Cash Award Eligibility and Recoupment Conditions Sample Clauses

Cash Award Eligibility and Recoupment Conditions. Within 150 days after the Effective Date of the CIA, Mallinckrodt shall implement an eligibility and recoupment condition on Cash Awards that will allow Mallinckrodt, as a consequence of a Triggering Event, to pursue recoupment from Covered Executives of all or any portion of Cash Awards paid to the Covered Executive in the three years prior to the Affirmative Recoupment Determination. These eligibility and recoupment conditions shall be designed to survive the payment of the Covered Executive’s Cash Award and the separation of the Covered Executive’s employment for a period of three years from the payment of the Cash Award. If payment of any portion of a Cash Award is deferred on a mandatory or voluntary basis, the three-year period shall be measured from the date the bonus would have been paid in the absence of deferral. If an Affirmative Recoupment Determination is made, Mallinckrodt shall endeavor to recoup any Cash Award from the Covered Executive through reasonable and appropriate means according to the terms of its Cash Award plan (or executive contract if applicable), and to the extent permitted by controlling law of the relevant jurisdiction. If necessary and appropriate to recoup the Cash Award, Mallinckrodt shall file suit against the Covered Executive unless Good Cause exists not to do so. For purposes of the Executive Financial Recoupment Program, Good Cause shall include, but not be limited to, a financial inability on the part of the Covered Executive to repay any recoupment amount or Mallinckrodt’s inability to bring such a suit under the controlling law of the relevant jurisdiction.
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