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For purposes of this Policy,
“Incentive-Based Compensation” means any compensation that is granted, earned,
or vested based
wholly or in part upon the attainment of a financial reporting measure, which means
a measure that is determined and presented in
accordance with the accounting principles used in preparing the Company’s
financial statements, and any measure that is derived
wholly or in part from such measures. For avoidance of doubt, a financial reporting
measure need not be presented within the
Company’s financial statements
or included in a filing with the Securities and Exchange Commission. Financial
reporting
measures include, but are not limited to: Company stock price; total shareholder
return; revenues; net income; operating income;
earnings before interest, taxes, depreciation, and amortization; financial
ratios; profitability of one or more reportable segments;
net assets or net asset value per share; funds from operations; liquidity measures
such as working capital or operating cash flow;
return measures such as return on invested capital or return on assets; and earnings
measures such as earnings per share.
Excess Incentive-Based Compensation: Amount Subject to
Recovery
The amount to be recovered will be the excess of the Incentive-Based Compensation
paid to the Covered Executive based on the
erroneous data over the Incentive-Based Compensation that would have
been paid to the Covered Executive had it been based on
the restated results, as determined by the Committee. The amount of recovery
will be computed without regard to any taxes paid.
If the Committee cannot determine the amount of excess Incentive-Based Compensation
received by the Covered Executive
directly from the information in the accounting restatement, then it will make
its determination based on a reasonable estimate of
the effect of the accounting restatement.
Method of Recoupment
The Committee will determine, in its sole discretion, the method for recouping
Incentive-Based Compensation hereunder, which
may include, without limitation, one or more of the following: (a) requiring reimbursement
of cash Incentive-Based
Compensation previously paid; (b) seeking recovery of any gain realized
on the vesting, exercise, settlement, sale, transfer, or
other disposition of any equity-based awards; (c) offsetting
the recouped amount from any compensation otherwise owed by the
Company to the Covered Executive; (d) cancelling outstanding vested or unvested
equity awards; or (e) taking any other remedial
and recovery action permitted by law.
If a Covered Executive fails to repay Incentive-Based Compensation
that is owed to the Company under this Policy,
the Company
shall take all appropriate action to recover such Incentive-Based Compensation
from the Covered Executive, and the Covered
Executive shall be required to reimburse the Company for all expenses (including
legal expenses) incurred by the Company in
recovering such Incentive-Based Compensation.
No Indemnification
The Company shall not (a) indemnify any Covered Executive against the loss of
any incorrectly awarded Incentive-Based
Compensation that is forfeited or recovered pursuant to this Policy or (b) pay or reimburse
the Covered Executives for premiums
for any insurance policy covering any such potential losses.
Interpretation
It is intended that this Policy be interpreted in a manner that is consistent with the requirements
of Section 10D of the Exchange
Act and any applicable rules or standards adopted by the Securities and Exchange
Commission or any national securities
exchange on which the Company’s
securities are listed (together, the “Applicable Laws”).
To the extent the Applicable Laws
require recovery of Incentive-Based Compensation in additional circumstances
beyond those specified in this Policy,
nothing in
this Policy shall be deemed to limit or restrict the right or obligation of the Company to
recover Incentive-Based Compensation to
the fullest extent required by the Applicable Laws.
Effective Date
This Policy shall be effective as of October 2, 2023 (the “Effective
Date”) and shall apply to Incentive-Based Compensation that
is approved, awarded or granted to Covered Executives on or after
that date.
Amendment; Termination
The Board may amend this Policy from time to time in its discretion. The Board may terminate
this Policy at any time, except as
may be provided under Applicable Laws.
Other Recoupment Rights