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Sarbanes Oxley
Act |
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SEC. 304.
FORFEITURE OF CERTAIN BONUSES AND PROFITS.
(a) ADDITIONAL COMPENSATION PRIOR TO
NONCOMPLIANCE WITH
COMMISSION FINANCIAL
REPORTING REQUIREMENTS.— If an
issuer
is required
to prepare an accounting restatement due to
the material
noncompliance
of the issuer, as a result of misconduct, with
any
financial
reporting requirement under the securities
laws, the chief
executive
officer and chief financial officer of the
issuer shall
reimburse the
issuer for—
(1) any bonus
or other incentive-based or equity-based
compensation
received by
that person from the issuer during the
12-month
period following the first public issuance or
filing
with the
Commission (whichever first occurs) of the
financial
document
embodying such financial reporting
requirement; and
(2) any
profits realized from the sale of securities
of the
issuer during
that 12-month period.
(b) COMMISSION
EXEMPTION AUTHORITY.—The Commission
may
exempt any
person from the application of subsection (a),
as it
deems
necessary and appropriate.
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