Common use of By the Employee Clause in Contracts

By the Employee. The Employee may terminate the Employment at any time with a one-month prior written notice to the Company, if (1) there is a material reduction in the Employee’s authority, duties and responsibilities, or (2) there is a material reduction in the Employee’s annual salary. Upon the Employee’s termination of the Employment due to either of the above reasons, the Company shall provide compensation to the Employee equivalent to 1 months of the Employee’s base salary that he is entitled to immediately prior to such termination. In addition, the Employee may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.