In general
In the case of any publicly held corporation which is a member of a controlled group—
(i)#
paragraph (1) shall be applied by substituting “specified covered employee” for “covered employee”, and
(ii)#
if any person which is a member of such controlled group (other than such publicly held corporation) provides applicable employee remuneration to an individual who is a specified covered employee of such controlled group and the aggregate amount described in subparagraph (B)(ii) with respect to such specified covered employee exceeds $1,000,000—
(I) paragraph (1) shall apply to such person with respect to such remuneration, and
(II) paragraph (1) shall apply to such publicly held corporation and to each such related person by substituting “the allocable limitation amount” for “$1,000,000”.
(ii)(I)#
paragraph (1) shall apply to such person with respect to such remuneration, and
(ii)(II)#
paragraph (1) shall apply to such publicly held corporation and to each such related person by substituting “the allocable limitation amount” for “$1,000,000”.