Examples of CNG Committee in a sentence
In the event that any repayment of Erroneously Awarded Compensation is owed to the Company Group, the CNG Committee shall, or shall cause one or more other members of the Company Group to, recover reasonably promptly the Erroneously Awarded Compensation through any Method of Recovery it deems reasonable and appropriate in its discretion based on all applicable facts and circumstances and taking into account the time value of money and the cost to shareholders of delaying recovery.
Subject to any limitation under applicable law, the Board and/or the CNG Committee may authorize and empower any officer or employee of the Company Group to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).
Except as specifically set forth herein, this Policy shall be administered by the Compensation, Nominating and Governance (CNG) Committee of the Board unless the Board determines to administer this Policy itself.
The CNG Committee is authorized to engage, on behalf of the Company, any third-party advisors it deems advisable in order to perform any calculations contemplated by this Policy.
Any determinations made by the CNG Committee shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by this Policy.
Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated in this Section 4(b) if the independent directors serving on the CNG Committee determines in good faith that recovery would be Impracticable.
The CNG Committee may require that any employment agreement, equity award agreement, or any other agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require an Executive Officer to agree to abide by the terms of this Policy.
The Board and the CNG Committee intends that this Policy will be applied to the fullest extent permitted by applicable law.
In the event the Company is required to prepare an Accounting Restatement, the CNG Committee shall reasonably promptly (in accordance with the applicable Clawback Rules) determine the amount of any Erroneously Awarded Compensation for each Executive Officer in connection with such Accounting Restatement and shall reasonably promptly thereafter provide each Executive Officer with notice containing the amount of Erroneously Awarded Compensation and a demand for repayment or return, as applicable.
In implementing the actions contemplated in this Section 4(b), the CNG Committee will act in accordance with the listing standards and requirements of the NYSE and with the applicable Clawback Rules.