Common use of Right to Recover Excess Payments Clause in Contracts

Right to Recover Excess Payments. Executive agrees that should any payments that are made or benefits that are provided pursuant to this Agreement be prohibited by applicable law, regulation or regulatory order, Executive agrees that he shall return or otherwise reimburse Company for the amount of such prohibited payments or benefits to the maximum extent required by such law, regulation or regulatory order. Without limiting the foregoing, Executive agrees to promptly comply with any applicable rule or regulation which requires the return or reimbursement to Company of any payments, benefits or other compensation, including, but not limited to, return or reimbursement in connection with any incentive compensation previously paid prior to the issuance of a financial restatement as required under the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act, the Xxxxxxxx-Xxxxx Act of 2002 and all regulations promulgated by any self-regulatory organization on which Company’s common stock may then be listed. Without limiting the foregoing, Executive agrees that after the Effective Date, in the event Company is required to prepare an accounting restatement due to the material noncompliance of Company with any financial reporting requirement under federal securities laws, the Executive shall return or reimburse Company (whether or not Executive is then serving as a current executive officer of Company) for any incentive-based compensation (including stock options, restricted stock and restricted stock units awarded as compensation) during the three (3)-year period preceding the date on which the Company is required to prepare an accounting restatement, based on the erroneous data, in excess of what would have been paid to Executive under the accounting restatement.

Right to Recover Excess Payments. Executive agrees that should any payments that are made or benefits that are provided pursuant to this Agreement be prohibited by applicable law, regulation or regulatory order, Executive agrees that he shall return or otherwise reimburse the Company for the amount of such prohibited payments or benefits to the maximum extent required by such law, regulation or regulatory order. Without limiting the foregoing, Executive agrees to promptly comply with any applicable rule or regulation which requires the return or reimbursement to the Company of any payments, benefits or other compensation, including, but not limited to, return or reimbursement in connection with any incentive compensation previously paid prior to the issuance of a financial restatement as required under the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act, the Xxxxxxxx-Xxxxx Act of 2002 and all regulations promulgated by any self-regulatory organization on which the Company’s common stock may then be listed. Without limiting the foregoing, Executive agrees that after the Effective Start Date, in the event the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under federal securities laws, the Executive shall return or reimburse the Company (whether or not Executive is then serving as a current executive officer of the Company) for any incentive-based compensation (including stock options, restricted stock and restricted stock units awarded as compensation) during the three (3)-year period preceding the date on which the Company is required to prepare an accounting restatement, based on the erroneous data, in excess of what would have been paid to Executive under the accounting restatement.