Common use of Recovery of Bonus and Incentive Compensation Clause in Contracts

Recovery of Bonus and Incentive Compensation. Any bonus or incentive compensation paid to the Executive under any compensation arrangement between the Executive and the Employer shall be subject to recovery by the Employer and shall be repaid by the Executive to the Employer if, in the judgment of the Employer’s board of directors or the board committee having jurisdiction over executive compensation, the compensation was based on materially inaccurate financial statements or on any other materially inaccurate performance criteria. The compensation shall be repaid by the Executive to the Employer within 30 days after written demand by the Employer or as soon thereafter as is practicable. The Executive’s obligations under this section 1.1 shall survive termination of this Agreement and shall be effective for as long as the Employer is a participant in the CPP, and is subject to applicable CPP rules and guidance. The Executive’s obligations under this section 1.1 shall expire when the Employer is no longer a participant in the CPP, provided that the Executive shall have repaid all amounts for which a repayment demand has been made by the Employer. The bonus and incentive compensation subject to recovery by the Employer under this section 1.1 includes, but is not limited to, cash compensation, stock option or other equity-based compensation, and any other bonus or incentive compensation paid under any compensation arrangement between the Executive and the Employer including, but not limited to, an employment agreement, severance agreement, nonqualified deferred compensation agreement, equity-based award agreement, or short-term or long-term incentive award or performance award arrangement, whether written or unwritten and whether existing on the date of this Agreement or entered into hereafter, (the “Compensation Arrangements”).

Recovery of Bonus and Incentive Compensation. Any bonus or incentive compensation paid to the Executive under any compensation arrangement between the Executive and the Employer shall be subject to recovery by the Employer and shall be repaid by the Executive to the Employer if, in the judgment of the Employer’s board of directors or the board committee having jurisdiction over executive compensation, the compensation was based on materially inaccurate financial statements or on any other materially inaccurate performance criteria. The compensation shall be repaid by the Executive to the Employer within 30 days after written demand by the Employer or as soon thereafter as is practicable. The Executive’s obligations under this section 1.1 shall survive termination of this Agreement and shall be effective for as long as the Employer is a participant in the CPP, and is subject to applicable the U.S. Department of the Treasury’s CPP rules and guidance, with debt or equity of the Employer held by the U.S. Department of the Treasury. The Executive’s obligations under this section 1.1 1.1. shall expire when the Employer is no longer a participant in and subject to the CPPCPP rules and guidance, provided that the Executive shall have repaid all amounts for which a repayment demand has been made by the Employer. The bonus and incentive compensation subject to recovery by the Employer under this section 1.1 includes, includes but is not limited to, to cash compensation, compensation and stock option or other equity-based compensation, compensation and any other bonus or incentive compensation paid under any compensation arrangement between the Executive and the Employer includingEmployer, including but not limited to, to an employment agreement, severance agreement, nonqualified non qualified deferred compensation agreement, equity-based award agreement, or short-term or long-term incentive award or performance award arrangement, whether written or unwritten and whether existing on the date of this Agreement or entered into hereafter, (the which are referred to individually or collectively hereinafter as a “Compensation Arrangement” or “Compensation Arrangements.”).