Common use of Potential Clawback Clause in Contracts

Potential Clawback. The Employee acknowledges that he or she has been provided a copy of the Company’s Incentive Compensation Recovery Policy, dated February 4, 2014 (the “Recovery Policy”), and understands, accepts and agrees that this grant in this Agreement of Restricted Shares and Restricted Mutual Fund Shares, and any other outstanding Award he or she may have been granted under the Plans after May 8, 2013 (a “Prior Award”) are subject to the terms and conditions of the Recovery Policy as it currently exists and as it may be amended from time to time, which include the potential forfeiture to or recovery by the Company of the Restricted Stock Award or the MFRS Award, any Prior Award, any Shares issued or mutual fund shares vested pursuant to this Agreement or any Prior Award, any proceeds received by the Employee upon the sale of any such Shares or mutual fund shares, and any other compensatory value received by Employee under the Restricted Stock Award, the MFRS Award or any Prior Award under the circumstances and to the extent set forth in the Recovery Policy. This Agreement may be unilaterally amended by the Committee at any time to comply with the Recovery Policy as it may be amended from time to time.

Potential Clawback. The Employee acknowledges that he or she has been provided a copy of the Company’s Incentive Compensation Recovery Policy, dated February 4, 2014 (the “Recovery Policy”), and understands, accepts and agrees that this grant in this Agreement of Restricted Shares and the Restricted Mutual Fund Shares, Shares granted hereunder and any other outstanding Award restricted mutual fund shares he or she may have been granted under the Plans Plan after May 8, 2013 (a “Prior Award”) are subject to the terms and conditions of the Recovery Policy as it currently exists and as it may be amended from time to time, which include the potential forfeiture to or recovery by the Company of any or all of the Restricted Stock Award or the MFRS AwardMutual Fund Shares, any Prior Award, any Shares issued or mutual fund shares vested pursuant to this Agreement or any Prior Award, any proceeds received by the Employee upon the sale of any such Shares or mutual fund shareshares, and any other compensatory value received by Employee under the Restricted Stock Award, the MFRS Award this Agreement or any Prior Award under the circumstances and to the extent set forth in the Recovery Policy. This Agreement may be unilaterally amended by the Committee Company at any time to comply with the Recovery Policy as it may be amended from time to time.

Potential Clawback. The Employee Chairman acknowledges that he or she has been provided a copy of the Company’s Incentive Compensation Recovery Policy, dated February 4, 2014 (the “Recovery Policy”), and understands, accepts and agrees that this grant in this Agreement of Restricted Shares and Restricted Mutual Fund Shares, and any other outstanding Award he or she may have been granted under the Plans after May 8, 2013 (a “Prior Award”) are subject to the terms and conditions of the Recovery Policy as it currently exists and as it may be amended from time to time, which include the potential forfeiture to or recovery by the Company of the Restricted Stock Award or the MFRS Award, any Prior Award, any Shares issued or mutual fund shares vested pursuant to this Agreement or any Prior Award, any proceeds received by the Employee Chairman upon the sale of any such Shares or mutual fund shares, and any other compensatory value received by Employee Chairman under the Restricted Stock Award, the MFRS Award or any Prior Award under the circumstances and to the extent set forth in the Recovery Policy. This Agreement may be unilaterally amended by the Committee at any time to comply with the Recovery Policy as it may be amended from time to time.

Potential Clawback. The Employee acknowledges that he or she has been provided a copy of the CompanyPJC’s Incentive Compensation Recovery Policy, dated February 4, 2014 (the “Recovery Policy”), and understands, accepts and agrees that this grant in this Agreement of the Restricted Shares and Restricted Mutual Fund Shares, LP Interest and any other outstanding Award restricted limited partnership interest in the Fund in which he or she may have been granted under the Plans after May 8, 2013 (a “Prior Award”) are subject to the terms and conditions of the Recovery Policy as it currently exists and as it may be amended from time to time, which include the potential forfeiture to or recovery by the Company of the this Restricted Stock Award or the MFRS AwardLP Interest, any Prior Award, any Shares issued or mutual fund shares limited partnership interests vested pursuant to this Agreement or any Prior Award, any proceeds received by the Employee upon the sale of any such Shares limited partnership interests or mutual fund sharesin connection with a distribution made to those holding limited partnership interests in the Fund, and any other compensatory value received by Employee under the Restricted Stock Award, the MFRS Award this Agreement or any Prior Award under the circumstances and to the extent set forth in the Recovery Policy. This Agreement may be unilaterally amended by the Compensation Committee of PJC’s Board of Directors at any time to comply with the Recovery Policy as it may be amended from time to time.