Common use of Preclearance Clause in Contracts

Preclearance. You and members of your Family/Household are prohibited from engaging in any transaction in a Covered Security for any account in which you or a member of your Family/Household has any Beneficial Ownership, unless you obtain, in advance of the transaction, written preclearance for that transaction from a Code Officer. The written preclearance form is attached to this Code as Form E. Once obtained, preclearance is valid only for the day on which it is granted. A Code Officer may revoke a preclearance any time after it is granted and before you execute the transaction. A Code Officer may deny or revoke preclearance for any reason.