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”.