Section 304 -- Forfeiture of Certain Bonuses and Profits
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--
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
any profits realized from the sale of securities
of the issuer during that 12-month period.
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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