SEC Contract Filing

Filing Date: 2024-03-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>5
<FILENAME>exhibit1019-clawbackpolicy.htm
<DESCRIPTION>EX-10.19
<TEXT>
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<title>Document</title></head><body><div id="i4ada091336034a7fbfb4d767be50ec99_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Exhibit 10.19</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">MVB FINANCIAL CORP.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CLAWBACK POLICY</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:26pt">Purpose&#59; Overview. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The purpose of this Clawback Policy (this &#8220;Policy&#8221;) is to set forth the circumstances under which a Covered Executive will be required to repay or return Erroneously Awarded Compensation to the Company. The Board of Directors (the &#8220;Board&#8221;) of MVB Financial Corp. (together with its Affiliates, the &#8220;Company&#8221;) has adopted this Policy in accordance with the terms herein and is intended to comply with Nasdaq Listing Rule 5608, as such rule may be amended from time to time (the &#8220;Listing Rule&#8221;). Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms under Section 11 of this Policy.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:26pt">Recovery of Erroneously Awarded Compensation. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Upon the occurrence of a Restatement, if the Committee determines that a Covered Executive Received any Erroneously Awarded Compensation, the Company shall reasonably promptly take steps to recover such Erroneously Awarded Compensation, and each Covered Executive shall be required to take all actions necessary to enable such recovery, provided, however, that there shall be no duplication of recovery under this Policy and any of Section 304 of The Sarbanes-Oxley Act of 2002, Section 10D of the Exchange Act, or provisions or terms of other Company policies or compensation plans or awards. In no event shall the Company be required to award a Covered Executive an additional payment if the restated or accurate financial results would have resulted in a higher Incentive Compensation payment.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;padding-left:26pt">Means of Recovery</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. The Committee shall determine, in its sole discretion and in a manner that effectuates the purpose of the Listing Rule, one or more methods for recovering any Erroneously Awarded Compensation hereunder, which may include, without limitation&#58; (i) requiring cash reimbursement of cash Incentive Compensation previously paid&#59; (ii) seeking recovery or forfeiture of any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity-based awards granted as Incentive Compensation&#59; (iii) offsetting the amount to be recovered from any compensation otherwise owed by the Company to the Covered Executive, or forfeiture of deferred compensation, to the extent consistent with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder&#59; (iv) cancelling outstanding, or forfeiting of, vested or unvested cash or equity awards (including those subject to service-based and&#47;or performance-based vesting conditions, or for which such conditions have been satisfied)&#59; (v) cancelling, offsetting or reducing future compensation&#59; and&#47;or (vi) taking any other remedial and recovery action permitted by law, as determined by the Committee. Notwithstanding the foregoing, the Company makes no guarantee as to the treatment of such amounts under Section 409A, and shall have no liability with respect thereto.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;padding-left:26pt">Exceptions to the Recovery Requirement. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Notwithstanding anything in this Policy to the contrary, Erroneously Awarded Compensation need not be recovered </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font>