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Frequently Asked Questions
  Does Nasdaq require shareholder approval of "tax qualified, non-discriminatory employee benefit plans"?
Identification Number 239
No. Listing Rule 5635(c)(2) states that shareholder approval is not required for tax qualified, non-discriminatory employee benefit plans (e.g., plans that meet the requirements of Section 401(a) or 423 of the Internal Revenue Code) or parallel nonqualified plans. Please note that these plans are subject to approval by either the company's independent compensation committee or a majority of the issuer's independent directors. Similar plans for the company's non-U.S. employees, which provide features necessary to comply with applicable non-U.S. tax laws, are also exempt from shareholder approval.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 239
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