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C » Topics » Recoup Unearned Management Bonuses

This excerpt taken from the C DEF 14A filed Mar 14, 2006.

Recoup Unearned Management Bonuses

 

RESOLVED: Recoup Discredited and/or Unearned Management Bonuses. Shareholders request that our board adopt a policy (in our bylaws if practicable) whereby, in the event of a significant negative restatement of earnings or significant extraordinary write-off, our board will recoup, to the fullest extent practicable, for the benefit of our Company all performance-based bonuses or awards that were made to senior executives based on having met or exceeded specific performance targets to the extent that the specified performance targets were not met.

 

This would include that all applicable employment agreements and compensation plans adopt corresponding text in an expedited manner as soon as feasibly possible. This proposal is not intended to unnecessarily limit our Board’s judgment in crafting this requested change in accordance with applicable laws and existing contracts and pay plans.

 

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