awards granted under
the 2013 Plan, certain amounts in connection with such awards
may possibly constitute “parachute payments” and be subject to
these “golden parachute” tax provisions.
New 2013 Plan Benefi ts
No awards have been granted yet under the 2013 Plan. The Committee will grant future awards at its discretion. We cannot determine
the number of awards that may be granted in the future.
Registration with the SEC
We intend to fi le a Registration Statement on Form S-8 relating to the issuance of shares of common stock under the 2013 Plan with the
SEC pursuant to the Securities Act of 1933, as amended, as soon as practicable after approval of the 2013 Plan by our stockholders.
The Board unanimously recommends a vote “FOR” approval of the 2013 Plan.