Common use of Clawback of Incentive Compensation Clause in Contracts

Clawback of Incentive Compensation. The Executive agrees to repay any incentive compensation previously paid or otherwise made available to him that is subject to recovery under any applicable law (including any rule of any exchange or service through which the securities of the Company or any Affiliate are then traded) where such incentive compensation was in excess of what should have been paid or made available because the determination of the amount due was based, in whole or in part, on materially inaccurate financial information of the Bank or any Affiliate. The Executive agrees to return promptly any such incentive compensation identified by the Bank. If the Executive fails to return such incentive compensation promptly, the Executive agrees that the amount of such incentive compensation may be deducted from any and all other compensation owed to the Executive by the Bank or any Affiliate. The Executive acknowledges that the Bank may take appropriate disciplinary action (up to, and including, termination of employment) if the Executive fails to return such incentive compensation. The provisions of this subsection 3(g) shall be modified to the extent, and remain in effect for the period, required by applicable law.

Clawback of Incentive Compensation. The Executive agrees to repay any incentive compensation previously paid or otherwise made available to him that is subject to recovery under any applicable law (including any rule of any exchange or service through which the securities of the Company Piedmont or any Affiliate are then traded) where such incentive compensation was in excess of what should have been paid or made available because the determination of the amount due was based, in whole or in part, on materially inaccurate financial information of the Bank or any AffiliateEmployer Group. The Executive agrees to return promptly any such incentive compensation identified by the BankEmployer Group. If the Executive fails to return such incentive compensation promptly, the Executive agrees that the amount of such incentive compensation may be deducted from any and all other compensation owed to the Executive by the Bank or any AffiliateEmployer Group. The Executive acknowledges that the Bank Employer Group may take appropriate disciplinary action (up to, and including, termination of employment) if the Executive fails to return such incentive compensation. The provisions of this subsection 3(g3(h) shall be modified to the extent, and remain in effect for the period, required by applicable law.

Clawback of Incentive Compensation. The Executive agrees to repay any incentive compensation previously paid or otherwise made available to him that is subject to recovery under any applicable law (including any rule of any exchange or service through which the securities of the Company or any Affiliate are then traded) where such incentive compensation was in excess of what should have been paid or made available because the determination of the amount due was based, in whole or in part, on materially inaccurate financial information of the Bank or any Affiliate. The Executive agrees to return promptly any such incentive compensation identified by the Bank. If the Executive fails to return such incentive compensation promptly, the Executive agrees that the amount of such incentive compensation may be deducted from any and all other compensation owed to the Executive by the Bank or any Affiliate. The Executive acknowledges that the Bank may take appropriate disciplinary action (up to, and including, termination of employment) if the Executive fails to return such incentive compensation. The provisions of this subsection 3(g3(h) shall be modified to the extent, and remain in effect for the period, required by applicable law.

Clawback of Incentive Compensation. The Executive agrees to repay any incentive compensation previously paid or otherwise made available to him that is subject to recovery under any applicable law (including any rule of any exchange or service through which the securities of the Company or any Affiliate are then traded) where such incentive compensation was in excess of what should have been paid or made available because the determination of the amount due was based, in whole or in part, on materially inaccurate financial information of the Bank or any Affiliate. The Executive agrees to return promptly any such incentive compensation identified by the Bank. If the Executive fails to return such incentive compensation promptly, the Executive agrees that the amount of such incentive compensation may be deducted from any and all other compensation owed to the Executive by the Bank or any Affiliate. The Executive acknowledges that the Bank may take appropriate disciplinary action (up to, and including, termination of employment) if the Executive fails to return such incentive compensation. The provisions of this subsection 3(g3(i) shall be modified to the extent, and remain in effect for the period, required by applicable law.