CLAW-BACK AND MALUS Sample Clauses

CLAW-BACK AND MALUS. Should there be any circumstances that may justify a new assessment or review of the extent of the degree of fulfillment of the objectives established by the Board of Directors for the executive directors in order to receive the variable remuneration, the Board, at the suggestion of the Appointments and Remunerations Committee, may suspend the payment of the outstanding amounts as well as, when appropriate, reclaim the amounts unduly paid as a result of the new assessment. The above said regime shall also be applied in relation to remunerations linked to Company earnings if in the report of the external auditor there are qualifications that reduce those earnings. Likewise, the Board, at the suggestion of the Appointments and Remunerations Committee, may cancel, revoke or reclaim the amounts already paid by virtue of the variable remuneration, totally or partially, and for all the executive directors or just a limited member of them, in case any of the following circumstances arises: a) Regulatory sanctions or judicial convictions for acts attributable to the director. b) Major breach of internal codes of conduct or policies approved by the Company or Gamesa Group. c) Whatever other circumstances that determine an ex post adjustment of the parameters taken into account in the initial assessment of the degree of fulfillment of the objective of the affected executive director. d) Whatever other situation that imply a violation of mandatory rules of the Company or the Group.
Sample 1
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