Update to our Client Alerts of February 8, 2008 and February 14, 2008:

On February 21, 2008, the IRS released Revenue Ruling 2008 13, confirming the position taken in PLR 200804004 that compensation intended to qualify as deductible performance based compensation pursuant to Section 162(m) of the Internal Revenue Code of 1986, as amended, will not qualify as such if the recipient?s employment agreement provides for payment of the performance compensation upon a termination of employment without cause or for good reason, even if the performance metrics applicable to such compensation are satisfied.

Please see full update for more information.