Charles & Colvard Ltd.
11/28/2023 | Press release | Distributed by Public on 11/28/2023 15:16
Management Change/Compensation - Form 8-K
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 22, 2023, the Board of Directors of Charles & Colvard, Ltd. adopted an Incentive-Based Compensation Recovery Policy (the "Clawback Policy") in order to comply with Section 10D of the Securities Exchange Act of 1934 (the "Exchange Act"), Rule 10D-1 of the Exchange Act and the listing standards adopted by the Nasdaq Stock Market.
The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers (as defined in the Clawback Policy) of the Company in the event that the Company is required to prepare an accounting restatement.
The foregoing description of the Clawback Policy is a summary only and is qualified in its entirety by reference to the full text of the Clawback Policy, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated herein by reference.