Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Clawback definition

What does Clawback mean? Clawback describes the recovery of money already paid—such as commission, fees or bonuses—where payment was conditional and the condition later fails. It is a descriptive term used across legal contexts; in some areas (notably financial services remuneration) specific triggers and time limits are set by regulation rather than a general statutory definition. A common example is commission clawback in life and protection business. Where initial commission on a regular premium policy is paid on an indemnity basis, it is subject to an earnings period. If the customer stops paying premiums before the end of that period, the adviser must repay the...

Executive bonus clawback deed: recovery of paid bonuses for misstatement, misconduct, error or exceptional circumstances, with repayment, set-off and award reduction mechanisms (England and Wales)

Published by a LexisNexis Share Incentives expert

Precedents

Parties

This Agreement is made on [ date ] between the following parties as set out below:

[ name of employer ] [ Limited OR Plc ], a company incorporated in [ England and Wales ] (registered number [ registered number ]), whose registered office is at [ registered office address ] (the Company); and
[ name of executive ] of [ address of executive ] (the Executive).

Together they are referred to as Parties.

Background

The Company and the Executive are parties to the [ Employment Agreement OR Bonus Agreement ] (as defined below), under which the Executive may receive a discretionary annual bonus.
The Executive has received a conditional award of the Bonus (as defined below) for [ insert relevant year/performance period ].
The Company and the Executive intend to enter into this Agreement to describe the circumstances in which the Company may reclaim all or part of the Bonus in certain specified circumstances...

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Sam Whitaker

Debevoise & Plimpton LLP

Sam is an International Counsel in the London office of Debevoise & Plimpton LLP. He provides the full range of employment and benefits advice on transactions and stand-alone employment matters. He has substantial experience of advising on the employment and benefits aspects of various transactions, including UK listings, share and asset acquisitions and disposals (both UK-based and multi-jurisdictional transactions), joint ventures and other transactions. He provides the full range of stand-alone employment advice including the implementation of employment and benefit arrangements for senior executives, implementing executive severance arrangements, managing UK and international redundancy exercises and related consultation requirements, the establishment of share incentive and bonus plans, employment litigation involving restrictive covenants, unfair and wrongful dismissal and discrimination issues. He also advises on compliance with regulatory requirements on remuneration, in particular the FCA/PRA’s Remuneration Codes and, at a European level, CRDV....

Web page updated on 22/05/2026

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