Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 2.50M
2: EX-3.2 Articles of Incorporation/Organization or Bylaws HTML 186K
3: EX-10.19 Material Contract HTML 132K
4: EX-10.20 Material Contract HTML 162K
5: EX-10.21 Material Contract HTML 168K
6: EX-10.22 Material Contract HTML 149K
7: EX-21 Subsidiaries List HTML 38K
8: EX-22 Published Report re: Matters Submitted to a Vote HTML 36K
of Security Holders
9: EX-23.1 Consent of Expert or Counsel HTML 36K
14: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 63K Awarded Compensation
10: EX-31.1 Certification -- §302 - SOA'02 HTML 38K
11: EX-31.2 Certification -- §302 - SOA'02 HTML 38K
12: EX-32.1 Certification -- §906 - SOA'02 HTML 35K
13: EX-32.2 Certification -- §906 - SOA'02 HTML 36K
20: R1 Cover HTML 100K
21: R2 Audit Information HTML 40K
22: R3 Consolidated Balance Sheets HTML 155K
23: R4 Consolidated Balance Sheets (Parenthetical) HTML 55K
24: R5 Consolidated Statements of Operations HTML 120K
25: R6 Consolidated Statements of Comprehensive Income HTML 71K
26: R7 Consolidated Statements of Equity HTML 107K
27: R8 Consolidated Statements of Equity (Parenthetical) HTML 36K
28: R9 Consolidated Statements of Cash Flows HTML 140K
29: R10 Nature of Operations and Basis of Presentation HTML 41K
30: R11 Accounting Standards HTML 51K
31: R12 Summary of Significant Accounting Policies HTML 109K
32: R13 Revenues HTML 165K
33: R14 Acquisitions and Divestitures HTML 68K
34: R15 Receivables HTML 45K
35: R16 Inventory HTML 43K
36: R17 Goodwill and Intangible Assets HTML 109K
37: R18 Property Plant and Equipment HTML 51K
38: R19 Leases HTML 446K
39: R20 Fair Value Measurements HTML 49K
40: R21 Derivative Instruments HTML 51K
41: R22 Debt HTML 94K
42: R23 Accumulated Other Comprehensive Income (Loss) HTML 66K
43: R24 Composition of Certain Financial Statement HTML 63K
Captions
44: R25 Earnings Per Share ("Eps") HTML 47K
45: R26 Stock-Based Compensation HTML 135K
46: R27 Income Taxes HTML 138K
47: R28 Retirement Plans HTML 47K
48: R29 Business Segments HTML 77K
49: R30 Commitments and Contingencies HTML 54K
50: R31 Subsequent Events HTML 37K
51: R32 Pay vs Performance Disclosure HTML 47K
52: R33 Insider Trading Arrangements HTML 40K
53: R34 Summary of Significant Accounting Policies HTML 162K
(Policies)
54: R35 Summary of Significant Accounting Policies HTML 76K
(Tables)
55: R36 Revenues (Tables) HTML 158K
56: R37 Acquisitions and Divestitures (Tables) HTML 64K
57: R38 Receivables (Tables) HTML 43K
58: R39 Inventory (Tables) HTML 44K
59: R40 Goodwill and Intangible Assets (Tables) HTML 111K
60: R41 Property Plant and Equipment (Tables) HTML 56K
61: R42 Leases (Tables) HTML 190K
62: R43 Fair Value Measurements (Tables) HTML 44K
63: R44 Derivative Instruments (Tables) HTML 51K
64: R45 Debt (Tables) HTML 93K
65: R46 Accumulated Other Comprehensive Income (Loss) HTML 65K
(Tables)
66: R47 Composition of Certain Financial Statement HTML 63K
Captions (Tables)
67: R48 Earnings Per Share ("Eps") (Tables) HTML 44K
68: R49 Stock-Based Compensation (Tables) HTML 134K
69: R50 Income Taxes (Tables) HTML 141K
70: R51 Business Segments (Tables) HTML 67K
71: R52 Commitments and Contingencies (Tables) HTML 42K
72: R53 Nature of Operations and Basis of Presentation HTML 73K
(Details)
73: R54 Summary of Significant Accounting Policies HTML 42K
(Changes in Estimates on Contracts for the Periods
Presented) (Details)
74: R55 Summary of Significant Accounting Policies HTML 50K
(Narrative) (Details)
75: R56 Summary of Significant Accounting Policies HTML 51K
(Finite-Lived Intangible Assets) (Details)
76: R57 Summary of Significant Accounting Policies HTML 49K
(Depreciation using Estimated Useful Lives)
(Details)
77: R58 Revenues (Narrative) (Details) HTML 53K
78: R59 Revenues (Disaggregated Revenue) (Details) HTML 94K
79: R60 Revenues (Components of Contract Assets and HTML 42K
Contract Liabilities) (Details)
80: R61 Acquisitions and Divestitures (Narrative) HTML 88K
(Details)
81: R62 Acquisitions and Divestitures (Intangible Assets HTML 58K
Acquired) (Details)
82: R63 Acquisitions and Divestitures (Acquisition HTML 42K
Expenses Incurred) (Details)
83: R64 Acquisitions and Divestitures (Divestitures) HTML 44K
(Details)
84: R65 Receivables (Components of Receivables) (Details) HTML 43K
85: R66 Receivables (Narrative) (Details) HTML 40K
86: R67 Inventory (Details) HTML 44K
87: R68 Goodwill and Intangible Assets (Changes in HTML 67K
Goodwill by Segment) (Details)
88: R69 Goodwill and Intangible Assets (Narrative) HTML 55K
(Details)
89: R70 Goodwill and Intangible Assets (Intangible Assets) HTML 66K
(Details)
90: R71 Goodwill and Intangible Assets (Estimated Annual HTML 50K
Amortization Expense) (Details)
91: R72 Property Plant and Equipment (Property, Plant and HTML 59K
Equipment) (Details)
92: R73 Property, Plant, and Equipment (Narrative) HTML 36K
(Details)
93: R74 Leases (ROU Assets and Lease Liabilities) HTML 64K
(Details)
94: R75 Leases (Narrative) (Details) HTML 55K
95: R76 Leases (Lease Cost) (Details) HTML 54K
96: R77 Leases (Other Information Related to Leases) HTML 61K
(Details)
97: R78 Leases (Future Minimum Lease Commitments) HTML 74K
(Details)
98: R79 Leases (Components of Lease Income) (Details) HTML 56K
99: R80 Leases (Undiscounted Cash Flows for Sales-Type and HTML 67K
Operating Leases) (Details)
100: R81 Fair Value Measurements (Financial Instruments HTML 51K
Measured at Fair Value on Recurring Basis)
(Details)
101: R82 Fair Value Measurements (Narrative) (Details) HTML 51K
102: R83 Derivative Instruments (Interest Rate Swaps) HTML 41K
(Details)
103: R84 Derivative Instruments (Narrative) (Details) HTML 48K
104: R85 Derivative Instruments (Effect of Cash Flow Hedge HTML 45K
) (Details)
105: R86 Debt (Company's Debt) (Details) HTML 109K
106: R87 Debt (Narrative) (Details) HTML 116K
107: R88 Debt (Maturities of Notes Payable and Long-Term HTML 58K
Debt) (Details)
108: R89 Accumulated Other Comprehensive Income (Loss) HTML 74K
(Details)
109: R90 Composition of Certain Financial Statement HTML 72K
Captions (Details)
110: R91 Earnings Per Share ("Eps") (Weighted Average HTML 43K
Number of Shares used to Compute Basic and Diluted
EPS) (Details)
111: R92 Earnings Per Share ("Eps") (Narrative) (Details) HTML 44K
112: R93 Stock-Based Compensation (Narrative) (Details) HTML 75K
113: R94 Stock-Based Compensation (Stock-Based Compensation HTML 39K
and Related Tax Benefits Recognized) (Details)
114: R95 Stock-Based Compensation (Stock options) (Details) HTML 72K
115: R96 Stock-Based Compensation (Weighted Average HTML 61K
Grant-Date Fair Value and Assumptions Used)
(Details)
116: R97 Stock-Based Compensation (Stock Option Activity) HTML 91K
(Details)
117: R98 Stock-Based Compensation (RSU and Awards Activity) HTML 92K
(Details)
118: R99 Stock-Based Compensation (Performance-Based Stock HTML 63K
Award Activity) (Details)
119: R100 Income Taxes (Provision for Income Taxes) HTML 56K
(Details)
120: R101 Income Taxes (Reconciliation of Provision for HTML 63K
Income Taxes) (Details)
121: R102 Income Taxes (Deferred Tax Assets (Liabilities)) HTML 79K
(Details)
122: R103 Income Taxes (Narrative) (Details) HTML 59K
123: R104 Income Taxes (Income Tax Related Balance on HTML 58K
Balance Sheet) (Details)
124: R105 Income Taxes (Changes in Unrecognized Tax HTML 53K
Benefits) (Details)
125: R106 Retirement Plans (Details) HTML 62K
126: R107 Business Segments (Narrative) (Details) HTML 49K
127: R108 Business Segments (Segment Reporting Information HTML 63K
by Segment) (Details)
128: R109 Commitments and Contingencies (Narrative) HTML 64K
(Details)
129: R110 Commitments and Contingencies (Future Expirations HTML 47K
Maturity Table) (Details)
130: R111 Subsequent Events (Details) HTML 39K
132: XML IDEA XML File -- Filing Summary XML 245K
135: XML XBRL Instance -- ldos-20231229_htm XML 3.76M
131: EXCEL IDEA Workbook of Financial Report Info XLSX 247K
16: EX-101.CAL XBRL Calculations -- ldos-20231229_cal XML 364K
17: EX-101.DEF XBRL Definitions -- ldos-20231229_def XML 882K
18: EX-101.LAB XBRL Labels -- ldos-20231229_lab XML 2.91M
19: EX-101.PRE XBRL Presentations -- ldos-20231229_pre XML 1.69M
15: EX-101.SCH XBRL Schema -- ldos-20231229 XSD 267K
133: JSON XBRL Instance as JSON Data -- MetaLinks 781± 1.16M
134: ZIP XBRL Zipped Folder -- 0001336920-24-000008-xbrl Zip 1.18M
‘EX-97.1’ — Clawback Policy re: Recovery of Erroneously Awarded Compensation
This Leidos Holdings, Inc. Financial Restatement Compensation Clawback Policy (“Policy”) has been adopted by the Human Resources and Compensation Committee of the Board of Directors (the “Board”) of Leidos Holdings, Inc. (the “Company”)
on October 26, 2023. This Policy provides for the clawback of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under U.S. federal securities laws in accordance with the terms and conditions set forth herein. This Policy is intended to comply with the requirements of Section 10D of the Exchange Act (as defined below) and Section 303A.14 of the NYSE Listed Company Manual.
1.Definitions. For the purposes of this Policy, the following terms shall have the meanings set forth below. Capitalized terms used but not defined in this Policy shall have the meanings set forth in the Leidos Holdings, Inc. Amended and Restated 2017 Omnibus Incentive Plan (as may be amended from time to time).
(a)“Committee”
means the Human Resources and Compensation Committee of the Board. If there is no Human Resources and Compensation Committee of the Board, references herein to the “Committee” shall refer to the Company’s committee of independent directors that is responsible for executive compensation decisions, or in the absence of such a compensation committee, the independent members of the Board.
(b)“Covered Compensation” means any Incentive-based Compensation “received” by a Covered Executive during the applicable Clawback Period; provided that:
(i) such Covered Compensation was received by
such Covered Executive (A) on or after the Effective Date, (B) after he or she commenced service as an Executive Officer and (C) while the Company had a class of securities publicly listed on a United States national securities exchange; and
(ii) such Covered Executive served as an Executive Officer at any time during the performance period in respect of such Incentive-based Compensation.
For purposes of this Policy, Incentive-based Compensation is “received” by a Covered Executive during the fiscal period in which the Financial Reporting Measure applicable to such Incentive-based Compensation (or portion thereof) is attained, even if the payment or grant of such Incentive-based Compensation occurs thereafter.
(c)“Covered
Executive” means any (i) current or former Executive Officer and (ii) any other employee of the Company and its subsidiaries designated by the Committee as subject to this Policy from time to time.
(d)“Effective Date” means the date on which Section 303A.14 of the NYSE Listed Company Manual, or such other listing standards implementing Section 10D of the Exchange Act of the national securities exchange on which the Company’s securities are listed become effective.
(e)“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.
(f)“Executive Officer” means, with respect to the Company, (i) its president, (ii) its principal financial officer, (iii) its principal accounting officer (or if there is no such accounting officer, its controller), (iv) any vice-president in charge of a principal business unit, division or function (such as sales, administration or finance), (v) any other officer who performs a policy-making function for the Company (including any officer of the Company’s parent(s) or subsidiaries
if they perform policy-making functions for the Company), and (vi) any other person who performs similar policy-making functions for the Company. Policy-making function is not intended to include policy-making functions that are not significant.
(g)“Financial Reporting Measure” means any (i) measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, (ii) stock price measure or (iii) total shareholder return measure (and any measures that are derived wholly or in part from any measure
referenced in clause (i), (ii) or (iii) above). For the avoidance of doubt, a Financial Reporting Measure does not need to be presented within the Company’s financial statements or included in a filing with the U.S. Securities and Exchange Commission.
(h)“Financial Restatement” means a restatement of the Company’s financial statements due to the material noncompliance of the Company with any financial reporting requirement under U.S. federal securities laws that is required in order to correct:
(i)an
error in previously issued financial statements that is material to the previously issued financial statements; or
(ii) an error that would result in a material misstatement if the error were (A) corrected in the current period or (B) left uncorrected in the current period.
For purposes of this Policy, a Financial Restatement shall not be deemed to occur in the event of a restatement of the Company’s financial statements due to an out-of-period adjustment or a retrospective (1) application of a change in accounting principles; (2) revision to reportable segment information due to a change in the structure of the Company’s internal organization; (3) reclassification due
to a discontinued operation; (4) application of a change in reporting entity, such as from a reorganization of entities under common control; or (5) revision for stock splits, reverse stock splits, stock dividends, or other changes in capital structure.
(j)“Financial Restatement Preparation Date” means the earlier of (i) the date that the Board (or a committee thereof, or the officer(s) of the Company authorized to take such action if Board action is not required) concludes, or reasonably should have concluded, that the Company is required to prepare a Financial Restatement, and (ii) the date on which a court, regulator or other legally authorized
body causes the Company to prepare a Financial Restatement.
(k)“Incentive-based Compensation” means any compensation (including, for the avoidance of doubt, any cash or equity or equity-based compensation, whether deferred or current) that is granted, earned and/or vested based wholly or in part upon the achievement of a Financial Reporting Measure. For purposes of this Policy, “Incentive-based Compensation” shall also be deemed to include any amounts which were determined based on (or were otherwise calculated by reference to) Incentive-based Compensation (including, without limitation, any amounts under any long-term disability, life insurance or supplemental retirement plan or any
notional account that is based on Incentive-based Compensation, as well as any earnings accrued thereon).
(l)“NYSE” means the New York Stock Exchange, or any successor thereof.
(m)“Clawback Period” means the three fiscal years completed immediately preceding the date of any applicable Financial Restatement Preparation Date. Notwithstanding the foregoing, the Clawback Period additionally includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years, provided that a transition period between the last day of
the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine (9) to twelve (12) months would be deemed a completed fiscal year.
2.Clawback of Erroneously Awarded Compensation.
(a)In the event of a Financial Restatement, if the amount of any Covered Compensation received by a Covered Executive (the “Awarded Compensation”) exceeds the amount of such Covered Compensation that would have otherwise been received by such Covered Executive if calculated based on the Financial Restatement (the “Adjusted Compensation”), the
Company shall reasonably promptly recover from such Covered Executive an amount equal to the excess of the Awarded Compensation over the Adjusted Compensation (such excess amount, the “Erroneously Awarded Compensation”), subject to Section (2)(b) hereof.
(b)If the Financial Reporting Measure applicable to the relevant Covered Compensation is a stock price or total shareholder return measure (or any measure derived wholly or in part from either such measures), if the amount of such Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the Financial Restatement, then the amount of the Erroneously Awarded Compensation shall be determined based on the Company’s reasonable estimate of the effect of the Financial
Restatement on the Company’s stock price or total shareholder return (or the derivative measure thereof) upon which such Covered Compensation was received.
(c)The amount of Erroneously Awarded Compensation shall be calculated on a pre-tax basis.
(d)For the avoidance of doubt, the Company’s obligation to recover Erroneously Awarded Compensation is not dependent on (i) if or when the restated financial statements are filed; or (ii) any fault of the Covered Executive for the accounting errors leading to a restatement.
.
2
(e)Notwithstanding
anything to the contrary in Sections 2(a) through (d) hereof, the Company shall not be required to recover any Erroneously Awarded Compensation in the event that (x) the conditions set forth in either of clause (i) or (ii) are satisfied and (y) the Committee (or a majority of the independent directors serving on the Board) has made a determination that recovery of the Erroneously Awarded Compensation would be impracticable:
(i)the direct expense paid to a third party to assist in enforcing the recovery of the Erroneously Awarded Compensation under this Policy would exceed the amount of such Erroneously Awarded Compensation to be recovered; provided that, before concluding that it would be impracticable to recover any amount of Erroneously
Awarded Compensation pursuant to this Section 2(e), the Company shall have first made a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to make such recovery, and provide that documentation to the NYSE; or
(ii)recovery of the Erroneously Awarded Compensation would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Sections 401(a)(13) or 411(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
(f)The
Company shall not indemnify any Covered Executive, directly or indirectly, for any losses that such Covered Executive may incur in connection with the recovery of Erroneously Awarded Compensation pursuant to this Policy, including through the payment of insurance premiums or gross-up payments.
(g)The Committee shall determine, in its discretion, the manner and timing in which any Erroneously Awarded Compensation shall be recovered from a Covered Executive in accordance with applicable law, including, without limitation, by (i) requiring reimbursement of Covered Compensation previously paid in cash; (ii) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity or equity-based awards; (iii) offsetting the Erroneously Awarded Compensation amount from any compensation otherwise owed by the
Company or any of its affiliates to the Covered Executive; (iv) cancelling outstanding vested or unvested equity or equity-based awards; and/or (v) taking any other remedial and recovery action permitted by applicable law. For the avoidance of doubt, except as set forth in Section 2(e), in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation; provided that, to the extent necessary to avoid any adverse tax consequences to the Covered Executive pursuant to Section 409A of the Code, any offsets against amounts under any nonqualified deferred compensation plans (as defined under Section 409A of Code) shall be made in compliance with Section 409A of the Code.
3.Administration.
This Policy shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all the Company and the Covered Executives, their beneficiaries, executors, administrators and any other legal representative. The Committee shall have full power and authority to (i) administer and interpret this Policy, (ii) correct any defect, supply any omission, and reconcile any inconsistency in this Policy and (iii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this Policy and to comply with applicable law (including Section 10D of the Exchange Act) and applicable stock market or exchange rules and regulations. Notwithstanding anything to the contrary contained herein, to the extent permitted by Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company
Manual, the Board may, in its sole discretion, at any time and from time to time, administer this Policy.
4.Amendment/Termination. Subject to Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual, this Policy may be amended or terminated by the Committee at any time. To the extent that any applicable law, or stock market or exchange rules or regulations require recovery of Erroneously Awarded Compensation in circumstances in addition to those specified herein, nothing in this Policy shall be deemed to limit or restrict the right or obligation of the Company to recover Erroneously Awarded Compensation to the fullest extent required by such applicable law, stock market or exchange rules and regulations. Unless otherwise required
by applicable law, this Policy shall no longer be effective from and after the date that the Company no longer has a class of securities publicly listed on a United States national securities exchange.
5.Interpretation. Notwithstanding anything to the contrary herein, this Policy is intended to comply with the requirements of Section 10D of the Exchange Act and Section 303A.14 of the NYSE Listed Company Manual (and any applicable regulations, administrative interpretations or stock market or exchange rules and regulations adopted in connection therewith), and the provisions of this Policy shall be interpreted in a manner that satisfies such requirements, and this Policy shall be operated accordingly. If any provision of this Policy would otherwise frustrate
or conflict with this intent, the provision shall be interpreted and deemed amended so as to avoid this conflict.
.
3
6.Other Compensation Clawback/Clawback Rights.
Any right of clawback under this Policy is in addition to, and not in lieu of, any other remedies, rights, or requirements with respect to the clawback or clawback of any compensation that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, offer letter, equity award agreement or similar agreement and any other legal remedies available to the Company, as well as applicable law, stock market or exchange rules, listing standards or regulations; provided, however, that any amounts recouped or clawed back under any other policy shall count toward any required clawback or clawback under this Policy and vice versa.
7.
Exempt Compensation. Notwithstanding anything to the contrary herein, the Company has no obligation to seek clawback of amounts paid to a Covered Executive which are granted, vested or earned based solely upon the occurrence or non-occurrence of nonfinancial events. Such exempt compensation includes, without limitation, base salary, time-vesting awards, compensation awarded on the basis of the achievement of metrics that are not Financial Reporting Measures or compensation awarded solely at the discretion of the Committee or the Board, provided, that such amounts are in no way contingent on the achievement of any Financial Reporting Measure.
8.Miscellaneous.
(a)Any
applicable award agreement or other document setting forth the terms and conditions of any compensation covered by this Policy shall be deemed to include the restrictions imposed herein and incorporate this Policy by reference and, in the event of any inconsistency, the terms of this Policy will govern. For the avoidance of doubt, this Policy applies to all compensation that is received on or after the Effective Date, regardless of the date on which the award agreement or other document setting forth the terms and conditions of the Covered Executive’s compensation became effective.
(b)This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.
(c)All issues concerning the construction, validity,
enforcement and interpretation of this Policy and all related documents, including, without limitation, any employment agreement, offer letter, equity award agreement or similar agreement, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
(d)The Covered Executives, their beneficiaries, executors, administrators, and any other legal representative and the Company shall initially attempt to resolve all claims, disputes or controversies arising under, out of or in connection with this Policy by conducting good faith
negotiations amongst themselves. To ensure the timely and economical resolution of disputes that arise in connection with this Policy, the federal and state courts sitting within the Commonwealth of Virginia shall be the sole and exclusive forums for any and all disputes, claims, or causes of action arising from or relating to the enforcement, performance or interpretation of this Policy. The Covered Executives, their beneficiaries, executors, administrators, and any other legal representative and the Company, shall not commence any suit, action or other proceeding arising out of or based upon this Agreement except in the United States District Court for the Eastern District of Virginia or any Virginia court, and hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that such party is not subject to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Policy or the subject matter hereof may not be enforced in or by such courts. The Covered Executives, their beneficiaries, executors, administrators, and any other legal representative, and the Company, shall waive the right to resolve any such dispute through a trial by jury.
(e)If any provision of this Policy is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted by applicable law and shall
automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.
.
4
Dates Referenced Herein and Documents Incorporated by Reference