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 0:L4YOL4Y008 C04.xaxd 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 104 tion under the Securities Exchange Act of 1934 (without regard to wheth- er those rules apply to the employer), and "(II) by only taking into account employees employed during the por- tion of the taxable year described in clause (i)(I). "(iii) EMPLOYEE REMAINS COVERED EXECUTIVE. If an employee is a covered executive with respect to an applicable em- ployer for any applicable taxable year, such employee shall be treated as a covered ex- ecutive with respect to such employer for all subsequent applicable taxable years and for all subsequent taxable years in which deferred deduction executive remuneration with respect to sewiees performed in all such applicable taxable years would (but for this paragraph) be deductible. "(E) EXECUTFv'E REMUNERATION. For purposes of' this paragraph, the term 'executive remuneration' means the applicable employee remuneration of' the covered executive, as deter- mined under paragraph (4) without regard to

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