Common use of Constructive Termination of Employment Clause in Contracts

Constructive Termination of Employment. A termination by the Company for Reasons Other than Cause under Section 6(d) shall, at the option of the Executive, be deemed to have occurred upon the occurrence of one or more of the following events (each, a “Constructive Termination”) without the express written consent of the Executive: (1) a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities attached to the Executive’s position as described in Section 3; or (2) a material breach of the Agreement by the Company; or (3) a material reduction of the Executive’s benefits under any employee benefit plan, compensation plan, program or arrangement (for Executive individually or as part of a group) of the Company as then in effect or as in effect on the Effective Date, which reduction shall not be effectuated for similarly situated employees of the Company; or (4) failure by a successor company to assume the obligations under this Agreement; or (5) a change in the Executive’s principal office to a location outside the South Florida area. Anything herein to the contrary notwithstanding, the Executive shall give written notice to the Board of the Directors that the Executive believes an event has occurred which would result in a Constructive Termination of the Executive’s employment under this Section 6(f), which written notice shall specify the particular act or acts, on the basis of which the Executive intends to so terminate the Executive’s employment, and the Company shall then be given the opportunity, within fifteen (15) days of its receipt of such notice to cure said event; provided, however, there shall be no period permitted to cure a second (2nd) occurrence of the same event and in no event will there be a required period to cure following the occurrence of two (2) events as described in this Section 6(f).

Constructive Termination of Employment. A termination If the Executive so elects, a Termination by the Company for Reasons Other than Cause for Cause, Death or Disability under Section 6(d) shall, at the option of the Executive, 6.d shall be deemed to have occurred upon the occurrence of one or more of the following events (each, a “Constructive Termination”) without the express written consent of the Executive: (1) i. a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities attached to the Executive’s 's position as described in Section 3; or; ii. five percent (25%) reduction in the Executive's base salary; iii. a material breach of the Agreement by the Company; or; (3) iv. a material reduction of the Executive’s 's benefits under any employee Executive benefit plan, compensation plan, program or arrangement (for Executive individually or as part of a group) of the Company as then in effect or as in effect on the Effective DateDate of the Agreement, which reduction shall not be effectuated for similarly situated employees Executives of the Company; or; (4) failure v. by a successor company to assume the obligations under this the Agreement; or (5) vi. a change in the Executive’s Executive principal office to a location outside the South Florida areaState of Florida. Anything herein to the contrary notwithstanding, the Executive shall give written notice to the Board of Directors of the Directors Company that the Executive believes an event has occurred which would result in a Constructive Termination of the Executive’s 's employment under this Section 6(f)6.f, which written notice shall specify the particular act or acts, on the basis of which the Executive intends to so terminate the Executive’s 's employment, and the Company shall then be given the opportunity, within fifteen (15) days of its receipt of such notice to cure said event; , provided, however, there shall be no time period permitted to cure a second or subsequent occurrence under this Section 6.f (2nd) whether such second occurrence be of the same or a different event and specified in no event will there be a required period to cure following the occurrence of two subsections (2i) events as described in this Section 6(fthrough (vi) above).

Constructive Termination of Employment. A If the Executive so elects, a termination by the Company for Reasons Other than without Cause under Section 6(d) shall, at the option of the Executive, shall be deemed to have occurred upon the occurrence of one or more of the following events (each, a “Constructive Termination”) without the express written consent of the Executive: (1) a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities attached to the Executive’s 's position as described in Section 3; or (2) a change in Executive's principal office to a location outside the Palm Beach-Stuart-Broward-Dade County, Florida area; or (3) a material breach of the Agreement by the Company; or; (34) or a material reduction of the Executive’s 's benefits under any employee benefit plan, compensation plan, program or arrangement (for Executive individually or as part of a group) of the Company as then in effect or as in effect on the Effective Dateeffective date of the Agreement, which reduction shall not be effectuated for similarly situated employees of the Company; or (45) failure by a successor company to assume the obligations under this the Agreement; or (5) a change in the Executive’s principal office to a location outside the South Florida area. Anything herein to the contrary notwithstanding, the Executive shall give written notice to the Board of Directors of the Directors Company that the Executive believes an event has occurred which would result in a Constructive Termination of the Executive’s 's employment under this Section 6(f), which written notice shall specify the particular act or acts, on the basis of which the Executive intends to so terminate the Executive’s 's employment, and the Company shall then be given the opportunity, within fifteen (15) days of its receipt of such notice to cure said event; , provided, however, there shall be no time period permitted to cure a second or subsequent occurrence under the Section 6(f) (2nd) whether such second occurrence be of the same or a different event and specified in no event will there be a required period to cure following the occurrence of two subsections (21) events as described in this Section 6(fthrough (5) above).

Constructive Termination of Employment. A termination If the Executive so elects, a Termination by the Company for Reasons Other than Cause for Cause, Death or Disability under Section 6(d) shall, at the option of the Executive, 6.d shall be deemed to have occurred upon the occurrence of one or more of the following events (each, a “Constructive Termination”) without the express written consent of the Executive: (1) i. a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities attached to the Executive’s 's position as described in Section 3; or; ii. five percent (25%) reduction in the Executive's base salary; iii. a material breach of the Agreement by the Company; or; (3) iv. a material reduction of the Executive’s 's benefits under any employee Executive benefit plan, compensation plan, program or arrangement (for Executive individually or as part of a group) of the Company as then in effect or as in effect on the Effective DateDate of the Agreement, which reduction shall not be effectuated for similarly situated employees Executives of the Company; or; (4) failure v. by a successor company to assume the obligations under this the Agreement; or (5) vi. a change in the Executive’s Executive principal office to a location outside the South Broward County, Florida area. Anything herein to the contrary notwithstanding, the Executive shall give written notice to the Board of Directors of the Directors Company that the Executive believes an event has occurred which would result in a Constructive Termination of the Executive’s 's employment under this Section 6(f)6.f, which written notice shall specify the particular act or acts, on the basis of which the Executive intends to so terminate the Executive’s 's employment, and the Company shall then be given the opportunity, within fifteen (15) days of its receipt of such notice to cure said event; , provided, however, there shall be no time period permitted to cure a second or subsequent occurrence under this Section 6.f (2nd) whether such second occurrence be of the same or a different event and specified in no event will there be a required period to cure following the occurrence of two subsections (2i) events as described in this Section 6(fthrough (vi) above).

Constructive Termination of Employment. A termination by the Company for Reasons Other than without Cause under Section 6(d) shall, at the option of the Executive, 6d shall be deemed to have occurred upon the occurrence of one or more of the following events (each, a “Constructive Termination”) without the express written consent of the Executive: (1) a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities attached to the Executive’s 's position as described in Section 3; or (2) a material breach of the Agreement by the Company; or (3) a material reduction of the Executive’s 's benefits under any employee benefit plan, compensation plan, program or arrangement (for Executive individually or as part of a group) of the Company as then in effect or as in effect on the Effective DateDate of the Agreement, which reduction shall not be effectuated for similarly situated employees of the Company; or (4) failure by a successor company to assume the obligations under this the Agreement; or (5) a change in the Executive’s principal office to a location outside the South Florida area. Anything herein to the contrary notwithstanding, the Executive shall give written notice to the Board of Directors of the Directors Company that the Executive believes an event has occurred which would result in a Constructive Termination of the Executive’s 's employment under this Section 6(f)6f, which written notice shall specify the particular act or acts, on the basis of which the Executive intends to so terminate the Executive’s 's employment, and the Company shall then be given the opportunity, within fifteen (15) days of its receipt of such notice to cure said event; provided, however, there shall be no period permitted to cure a second (2nd) occurrence of the same event and in no event will there be a required period to cure following the occurrence of two (2) events as described in this Section 6(f)6f.