SEC Contract Filing

Filing Date: 2023-03-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>3
<FILENAME>ex1011execclawback.htm
<DESCRIPTION>EX-10.11
<TEXT>
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<title>Document</title></head><body><div id="iabba7c67a8b544f28a10076ec560a904_33"></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:400;line-height:120%">EXHIBIT 10.11</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:107%">DOUGLAS ELLIMAN INC. </font></div><div style="text-align:center;text-indent:0.35pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:107%">EXECUTIVE COMPENSATION CLAWBACK POLICY </font></div><div style="text-align:center;text-indent:0.35pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:107%">(ADOPTED AS OF DECEMBER 22, 2021)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:13pt;font-weight:400;line-height:107%"> </font></div><div style="margin-top:6pt;text-indent:-0.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">GENERAL </font></div><div style="margin-top:6pt;text-indent:-0.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As a condition to receiving bonus and incentive-based compensation from Douglas Elliman Inc. </font></div><div style="margin-top:6pt;text-indent:-0.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(the &#8220;Company&#8221;) and its subsidiaries, each executive officer named in the summary compensation table of the Company&#8217;s proxy statement (a &#8220;NEO&#8221;) shall enter into an agreement with the Company providing that any performance-based compensation awarded, paid or payable by the Company or any of its subsidiaries subsequent to the date of adoption of this Policy shall be subject to </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">recovery</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> or &#8220;clawback&#8221; by the Company pursuant to this policy. </font></div><div style="margin-top:6pt;text-indent:-0.75pt"><font style="color:#010000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">II. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">PROCEDURE </font></div><div style="margin-top:6pt;text-indent:-0.75pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">a. In the event of a restatement of the Company&#8217;s financial results (other than due to a change in applicable accounting methods, rules or interpretations) the result of which is that any performance-based compensation paid would have been lower had it been calculated based on such restated results, the Compensation and Human Capital Committee of the Board of Directors (the &#8220;Committee&#8221;) shall review such performance-based compensation. <br></font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-right:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">b. If the Committee determines that the amount of any such performance-based compensation actually paid or awarded to a NEO (the &#8220;Awarded Compensation&#8221;) would have been a lower amount had it been calculated based on such restated financial statement (the &#8220;Actual Compensation&#8221;), and that such NEO engaged in fraud, material financial or ethical misconduct or recklessness in the performance of the NEO&#8217;s duties, which materially contributed to the need for such restatement, then the Committee shall, except as provided below, seek to recover for the benefit of the Company the after-tax portion of the difference between the Awarded Compensation and the Actual Compensation (such difference, the &#8220;Excess Compensation&#8221;). In determining the after-tax portion of such Excess Compensation, the Committee shall take into account its good faith estimate of the value of any tax deduction available to the NEO in respect of such repayment. <br></font></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-right:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">c. The Committee shall not seek recovery to the extent it determines (i) that to do so would be unreasonable or (ii) that it would be better for the Company not to do so. In making such determination, the Committee shall take into account such considerations as it deems appropriate, including without limitation (A) the likelihood of success under governing law versus the cost and effort involved, (B) whether the assertion of a claim may prejudice the interests of the Company, including in any related proceeding or investigation, (C) the passage of time since the occurrence of the act in respect of th