,,ii  #aah? ,,congress  #a/ ,session    
,s4 #gij  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #ad1 #bjbc,mr4    
,w>n] 7= himself1 ,ms4 ,w>r51 & ,ms4    
,baldw97 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to align executive comp5sation 
) su/a9able value creation1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,advanc+ ,long-t]m         
,inc5tives = ,gov]nance ,n[ ,act or !   
,,align ,act4  #b4 ,re/rictions on sale 
( %>es foll[+ /ock buybacks  7a7        
,def9itions ,9 ?is section3 7#a7 ,cov]$ 
issu] ,! t]m cov]$ issu] means an issu]1
 a security ( :i* is regi/]$ "u         
subsection 7b7 or 7g7 ( section #ab ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl74  7#b7 ,cov]$ p]son ,!  
t]m cov]$ p]son means an executive      
(fic]1 z t t]m is def9$ 9 section       
#bdj4c;b-#g ( title #ag1 ,code ( ,f$]al 
,regulations1 or any successor          
regulation1 ) respect to a cov]$ issu]4 

7#c7 ,equity security2 issu]2 security  
,! t]ms equity security1 issu]1 &       
security h ! mean+s giv5 ! t]ms 9       
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7#d7 ,%>e repur*ase au?orization ,! t]m 
%>e repur*ase au?orization means an     
au?orization by ! bo>d ( directors ( a  
cov]$ issu] to pur*ase %>es ( ! cov]$   
issu]4  7#e7 ,subject security ,! t]m   
subject security means any equity       
security ( a cov]$ issu] t is aw>d$ to a
 cov]$ p]son ) respect to t cov]$ issu] 
z "p ( ! comp5sation ( t cov]$ p]son4   
7b7 ,disclosure ( %>e repur*ase         
au?orization  7#a7 ,9 g5]al ,n lat] ?an 
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,securities & ,ex*ange          
,commission %all issue regulations to   
require cov]$ issu]s to publicly        
disclose a %>e repur*ase au?orization n 
lat] ?an #a bus9ess day aft] !          
au?orization has occurr$4  7#b7 ,cont5ts
 ,9 issu+ regulations "u p>agraph 7#a71 
! ,securities & ,ex*ange ,commission    

%all ensure t ea* disclosure requir$ "u 
^? regulations is-- 7,a7 uni=m = all    
cov]$ issu]s2 &  7,b7 made 9 a mann] t--
 7i7 ma9ta9s accuracy2 &  7ii7 r$uces ! 
unau?oriz$ disclosure ( in=mation4  7c7 
,sale ( subject securities  7#a7        
,prohibitions ,except z provid$ 9       
p>agraph 7#b71 no cov]$ p]son may sell  
or transf]1 or dive/ an economic int]e/ 
91 any subject security ) respect to !  
cov]$ p]son1 if-- 7,a7 dur+ ! prec$+    
#a-ye> p]iod1 ! applicable cov]$ issu] 0
 requir$ to make a disclosure pursuant  
to ! regulations issu$ "u subsection    
7b72 or  7,b7 few] ?an #c ye>s h elaps$ 
s9ce ! cov]$ p]son 0 grant$ ! subject   
security4  7#b7 ,exceptions ,!          
prohibition "u p>agraph 7#a7 %all n     
apply ) respect to any ( ! foll[+3 7,a7 
,any subject security sold or transf]r$ 
by a cov]$ p]son 9 connection ) a *ange 
( control ) respect to ! applicable     
cov]$ issu]1 includ+ an affiliate ( t   
cov]$ issu]4  7,b7 ,any subject security
 sold or transf]r$ by a cov]$ p]son     

?r\gh-- 7i7 a w2 or  7ii7 ! laws (      
desc5t or di/ribution4  7,c7 ,any       
subject security t a cov]$ p]son owns or
 b5eficially owns1 z ( ! day be=e ! date
 ( enactm5t ( ?is ,act4  7,d7 ,any      
subject security aw>d$ to ! applicable  
cov]$ p]son t is imm$iately )held by !  
cov]$ issu] & sold solely = ! purposes (
 meet+ a tax obligation ( ! cov]$ p]son 
) respect to ! receipt ( ! subject      
security4  7,e7 ,any sale or transf]--  
7i7 :i* is made on or aft] ! dea? ( !   
cov]$ p]son2  7ii7 :i* is made on or    
aft] ! date on :i* ! cov]$ p]son becomes
 disabl$ 7)9 ! mean+ ( section          
#gb7m77#g7 ( ! ,int]nal ,rev5ue ,code ( 
#aihf72  7iii7 :i* is made pursuant to a
 dome/ic relations ord] 9 settlem5t (   
m>ital prop]ty rights2  7iv7 to ! ext5t 
! aggregate ( su* sales & transf]s dur+ 
any taxable ye> ( ! cov]$ p]son does n  
exce$ ! qualifi$ high] education exp5ses
 7z def9$ 9 section #gb7t77#g7 ( su*    
,code7 ( ! cov]$ p]son = su* taxable    
ye>2  7v7 to ! ext5t ! proce$s ( su*    

sale or transf] are us$ by ! cov]$ p]son
 9 ! "t & mann] describ$ 9 section      
#gb7t77#h7 ( su* ,code to pay qualifi$  
acquisition co/s describ$ 9 su* section1
 subject to ! rules ( su* section       
includ+ ! limitation ( subp>agraph 7,b7 
!re(2 or  7vi7 to ! ext5t ! aggregate ( 
su* sales & transf]s dur+ any taxable   
ye> ( ! cov]$ p]son does n exce$ ! am\nt
 all[able z a d$uction "u section #bac (
 su* ,code to ! cov]$ p]son = am\nts    
paid dur+ su* taxable ye> = m$ical c>e  
7det]m9$ )\t reg>d to :e!r ! cov]$ p]son
 itemizes d$uctions = su* taxable ye>74