Executive Bonus Eligibility and Repayment Conditions Sample Clauses

Executive Bonus Eligibility and Repayment Conditions. GSK shall implement an eligibility and repayment condition on annual bonuses designed to survive both the payment of the bonus and the separation of a Covered Executive’s employment. This will allow GSK, as a consequence of a Triggering Event as defined below in Paragraph C, to pursue repayment from the Covered Executive of all or any portion of the bonus monies paid to the Covered Executive. To the extent permitted by controlling law, these bonus eligibility and repayment conditions will survive the payment of the Covered Executive’s bonus and the separation of the Covered Executive’s employment for a period of 3 years from the payment of the bonus for the plan year. Consistent with a Recoupment Determination, as defined below in Paragraph D, GSK shall endeavor to collect repayment of any bonus from the Covered Executive through reasonable and appropriate means according to the terms of its bonus plan (or executive contract, as the case may be), and to the extent permitted by controlling law of the relevant jurisdiction. If necessary to collect the repayment, GSK shall file suit against the Covered Executive unless good cause exists not to do so. For purposes of the Executive Financial Recoupment Program, good cause shall include, but not be limited to, a financial inability on the part of the Covered Executive to repay any recoupment amount or GSK’s inability to bring such a suit under the controlling law of the relevant jurisdiction.

Executive Bonus Eligibility and Repayment Conditions. Aegerion shall implement an eligibility and repayment condition on Bonuses that will allow Aegerion, as a consequence of a Triggering Event, to pursue repayment from the Covered Executive of all or any portion of an amount equivalent to up to three years of Bonus monies paid to the Covered Executive. These Bonus eligibility and repayment conditions will survive the payment of the Covered Executive’s Bonus and the separation of the Covered Executive’s employment or completion of his/her contract term for a period of three years from the payment of the Bonus for the respective plan year. If an Affirmative Recoupment Determination is made, Aegerion shall endeavor to collect repayment of any Bonus from the Covered Executive through reasonable and appropriate means according to the terms of its Bonus plan (or executive contract as applicable), and to the extent permitted by controlling law of the relevant jurisdiction. If necessary to collect the repayment, Aegerion shall file suit against the Covered Executive unless good cause exists not to do so. For purposes of the Executive Financial Recoupment Program, good cause shall include, but not be limited to, a financial inability on the part of the Covered Executive to repay any recoupment amount or Aegerion’s inability to bring such a suit under the controlling law of the relevant jurisdiction.