Common use of Compensation Practices Clause in Contracts

Compensation Practices. (a) Lapse of Unvested Equity Awards. The Company will in good faith endeavor to implement in all future executive hiring, severance or change-of-control agreements and retirement agreements, requirements that all unvested equity awards lapse not later than one year from termination. (b) Clawback Upon Violation of Equity Incentive Plan Terms. Any officers, directors, or employees having responsibilities involving plan administration, who violate the terms of the 2008 Long Term Incentive plan, or any subsequent plans, shall be subject to disciplinary action as determined by the Compensation Committee or Board, or pursuant to delegated authority. Disciplinary action may include, reprimand or termination in the case of an employee, reprimand or removal from the Compensation Committee and/or Board in the case of a director, and forfeiture or repricing of options or the repayment of profits received from the exercise of options granted in connection with a knowing violation of the plan.