Common use of Recoupment Right Clause in Contracts

Recoupment Right. You acknowledge that if the Board or the Committee determines that the Company’s financials are restated due directly or indirectly to the fraud, ethical misconduct, intentional misconduct or a breach of fiduciary duty by you, the Board or Committee shall have sole discretion to take such actions, as permitted by law, as it deems necessary to cancel the SAR and to recover all or a portion of any gains realized in respect of the SAR, provided such recovery cannot extend back more than three years.

Recoupment Right. You acknowledge that if the Board or of Directors of the Company (including a Committee of the Board) determines that the Company’s financials are restated due directly or indirectly to the fraud, ethical misconduct, intentional misconduct or a breach of fiduciary duty by you, the Board (or Committee Committee) shall have sole discretion to take such actions, as permitted by law, as it deems necessary to cancel the SAR SSAR and to recover all or a portion of any gains realized in respect of the SARSSAR, provided such recovery cannot extend back more than three years.