Recoupment of Incentive Compensation. The Board of Directors has adopted a policy which sets forth conditions under which the Companies will require reimbursement with respect to incentive compensation paid or awarded to an executive level employee when the incentive compensation is based on publicly reported financial statements that are required to be restated to correct an accounting error due to material noncompliance with the federal securities laws, gross negligence, fraud or misconduct. Executive agrees that incentive compensation (exclusive of the Retention Payments) paid to Executive by the Companies after the Effective Date shall be subject to the policy of the Board of Directors known as the “ProAssurance Corporation Policy Regarding the Recoupment of Certain Performance-Based Compensation Payments,” as currently in effect on date of this Agreement or as the same may be amended from time to time (the “Policy”).
Appears in 4 contracts
Samples: Retention and Severance Compensation Agreement (Eastern Insurance Holdings, Inc.), Retention and Severance Compensation Agreement (Eastern Insurance Holdings, Inc.), Retention and Severance Compensation Agreement (Eastern Insurance Holdings, Inc.)
