Common use of Profit Sharing Plan Clause in Contracts

Profit Sharing Plan. Under the Employer’s Profit Sharing Plan, Executive shall be eligible to receive an annual profit share (“Profit Share”) based on performance as defined by the Board of Directors. Executive will be classified in the Executive Vice President tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer”, the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).