Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 3.33M
2: EX-10.34 Material Contract HTML 51K
3: EX-21.1 Subsidiaries List HTML 57K
4: EX-23.1 Consent of Expert or Counsel HTML 37K
8: EX-97 Clawback Policy re: Recovery of Erroneously HTML 62K Awarded Compensation
5: EX-31.1 Certification -- §302 - SOA'02 HTML 42K
6: EX-31.2 Certification -- §302 - SOA'02 HTML 42K
7: EX-32.1 Certification -- §906 - SOA'02 HTML 40K
14: R1 Cover HTML 103K
15: R2 Audit Information HTML 42K
16: R3 Consolidated Balance Sheets HTML 155K
17: R4 Consolidated Balance Sheets (Parenthetical) HTML 62K
18: R5 Consolidated Statements of Operations HTML 113K
19: R6 Consolidated Statements of Comprehensive Income HTML 64K
20: R7 Consolidated Statements of Stockholders? Equity HTML 117K
21: R8 Consolidated Statements of Cash Flows HTML 139K
22: R9 Description of the Company HTML 42K
23: R10 Summary of Significant Accounting Policies HTML 238K
24: R11 Related Party Transactions HTML 52K
25: R12 Inventories HTML 45K
26: R13 Other Current Assets HTML 52K
27: R14 Lease Receivable HTML 60K
28: R15 Deferred Costs and Other Contract Assets HTML 47K
29: R16 Property and Equipment, net HTML 58K
30: R17 Intangible Assets, net HTML 108K
31: R18 Goodwill HTML 61K
32: R19 Lessee ROU Assets and Lease Liabilities HTML 58K
33: R20 Other Non-Current Assets HTML 50K
34: R21 Deferred Revenue and Other Contract Liabilities, HTML 57K
Current
35: R22 Other Current Liabilities HTML 54K
36: R23 Debt HTML 71K
37: R24 Other Non-Current Liabilities HTML 50K
38: R25 Derivative Instruments and Hedging Activities HTML 65K
39: R26 Business Combinations HTML 89K
40: R27 Equity HTML 57K
41: R28 Stock-Based Compensation HTML 161K
42: R29 Employee Benefits HTML 121K
43: R30 Non-operating Loss HTML 49K
44: R31 Income Taxes HTML 130K
45: R32 Commitments and Contingencies HTML 66K
46: R33 Segment and Enterprise Reporting HTML 115K
47: R34 Schedule II - Valuation and Qualifying Accounts HTML 68K
48: R35 Pay vs Performance Disclosure HTML 49K
49: R36 Insider Trading Arrangements HTML 43K
50: R37 Summary of Significant Accounting Policies HTML 280K
(Policies)
51: R38 Summary of Significant Accounting Policies HTML 197K
(Tables)
52: R39 Inventories (Tables) HTML 46K
53: R40 Other Current Assets - (Tables) HTML 64K
54: R41 Lease Receivable (Tables) HTML 61K
55: R42 Deferred Costs and Other Contract Assets - HTML 47K
(Tables)
56: R43 Property and Equipment, net (Tables) HTML 60K
57: R44 Intangible Assets, net (Tables) HTML 103K
58: R45 Goodwill - (Tables) HTML 63K
59: R46 Lessee ROU Assets and Lease Liabilities (Tables) HTML 58K
60: R47 Other Non-Current Assets (Tables) HTML 63K
61: R48 Deferred Revenue and Other Contract Liabilities, HTML 53K
Current (Tables)
62: R49 Other Current Liabilities - (Tables) HTML 54K
63: R50 Debt (Tables) HTML 57K
64: R51 Other Non-Current Liabilities - (Tables) HTML 50K
65: R52 Derivative Instruments and Hedging Activities HTML 67K
(Tables)
66: R53 Business Combinations (Tables) HTML 77K
67: R54 Equity (Tables) HTML 48K
68: R55 Stock-Based Compensation - (Tables) HTML 156K
69: R56 Employee Benefits (Tables) HTML 122K
70: R57 Non-operating Loss - (Tables) HTML 48K
71: R58 Income Taxes (Tables) HTML 131K
72: R59 Segment and Enterprise Reporting - (Tables) HTML 110K
73: R60 Summary of Significant Accounting Policies - HTML 121K
Schedule of Financial Assets Measured at Fair
Value on a Recurring Basis (Detail)
74: R61 Summary of Significant Accounting Policies - HTML 59K
Useful Life (Details)
75: R62 Summary of Significant Accounting Policies - HTML 68K
Additional Information (Detail)
76: R63 Summary of Significant Accounting Policies - HTML 49K
Changes in Product Warranty Accrual (Detail)
77: R64 Summary of Significant Accounting Policies - HTML 75K
Computation of Basic and Diluted Net Income Per
Share (Detail)
78: R65 Summary of Significant Accounting Policies-Cash HTML 66K
Flow Information (Details)
79: R66 Related Party Transactions (Detail) HTML 90K
80: R67 Inventories - Components of Inventory (Detail) HTML 47K
81: R68 Other Current Assets - (Details) HTML 59K
82: R69 Lease Receivable (Details) HTML 42K
83: R70 Lease Receivable - Sales-Type (Details) HTML 48K
84: R71 Lease Receivable - Sales-Type Lease, Maturity HTML 77K
(Details)
85: R72 Deferred Costs and Other Contract Assets - HTML 46K
(Details)
86: R73 Property and Equipment, net - Components of HTML 67K
Property and Equipment (Detail)
87: R74 Property and Equipment, net - Additional HTML 50K
Information (Detail)
88: R75 Intangible Assets, net - Schedule of Finite-Lived HTML 100K
Intangible Assets (Details)
89: R76 Intangible Assets, net - Additional Information HTML 68K
(Detail)
90: R77 Intangible Assets, net - Estimated Amortization HTML 53K
Expense (Detail)
91: R78 Goodwill - Changes in Goodwill - (Detail) HTML 54K
92: R79 Lessee ROU Assets and Lease Liabilities - HTML 48K
Narrative (Details)
93: R80 Lessee ROU Assets and Lease Liabilities Lessee - HTML 52K
Operating Lease Balance Sheet Classification
(Details)
94: R81 Lessee ROU Assets and Lease Liabilities - Future HTML 56K
Maturities Operating Lease Payments (Details)
95: R82 Other Non-Current Assets - (Details) HTML 60K
96: R83 Deferred Revenue and Other Contract Liabilities, HTML 51K
Current - Schedule of Deferred Revenue and Other
Contract Liabilities, Current (Details)
97: R84 Deferred Revenue and Other Contract Liabilities, HTML 54K
Current - Narrative (Details)
98: R85 Deferred Revenue and Other Contract Liabilities, HTML 44K
Current - Changes in Deferred Revenue (Details)
99: R86 Other Current Liabilities - (Details) HTML 65K
100: R87 Debt - Schedule of Debt (Details) HTML 56K
101: R88 Debt - Narrative (Details) HTML 146K
102: R89 Debt - Maturity Debt Schedule (Details) HTML 57K
103: R90 Other Non-Current Liabilities - (Detail) HTML 57K
104: R91 Derivative Instruments and Hedging Activities - HTML 50K
Narrative (Details)
105: R92 Derivative Instruments and Hedging Activities - HTML 45K
Schedule of Fair Value of Hedging Instruments
(Details)
106: R93 Derivative Instruments and Hedging Activities - HTML 53K
Schedule of Gain (Losses) Reclassified from AOCI
(Details)
107: R94 Derivative Instruments and Hedging Activities - HTML 60K
Schedule of Accumulated Other Comprehensive Income
Related to Hedging Instruments (Details)
108: R95 Business Combinations - Narrative (Details) HTML 57K
109: R96 Business Combinations - Fair Value of Assets HTML 90K
Acquired and Liabilities Assumed (Details)
110: R97 Business Combinations - Schedule of Acquired HTML 58K
Intangible Assets (Details)
111: R98 Business Combinations - Pro Forma Information HTML 43K
(Details)
112: R99 Equity - Additional Information (Detail) HTML 71K
113: R100 Equity - Schedule of Stock Repurchase Activities HTML 44K
(Detail)
114: R101 Stock-Based Compensation - Narrative (Detail) HTML 104K
115: R102 Stock-Based Compensation - Number and Weighted HTML 65K
Average Exercise Price of Options Issued and
Outstanding under All Stock Option Plans (Detail)
116: R103 Stock-Based Compensation - Number and Weighted HTML 82K
Average Exercise Price of Outstanding and
Exercisable Options (Detail)
117: R104 Stock-Based Compensation - Summary of Unvested RSU HTML 72K
and PSU Award Activity (Details)
118: R105 Stock-Based Compensation - Range of Assumptions HTML 58K
Used and Resulting Weighted-Average Fair Value of
Options Granted at Date of Grant (Detail)
119: R106 Stock-Based Compensation - Total Share-Based HTML 47K
Compensation Expense Included in Consolidated
Statements of Comprehensive Income (Detail)
120: R107 Employee Benefits - Narrative (Details) HTML 78K
121: R108 Employee Benefits - Defined Benefit Plans HTML 75K
(Details)
122: R109 Employee Benefits - Net Periodic Costs (Details) HTML 58K
123: R110 Employee Benefits - Classification of Amounts HTML 46K
Recognized in the Consolidated Balance Sheet
(Details)
124: R111 Employee Benefits - International Define Benefit HTML 48K
Plans (Details)
125: R112 Employee Benefits - Plan Assumptions (Details) HTML 53K
126: R113 Employee Benefits - Plan Assets (Details) HTML 49K
127: R114 Employee Benefits - Estimated Future Benefit HTML 51K
Payments (Details)
128: R115 Non-operating Loss - (Details) HTML 48K
129: R116 Income Taxes - Components of Income Before HTML 47K
Provision for Income Taxes (Detail)
130: R117 Income Taxes - Current and Deferred Provision HTML 65K
(Benefit) for Income Taxes (Detail)
131: R118 Income Taxes - Additional Information (Detail) HTML 80K
132: R119 Income Taxes - Reconciliation of U.S. Federal HTML 65K
Statutory Tax Rate to Company's Effective Tax Rate
(Detail)
133: R120 Income Taxes - Components of Deferred Tax Assets HTML 89K
(Detail)
134: R121 Income Taxes - Reconciliation of Total Amounts of HTML 49K
Unrecognized Tax Benefits (Detail)
135: R122 Commitments and Contingencies - Additional HTML 118K
Information - (Detail)
136: R123 Segment and Enterprise Reporting - Narrative HTML 47K
(Details)
137: R124 Segment and Enterprise Reporting - Segment HTML 80K
Information (Detail)
138: R125 Segment and Enterprise Reporting - Revenue and HTML 59K
Long-Lived Assets (Details)
139: R126 Schedule II - Valuation and Qualifying Accounts HTML 49K
(Details)
141: XML IDEA XML File -- Filing Summary XML 281K
144: XML XBRL Instance -- masi-20231230_htm XML 3.83M
140: EXCEL IDEA Workbook of Financial Report Info XLSX 294K
10: EX-101.CAL XBRL Calculations -- masi-20231230_cal XML 405K
13: EX-101.DEF XBRL Definitions -- masi-20231230_def XML 1.13M
11: EX-101.LAB XBRL Labels -- masi-20231230_lab XML 3.23M
12: EX-101.PRE XBRL Presentations -- masi-20231230_pre XML 1.93M
9: EX-101.SCH XBRL Schema -- masi-20231230 XSD 299K
142: JSON XBRL Instance as JSON Data -- MetaLinks 874± 1.31M
143: ZIP XBRL Zipped Folder -- 0000937556-24-000018-xbrl Zip 19.51M
‘EX-97’ — Clawback Policy re: Recovery of Erroneously Awarded Compensation
The Board of Directors (the “Board”) of Masimo Corporation (the “Company”) believes that it is in the best interests of the Company and its stockholders to adopt this Clawback Policy
(this “Policy”), which provides for the recovery of certain incentive compensation in the event of an Accounting Restatement (as defined below). This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Rule 10D-1 promulgated under the Exchange Act (“Rule 10D-1”) and Nasdaq Listing Rule 5608 (the “Listing Standards”).
1. ADMINISTRATION
Unless otherwise determined by the Board, the Compensation Committee of the Board (or another committee of the
Board) shall administer this Policy (the Board or such committee charged with administration of this Policy, the “Administrator”). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by this Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board or such other committees of the Board, as may be necessary or appropriate as to matters within the scope of such other committee’s responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the
Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).
2. DEFINITIONS
As used in this Policy, the following definitions shall apply:
•“Accounting Restatement” means an accounting restatement of the Company’s financial statements due to the Company’s material noncompliance with any financial reporting requirement
under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.
•“Administrator” has the meaning set forth in Section 1 hereof.
•“Applicable Period” means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement, as well as any transition period (that results from a change in the
Company’s fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a completed fiscal year). The “date on which the Company is required to prepare an Accounting Restatement” is the earlier to occur of (a) the date the Board, a committee of the Board or the officer or officers 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 an Accounting Restatement or (b) the date a court, regulator or other legally authorized body directs the
Company to prepare an Accounting Restatement, in each case regardless of if or when the restated financial statements are filed.
•“Code” means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable any future legislation or regulation amending, supplementing, or superseding such section or regulation.
•“Compensation Committee” has the meaning set forth in Section 1 hereof.
•“Covered
Executives” means the Company’s current and former executive officers, as determined by the Administrator in accordance with the definition of executive officer set forth in Rule 10D-1 and the Listing Standards; provided that executive officers for purposes of this Policy shall include at a minimum executive officers identified pursuant to 17 C.F.R. 229.401(b).
•“Effective Date” has the meaning set forth in Section 9 hereof.
•“Erroneously Awarded Compensation” has the meaning set forth in Section 5 hereof.
•A “Financial
Reporting Measure” is any measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measure. Financial Reporting Measures include but are not limited to the following (and any measures derived from the following): Company stock price; total shareholder return (“TSR”); revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g., accounts receivable turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization; funds from operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g., return on invested capital, return
on assets); earnings measures (e.g., earnings per share); sales per square foot or same store sales, where sales is subject to an Accounting Restatement; revenue per user, or average revenue per user, where revenue is subject to an Accounting Restatement; cost per employee, where cost is subject to an Accounting Restatement; any of such financial reporting measures relative to a peer group, where the Company’s financial reporting measure is subject to an Accounting Restatement; and tax basis income. A Financial Reporting Measure need not be presented within the Company’s financial statements or included in a filing with the Securities and Exchange Commission.
•“Incentive-Based Compensation”
means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive-Based Compensation is “received” for purposes of this Policy in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.
•“Nasdaq” has the meaning set forth in Section 5 hereof.
This Policy applies to Incentive-Based Compensation received by a Covered Executive (a) after beginning services as a Covered Executive; (b) if that person served as a Covered Executive at any time during the performance period for such Incentive-Based Compensation; and (c) while the Company had a listed class of securities on a national securities exchange.
4. REQUIRED RECOUPMENT OF ERRONEOUSLY
AWARDED COMPENSATION IN THE EVENT OF AN ACCOUNTING RESTATEMENT
In the event the Company is required to prepare an Accounting Restatement, the Company shall promptly demand in writing and recoup the amount of any Erroneously Awarded Compensation received by any Covered Executive, as calculated pursuant to Section 5 hereof, during the Applicable Period. Recovery under this Policy
with respect to a Covered Executive shall not require the finding of any misconduct by such Covered Executive or such Covered Executive being found responsible for the accounting error leading to an Accounting Restatement. If a Covered Executive fails to repay Erroneously Awarded Compensation that is owed to the Company under this Policy, the Company shall take all appropriate action to recover such Erroneously Awarded Compensation from the Covered Executive, and the Covered Executive shall be required to reimburse the Company for all expenses (including legal expenses) incurred by the Company in recovering such Erroneously Awarded Compensation.
5. ERRONEOUSLY
AWARDED COMPENSATION: AMOUNT SUBJECT TO RECOVERY
The amount of “Erroneously Awarded Compensation” subject to recovery under this Policy, as determined by the Administrator, is the amount of Incentive-Based Compensation received by the Covered Executive that exceeds the amount of Incentive-Based Compensation that otherwise would have been received by the Covered Executive had it been determined based on the restated amounts.
Erroneously
Awarded Compensation shall be computed by the Administrator without regard to any taxes paid by the Covered Executive in respect of the Erroneously Awarded Compensation.
For Incentive-Based Compensation based on stock price or TSR, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculations directly from the information in the Accounting Restatement: (a) the Administrator shall determine the amount of Erroneously Awarded Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received; and (b) the Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to The Nasdaq Stock Market LLC (“Nasdaq”).
6. METHOD
OF RECOUPMENT
The Administrator shall determine, in its sole discretion, the timing and method for promptly recouping Erroneously Awarded Compensation hereunder, which may include without limitation (a) seeking reimbursement of all or part of any cash or equity-based award, (b) cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid, (c) cancelling or offsetting against any planned future cash or equity-based awards, (d) forfeiture of deferred compensation, subject to compliance with Section 409A of the Code and the regulations promulgated thereunder and (e) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Administrator may effect recovery under this Policy from any amount
otherwise payable to the Covered Executive, including amounts payable to such individual under any otherwise applicable Company plan or program, including base salary, bonuses or commissions and compensation previously deferred by the Covered Executive.
The Company is authorized and directed pursuant to this Policy to recoup Erroneously Awarded Compensation in compliance with this Policy unless the Compensation Committee has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:
•The direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of Erroneously
Awarded Compensation based on expense of enforcement, the Administrator must make a reasonable attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover and provide that documentation to Nasdaq;
•Recovery would violate home country law of the issuer where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law of the issuer, the Administrator must satisfy the applicable opinion and disclosure requirements of Rule 10D-1 and the Listing Standards; or
•Recovery 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 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.
7. NO INDEMNIFICATION OF COVERED EXECUTIVES
Notwithstanding the terms of any indemnification or insurance policy or any contractual arrangement with any Covered Executive that may be interpreted to the contrary, the Company shall not indemnify any Covered Executives against (a) the loss of any Erroneously Awarded Compensation, including any payment or reimbursement
for the cost of third-party insurance purchased by any Covered Executives to fund potential clawback obligations under this Policy, or (b) any claims relating to the Company’s enforcement of its rights under this Policy.
8. ADMINISTRATOR INDEMNIFICATION
Any members of the Administrator, and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the
fullest extent under applicable law and Company policy with
respect to any such action, determination or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.
9. EFFECTIVE DATE, RETROACTIVE APPLICATION
This Policy shall be effective as of October 2, 2023 (the “Effective
Date”). The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executives on or after the Effective Date, even if such Incentive-Based Compensation was approved, awarded, granted or paid to Covered Executives prior to the Effective Date. Without limiting the generality of Section 6 hereof, and subject to applicable law, the Administrator may effect recovery under this Policy from any amount of compensation approved, awarded, granted, payable or paid to the Covered Executive prior to, on or after the Effective Date. This Policy amends and restates in its entirety that certain compensation recoupment policy of the Company previously adopted pursuant to Section 10D of the Exchange Act in March 2012.
10. AMENDMENT;
TERMINATION
The Board or the Compensation Committee may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company’s securities are listed. Notwithstanding anything in this Section 10 to the contrary, no amendment or other modification of this Policy shall be effective if such amendment or other modification would (after taking into account any actions taken by the Company contemporaneously with such amendment or other modification) cause the
Company to violate any federal securities laws, Securities and Exchange Commission rule or the rules of any national securities exchange or national securities association on which the Company’s securities are listed.
11. OTHER RECOUPMENT RIGHTS; COMPANY CLAIMS
The Board intends that this Policy shall be applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that
may be available to the Company under applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement or similar agreement and any other legal remedies available to the Company. This Policy is also in addition to (and not in lieu of) any right of repayment, forfeiture or right of offset against any employees that is required pursuant to any statutory repayment requirement (regardless of whether implemented at any time prior to or following the adoption or amendment of this Policy), including Section 304 of the Sarbanes-Oxley Act of 2002. Any amounts paid to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 shall be considered in determining any amounts
recovered under this Policy. The Compensation Committee may require that any employment agreement, equity award agreement or any other agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. The application and enforcement of this Policy does not preclude the Company from taking any other action to enforce a Covered Executive’s obligations to the Company, including termination of employment or institution of legal proceedings.
Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages or other legal remedies the
Company or any of its affiliates may have against a Covered Executive (including reimbursement of legal fees incurred by or on behalf of the Company or any of its affiliates) arising out of or resulting from any actions or omissions by the Covered Executive.
12. SUCCESSORS
This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.
13. EXHIBIT
FILING REQUIREMENT
A copy of this Policy and any amendments thereto shall be filed as an exhibit to the Company’s annual report on Form 10-K.
14. INTERPRETATION
If any provision of this Policy or the application of such provision to any Covered Executive shall be adjudicated to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of
this Policy, and the invalid, illegal or unenforceable provisions shall be deemed amended to the minimum extent necessary to render any such provision (or the application of such provision) valid, legal or enforceable.