Common use of Repayment Obligation Clause in Contracts

Repayment Obligation. In the event that (i) Corporation issues a restatement of financial results to correct a material error, (ii) the Administrator determines, in good faith, that Participant’s fraud or willful misconduct was a significant contributing factor to the need to issue such restatement and (iii) some or all of the Performance Shares that were granted and/or earned during the three-year period prior to such restatement would not have been granted and/or earned, as applicable, based upon the restated financial results, Participant shall immediately forfeit to Corporation (as applicable) any outstanding Performance Shares, return to Corporation any Shares received under this Award and/or the pre-tax income derived from any disposition of the Shares previously received in settlement of Performance Shares that would not have been granted and/or earned based upon the restated financial results (the “Repayment Obligation”). This Repayment Obligation shall be in addition to any compensation recovery policy that is adopted by the Corporation or is otherwise required by applicable law; provided, however, that there shall be no duplication of recovery under this agreement and any of 15 U.S.C. Section 7243 (Section 304 of the Xxxxxxxx-Xxxxx Act of 2002) or Section 10D of the Securities Exchange Act of 1934.

Repayment Obligation. In the event that (i) Corporation issues a restatement of financial results to correct a material error, (ii) the Administrator determines, in good faith, that Participant’s fraud or willful misconduct was a significant contributing factor to the need to issue such restatement and (iii) some or all of the Performance Shares that were granted and/or earned during the three-year period prior to such restatement would not have been granted and/or earned, as applicable, based upon the restated financial results, Participant shall immediately forfeit to Corporation (as applicable) any outstanding Performance Shares, return to Corporation any Shares received under this Award and/or the pre-tax income derived from any disposition of the Shares previously received in settlement of Performance Shares that would not have been granted and/or earned based upon the restated financial results (the “Repayment Obligation”). This Repayment Obligation shall be in addition to any compensation recovery policy that is adopted by the Corporation or is otherwise required by applicable law; provided, however, that there shall be no duplication of recovery under this agreement and any of 15 U.S.C. Section 7243 (Section 304 of the Xxxxxxxx-Xxxxx Act of 2002) or Section 10D of the Securities Exchange Act of 1934.