Common use of Awards Subject to Recoupment Clause in Contracts

Awards Subject to Recoupment. Except to the extent prohibited by law, an outstanding Award may be forfeited, and the compensatory value received under the Award (including without limitation the amount of any Common Stock distribution or cash payment made to the Participant upon the vesting, distribution, or settlement of the Award, or consideration received by the Participant upon the sale or transfer of the Common Stock acquired through vesting, distribution, or settlement of the Award) may be subject to recoupment by the Company, in accordance with the Company’s executive compensation recoupment policy and other policies in effect from time to time with respect to forfeiture and recoupment of bonus payments, retention awards, cash or stock-based incentive compensation or awards, or similar forms of compensation, and the terms of any such policy, while it is in effect, are incorporated herein by reference. As consideration for and by accepting the Award Agreement, the Participant agrees that all the remedy and recoupment provisions of this Section 10 shall apply to any prior equity award made by the Company to the Participant, shall be in addition to and shall not supersede any other remedies contained or referenced in any such prior equity award, and, accordingly, such prior equity award shall become subject to both those other remedies and the terms and conditions of this Section 10.

Appears in 2 contracts

Samples: Performance Shares Award Notification and Agreement (Travelers Companies, Inc.), Performance Shares Award Notification and Agreement (Travelers Companies, Inc.)

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Awards Subject to Recoupment. Except to the extent prohibited by law, an outstanding Award may be forfeited, and the compensatory value received under the Award (including without limitation the amount of any Common Stock distribution or cash payment made to the Participant upon the vesting, distribution, exercise or settlement of the Award, or consideration received by the Participant upon the sale or transfer of the Common Stock acquired through vesting, distribution, exercise or settlement of the Award) may be subject to recoupment by the Company, in accordance with the Company’s executive compensation recoupment policy and other policies in effect from time to time with respect to forfeiture and recoupment of bonus payments, retention awards, cash or stock-based incentive compensation or awards, or similar forms of compensation, and the terms of any such policy, while it is in effect, are incorporated herein by reference. As consideration for and by accepting the Award Agreement, the Participant agrees that all the remedy and recoupment provisions of this Section 10 8 shall apply to any prior equity award made by the Company to the Participant, shall be in addition to and shall not supersede any other remedies contained or referenced in any such prior equity award, and, accordingly, such prior equity award shall become subject to both those other remedies and the terms and conditions of this Section 108.

Appears in 1 contract

Samples: Travelers Stock Option Grant Notification and Agreement (Travelers Companies, Inc.)

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Awards Subject to Recoupment. Except to the extent prohibited by law, an outstanding Award may be forfeited, and the compensatory value received under the Award (including without limitation the amount of any Common Stock distribution or cash payment made to the Participant upon the vesting, distribution, or settlement of the Award, or consideration received by the Participant upon the sale or transfer of the Common Stock acquired through vesting, distribution, or settlement of the Award) may be subject to recoupment by the Company, in accordance with the Company’s executive compensation recoupment policy and other policies in effect from time to time with respect to forfeiture and recoupment of bonus payments, retention awards, cash or stock-based incentive compensation or awards, or similar forms of compensation, and the terms of any such policy, while it is in effect, are incorporated herein by reference. As consideration for and by accepting the Award Agreement, the Participant agrees that all the remedy and recoupment provisions of this Section 10 8 shall apply to any prior equity award made by the Company to the Participant, shall be in addition to and shall not supersede any other remedies contained or referenced in any such prior equity award, and, accordingly, such prior equity award shall become subject to both those other remedies and the terms and conditions of this Section 108.

Appears in 1 contract

Samples: Restricted Stock Unit Award Notification and Agreement (Travelers Companies, Inc.)

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