Clawback Event definition

Clawback Event means (i) Participant’s gross negligence, willful misconduct or willful malfeasance in connection with the performance of his or her job that has materially and adversely affected the Company’s reputation or business, (ii) Participant’s willful commission or participation in any violation of any law, rule or regulation applicable to the Company (unless Participant had a reasonable good faith belief that the act, omission or failure to act in question was not a violation of such law, rule or regulation) and such violation has materially and adversely affected the Company’s reputation or business or Participant’s ability to be associated with an investment company or an investment advisor, (iii) Participant’s theft, embezzlement or fraud in connection with the performance of his or her duties for the Firm, and (iv) Participant is convicted of, or plead guilty or nolo contendere to, a crime committed during the course of Participant’s employment with, and performance of duties on behalf of, the Firm that the Committee, acting in good faith, reasonably determines is likely to have a material and adverse effect on the reputation or business of the Company.

Clawback Event means a required recoupment of Incentive-Based Compensation in the event of a Restatement under the Applicable Rules.

Clawback Event means a required recoupment of Incentive-Based Compensation in the event of a Restatement.

Examples of Clawback Event in a sentence

• Relevant Period means the period commencing on the date the Remuneration Committee determines the Clawback Event to have first commenced and ending on the expiry of the Clawback Period.

• If the Commissions’ failure to provide any required details results in a VPRA Funding Partner Clawback Event, then the Commissions, and not VPRA, shall be fully responsible to make any associated repayments to the applicable VPRA Funding Partners.

• At the same time as the Recipient provides the Accountable Body with its final report, it shall propose in writing a Completion Date for the purposes of calculating any repayments that may become due in the event a Clawback Event occurs (Completion Date Notice).

• This Subsection does not increase the Insurer’s maximum liability with respect to such Claim, Inquiry, Freedom Protection Event or Compensation Clawback Event, which is also subject to the Combined Aggregate Limit of Liability as set forth in Item 2 of the Declarations.

• If the Board determines that a Clawback Event has occurred, the Board may, in its absolute discretion and subject to Applicable Law, take any steps that it determines necessary to ensure that no unfair benefit is or has been obtained by the Participant (or, if the Participant is a Nominated Party, the Eligible Person in respect of that Participant).

More Definitions of Clawback Event

Clawback Event means a circumstance determined by the Directors including (but without limitation):

Clawback Event means either (i) a required recoupment of Incentive-Based Compensation in the event of a Restatement or (ii) a discretionary recoupment of Clawback Compensation pursuant to Section VII of this Policy.

Clawback Event. An event that results in the Board becoming entitled to lower the amount of incentive compensation of any individual pursuant to the Company’s Incentive Compensation Repayment Policy, as described in the Company’s proxy statement for its 2020 annual meeting of shareholders, and determined as if such Policy remains in effect, unamended, for the entire Standstill Period, regardless of whether such compensation is actually lowered. Code: The Internal Revenue Code of 1986, as amended, and any successor statute (together with all rules and regulations promulgated thereunder).

Clawback Event means the good faith determination, within 12 months following the termination of employment but before a Change-in-Control (as defined in the Plan), that one of the following has occurred (i) any act or omission constituting misconduct that is a significant contributing factor to the Company having to restate its financial statements, (ii) the fact that the Company’s financial results, as used to determine the Executive’s incentive compensation, are found to reflect a material error or otherwise be materially inaccurate, whether or not the Executive was responsible for, or the Executive’s actions were a significant contributing factor with respect to, the inaccuracy (provided that, in the event the Executive was not responsible for, or the Executive’s actions were not a significant contributing factor with respect to, the inaccuracy, the Clawback Amount will be limited to the after-tax cash value of excess incentive compensation received by the Executive in cash or the after-tax number of shares of Company stock received by the Executive in the case of incentive compensation paid in Company stock), (iii) the Company learns after the Executive’s termination of employment that the Executive engaged in conduct that is or could have been a basis for termination for Cause under this Agreement and which causes a material and adverse reputational or financial harm to the Company and/or (iv) the Executive breaches any provision of this Agreement in any material respect, including, without limitation, Section 11 hereof, or any of the restrictive covenants and other provisions contained in Section 9 of the Agreement and the cooperation provisions contained in Section 10 of the Agreement.

Clawback Event has the meaning set forth in Section 2.8(a).

Clawback Event means a required recovery of Clawback Compensation in the event of a Restatement.

Clawback Event means a required compensation recovery of Incentive-Based Compensation in the event of a Restatement.