Examples of Restatement Period in a sentence
Specifically, if the Company is required, because of fraud or negligence, to restate its financial results for any period (the “Restatement Period”) in a manner that would have adversely affected the amount of the payout of any STIC or performance-based LTIC awards, the Compensation Committee has the right during the three- year period following the Restatement Period to review the matter and determine what, if any, repayment will be required by the Company’s executives.
This Limited Waiver (a) is limited and does not relate to (i) any other covenant or provision of the Credit Agreement or any other Credit Document, and (ii) any period other than a Restatement Period, and (b) shall automatically terminate and be of no further force or effect if (i) there exists any other Default or Event of Default or (ii) the Borrower fails to comply with any of the terms of Section 3 below.
In the event of a Restatement, the Committee will review in respect of the Restatement Period all amounts paid or payable to the Company’s executive officers pursuant to this Plan and all such amounts shall be subject to recoupment pursuant to the Company’s Recoupment Policy, as in effect from time to time.
Specifically, if the Company is required, because of fraud or negligence, to restate financial results for any period (the “Restatement Period”) in a manner that would have adversely affected the amount of the payout of any STIC or LTIC awards, the Compensation Committee has the right during the three-year period following the Restatement Period to review the matter and determine what, if any, repayment executives will be required to submit.
In its discussion paper, Price Restatement Period Review (24 Jan 2012), the AESO explains that the Alberta Department of Energy (DOE) recommended that intra- Alberta generators have the ability to restate their offer price (consistent with the then current locking restatement format) up to two hours prior to the start of the delivery, but does not explain why the two-hour threshold was recommended.
During the Restatement Period, a majority of Hertz’s directors and senior management officials were hired and/or promoted at Frissora’s urging.
Thus, Frissora’s decision, acquiesced in by the other Defendants, to keep pushing for aggressive cost-cutting measures—despite their direct contributions to the foregoing deficiencies—crossed the line into gross negligence and misconduct during the Restatement Period.
During the Restatement Period, Defendants, in total, received more than seventy million dollars in incentive-based compensation.
Separate from their available incentive compensation during the Restatement Period, each of the Defendants also received certain other incentive-based compensation as a part of their Separation Agreements, including their Golden Parachutes discussed above.
Sider served as Hertz’s Group President for Rent-A-Car Americas (“RAC Americas”) during the Restatement Period.