By Xxxxxx for Good Reason. Xxxxxx may terminate his employment ------------------------- hereunder (for purposes of this Agreement "Good Reason") after giving at least 30 days notice in the event that, without Xxxxxx'x consent: (i) World relocates its general and administrative offices or Xxxxxx' place of employment to an area other than the Washington, D.C. or Atlanta, Georgia Standard Metropolitan Statistical Area, (ii) he is assigned any duties substantially inconsistent with Section 3 hereof, (iii) World reduces his annual base salary as in effect on the date hereof or as the same may be increased from time to time; (iv) World fails, without Xxxxxx' consent, to pay Xxxxxx any portion of his current compensation, or to pay him any portion of an installment of deferred compensation under any deferred compensation program of World, within seven (7) days of the date such compensation is due; (v) World fails to continue in effect any compensation plan in which Xxxxxx participates which is material to Xxxxxx'x total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or to continue Xxxxxx'x participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of Xxxxxx'x participation relative to other participants;
Appears in 2 contracts
Samples: Employment Agreement (World Airways Inc /De/), Employment Agreement (World Airways Inc /De/)
By Xxxxxx for Good Reason. Xxxxxx may terminate his employment ------------------------- hereunder (for purposes of this Agreement "Good Reason") after giving at least 30 days notice in the event that, without Xxxxxx'x consent: (i) World relocates its general and administrative offices or Xxxxxx' place of employment to an area other than the Washington, D.C. or Atlanta, Georgia Standard Metropolitan Statistical Area, (ii) he is assigned any duties substantially inconsistent with Section 3 hereof, (iii) World reduces his annual base salary as in effect on the date hereof or as the same may be increased from time to time; (iv) World fails, without Xxxxxx' consent, to pay Xxxxxx any portion of his current compensation, or to pay him any portion of an installment of deferred compensation under any deferred compensation program of World, within seven (7) days of the date such compensation is due; (v) World fails to continue in effect any compensation plan in which Xxxxxx participates which is material to Xxxxxx'x total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or to continue Xxxxxx'x participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of Xxxxxx'x participation relative to other participants;
Appears in 2 contracts
Samples: Employment Agreement (World Airways Inc /De/), Employment Agreement (World Airways Inc /De/)