EXHIBIT 99.7
FINANCIAL RESTATEMENT CLAWBACK POLICY
– POLICY NUMBER LG-16
Role | Name | Date |
Prepared | Legal | October 2, 2023 |
Approved | BOD | November 22, 2023 |
Electronic copies valid without signature. Master files are stored electronically and are available to all individuals within the scope of this document. Printed copies are for reference only. |
This Financial Restatement Clawback Policy (the “Policy”), adopted on November 22, 2023, outlines REV Group, Inc. and its subsidiaries’ (“Company”) policies regarding the recoupment of certain executive compensation in the event of certain financial restatements. This policy applies to all Covered Executives contemplated in this Policy.
This Policy provides for the recoupment of certain executive compensation in the event of a financial 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 (the “Listing Rule”).
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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 is made thereafter.
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For purposes of this Policy, a Financial Restatement shall not be deemed to occur in the event of a revision of the Company’s financial statements due to an out-of-period adjustment (i.e., when the error is immaterial to the previously issued financial statements and the correction of the error is also immaterial to the current period) or other retrospective revisions of Company’s financial statements not resulting from Company’s material noncompliance with financial reporting requirements, including but not limited to: (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.
Document Revision History
Version | Date | Description of changes | Approved |
1.0 | November 22, 2023 | Policy approved | BOD |
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