Common use of Recovery of Award Following Restatement Clause in Contracts

Recovery of Award Following Restatement. If ALC’s financial statements are the subject of a restatement due to error or misconduct, to the extent permitted by governing law, in all appropriate cases, Employee shall on demand from ALC repay all excess incentive cash compensation paid under this Award Agreement. For purposes of this Award Agreement, excess incentive cash compensation means the positive difference, if any, between (i) the Award made to Employee and (ii) the Award that would have been made to Employee had the Award been calculated based on ALC’s financial statements as restated. ALC will not be required to award Employee an additional Award should the restated financial statements result in a higher calculated Award. The repayment of excess incentive cash compensation is in addition to and separate from any other relief available to ALC due to the Employee’s error or misconduct.

Recovery of Award Following Restatement. If ALC’s financial statements are the subject of a restatement due to error or misconduct, to the extent permitted by governing law, in all appropriate cases, Employee shall on demand from ALC repay all excess incentive cash compensation paid under this Award Agreement. For purposes of this Award Agreement, excess incentive cash compensation means the positive difference, if any, between (i) the Award made to Employee and (ii) the Award that would have been made to Employee had the Award been calculated based on ALC’s financial statements as restated. ALC will not be required to award Employee an additional Award should the restated financial statements result in a higher calculated Award. The repayment of excess incentive cash compensation is in addition to and separate from any other relief available to ALC due to the Employee’s error or misconduct.