Common use of Clawback Clause in Contracts

Clawback. In the event that any Section 4.5 Employee receives a payment in contravention of the provisions of this Section 4.5, the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 has been made and (ii) following the repayment to the Company of such amount and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 29 contracts

Samples: Exchange Agreement, Exchange Agreement, Exchange Agreement

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Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (ix) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (ii) following the repayment to the Company of such amount and shall take such other actions as may be necessary to comply with the Compensation Regulations.and

Appears in 7 contracts

Samples: Preferred Stock Purchase Agreement, Securities Purchase Agreement, Preferred Stock Purchase Agreement

Clawback. In the event that any Section 4.5 4.6 Employee receives a payment in contravention of the provisions of this Section 4.54.6, the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 4.6 has been made and (ii) following the repayment to the Company of such amount and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 4 contracts

Samples: Exchange Agreement (Broadway Financial Corp \De\), Exchange Agreement (Carver Bancorp Inc), Exchange Agreement

Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (ix) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (iiy) following the repayment to the Company of such amount and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 4 contracts

Samples: Exchange Agreement, Exchange Agreement, Exchange Agreement

Clawback. In the event that any Section 4.5 4.8 Employee receives a payment in contravention of the provisions of this Section 4.54.8, the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 4.8 has been made and (ii) following the repayment to the Company of such amount and shall (iii) take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 3 contracts

Samples: Exchange Agreement (Citigroup Inc), Exchange Agreement, Exchange Agreement

Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (ii) following the repayment to the Company of such amount and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 3 contracts

Samples: Exchange Agreement, Exchange Agreement, Exchange Agreement

Clawback. In the event that any Section 4.5 4.1(f) Employee receives a payment in contravention of the provisions of this Section 4.54.1(f), the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (ix) upon discovering that a payment in contravention of this Section 4.5 4.1(f) has been made and (iiy) following the repayment to the Company of such amount amount, and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 3 contracts

Samples: Securities Purchase Agreement, Securities Purchase Agreement, Securities Purchase Agreement

Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (ix) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (iiy) following the repayment to the Company of such amount amount, and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 2 contracts

Samples: Preferred Stock Purchase Agreement (Security Federal Corp), Securities Purchase Agreement (Citizens Bancshares Corp /Ga/)

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Clawback. In the event that any Section 4.5 4.11 Employee receives a payment in contravention of the provisions of this Section 4.54.11, the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen 15 business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 4.11 has been made and (ii) following the repayment to the Company of such amount and shall (iii) take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 2 contracts

Samples: Securities Purchase and Exchange Agreement, Securities Purchase and Exchange Agreement (Gmac Inc.)

Clawback. In the event that any Section 4.5 4.7 Employee receives a payment in contravention of the provisions of this Section 4.54.7, the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 4.7 has been made and made, (ii) following the repayment to the Company of such amount and shall (iii) take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 1 contract

Samples: Exchange Agreement (Citigroup Inc)

Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (ix) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (iiy) following the repayment to the Company of such amount amount, and shall take such other actions as may be necessary to comply with the Compensation Regulations.. UST Sequence No. 511

Appears in 1 contract

Samples: Preferred Stock Purchase Agreement (First Bancshares Inc /MS/)

Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company Bank shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company Bank in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (ix) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (iiy) following the repayment to the Company Bank of such amount amount, and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 1 contract

Samples: Securities Purchase Agreement

Clawback. In the event that any Section 4.5 4.1(e) Employee receives a payment in contravention of the provisions of this Section 4.54.1(e), the Company Bank shall promptly provide such individual with written notice that the amount of such payment must be repaid to the Company Bank in full within fifteen business days following receipt of such notice or such earlier time as may be required by the Compensation Regulations and shall promptly inform the Investor (i) upon discovering that a payment in contravention of this Section 4.5 4.1(e) has been made and (ii) following the repayment to the Company Bank of such amount and shall take such other actions as may be necessary to comply with the Compensation Regulations.

Appears in 1 contract

Samples: Exchange Agreement

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